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Posts Tagged ‘ConocoPhillips’

By Mike Zaman

Chevron second quarter earnings showed a triple increase in earnings amid higher oil and natural gas costs for consumers. Does this mean we are being gouged by the oil companies?

Higher pump prices are being blamed on consumer demand, but is this true?

Exxon Mobil Corp. posted income of $7.56 billion in the quarter, Royal Dutch Shell Group boosted second-quarter earnings 15 percent, and ConocoPhillips said profits nearly tripled in the April-June period, and Chevron Corp. reported net income of $5.4 billion.

The real story: Oil consumption in the US has fallen in each of the past three years. So the higher prices at the pump are not based on supply and demand so much as plain gouging.

The US is the largest oil producer in the world producing some 7.196 million barrels per day (Mb/d), or 8.5% of the world’s total. This is more than Iran and Kuwait combined.

But with consumers strapped for vacation money, and lacking confidence in the economy, and the higher prices at the pump, there is no doubt we are being gouged. Perhaps if congress really cared they would pass an excess profit tax, surely that would help stave off some of these large deficits, actually it could help pay for all Americans health care.

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

Orofino Gold Corp (Pinksheets: ORFG)

Most economists believe the price of Gold can pass $1,500 an ounce within a very short time.

This is not the time to be fooled by the government media complex. Those of you who are new to the gold market may not have enough confidence to weather the sometimes volatile trading pattern that has been going on for over ten years.

There is little question that Gold is going higher — no matter what you hear from anybody, anywhere, at anytime. Why? because the Dollar is devaluing because there are so many floating around.

Just as the bear wants to go down while taking the greatest number of stockholders with it, the bull wants to advance while taking the fewest investors with it. Therefore, this gold bull will try to shake off as many gold investors off its back as possible as it rises. The best way to do that is to violate so-called support levels.

In other words, gold will have sharp corrections from time to time while continuing to advance overall in the market, year after year after year. It’s a bandwagon you should consider riding.

Exxon Mobil Corporation (NYSE: XOM) announced today it has completed its agreement with XTO Energy Inc., creating a new organization to focus on global development and production of unconventional resources.

Under the agreement, approved by XTO stockholders at a special meeting Friday, the new organization will continue to be known as XTO Energy Inc. and maintain its head office location in Fort Worth, Texas.

ConocoPhillips (NYSE:COP) announced today that it has completed the previously announced $4.65 billion sale of its 9.03 percent interest in Syncrude with subsidiaries of Sinopec International Petroleum Exploration and Production Company (SIPC).

ConocoPhillips is an integrated energy company with interests around the world. Headquartered in Houston, the company had approximately 29,900 employees, $155 billion of assets and $179 billion of annualized revenues as of March 31, 2010.

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Disclaimer: Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. PennyGovernance.com publisher and its affiliates and contractors are not registered investment advisers or broker/dealers. Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Release of Liability: Through use of this website viewing or using, you agree to hold PennyGovernance.com report and Crown Equity Holdings, Inc. CRWE, its operators, shareholders, employees and/or contractors harmless and to completely release them from any and all liability due to any and all loss (monetary or otherwise), damages (monetary or otherwise) that you may occur. (read more) Rule 17B requires disclosure of payment for investor relations. Crown Equity Holdings, Inc. (CRWE.OB) has received 500,000 shares of 144 stock in Orofino Gold Corp. (PINK SHEETS: ORFG) valued at sixty five thousand dollars, and 500,000 shares of free trading shares valued at sixty five thousand dollars from a third party (QU CUI You) for 30 days advertising.

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Oil & Gas Market Update:

BP plc (BP)

Last: $29.54 / Change: -$0.79 (-2.61%)

Volume: 70,766,330

Chevron Corp. (CVX)

Last: $74.46 / Change: -$1.26 (-1.66%)

Volume: 6,105,602

Exxon Mobil Corp. (XOM)

Last: $62.21 / Change: -$0.92 (1.46%)

Volume: 13,980,140

ConocoPhillips (COP)

Last: $54.68 / Change: -$1.12 (-2.01%)

Volume: 6,023,280

THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY!

Disclaimer: Our disclaimer is to be read and fully understood before using our site, reading our newsletter or joining our email list. Never invest in any stock featured on our site or emails unless you can afford to lose your entire investment. (read more) Rule 17B requires disclosure of payment for investor relations.

By Mike Zaman

Henry Waxman, the chairman of the Congressional panel on the Gulf oil spill told the House Energy and Commerce Committee that most major oil companies who drill off the US coastline are just as unprepared for a leak or spill as BP!

As it turns out the response plans of Exxon-Mobil, Chevron, ConocoPhillips and Shell are identical to BP’s. And as for BP their plan was sufficient to perhaps help them file for Bankruptcy. But otherwise BP’s plan was not even close to finding a solution.

Amid damning accusations that BP took shortcuts, the oil company faces some $34 billion in fines, plus the Government insists they open an escrow and place at least $20bn in it to cover claims.

Today BP stock was up slightly but with no apparent reason at $31.40 +$0.73 (+2.38%) with 162,870,458 shares actively trading, an average trading day for BP was a 48,259,359 share trade. The value of the shares are about half of what they were before the Deepwater Horizon incident.

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.

By Bobbie Katz

It’s going to be one heck of a grilling – with companies on the hot seat expected to be at separate tables from BP.

Top competitors such as Chevron, Exxon Mobil, ConocoPhillips, and Royal Dutch Shell are expected to distance themselves from BP as Oil Company executives are questioned by Congress on the worst environmental disaster in U.S. history.

As industry officials strive to separate themselves from BP at the hearing, lawmakers and investors will be looking for any sign that BP may have not followed generally accepted industry practices or may have cut corners, resulting in the oil rig explosion that has caused millions of gallons of oil to spew into the Gulf of Mexico since April 20. Oil executives are expected to attest to the safety of their individual operations as well as to their abilities to handle an incident akin to Deepwater Horizon.

Testifying on Tuesday will be BP American head Lamar McKay while on Thursday; BP CEO Tony Hayward will make his first appearance at a congressional hearing since the Deepwater Horizon accident.

Both BP and the future of U.S. offshore drilling have a lot at stake. Congress is considering legislation to address the worst oil spill in U.S. history, as well as considering increasing the penalties BP will face. The Obama administration is also coming under increasing pressure from the fallout from the accident, as the oil that is still ravaging the Gulf Coast is now hitting Florida.

It is possible that when he addresses the nation on Tuesday, President Obama could call for energy legislation and new oil safety provisions. He will also be meeting with BP Chairman Carl-Henric Svanberg on Wednesday to persuade him to set up an independently managed fund to pay damage claims.

Senate leaders have called on BP to make a $20 billion initial deposit into a fund to pay liability claims.

The Views and Opinions Expressed by the author are his or her opinions only and do not necessarily reflect those of this Web-Site or its agents, affiliates, officers, directors, staff, or contractors. The author at the time of this article did not own any shares or receive any consideration financial or otherwise from any company or person mentioned or referred to in the article.