May 9th, 2006
With the price of a barrel of oil hovering around $70 dollars a barrel it's not just American companies making record profits. StatOil "Statoil's net income in the first quarter of 2006 amounted to 10.3 billion Norwegian Krone (NOK), compared to 6.8 billion NOK in the first quarter of 2005." Converted into U.S. dollars: 1st Qtr. 2006 1.67 billion – 1st Qtr. 2005 1.11 billion
This company's profit margin after expense is about 10.5%. Their 2006 1st Qtr. cash and equivalents as compared to the first quarter of last year realized a 34% increase.
Apparently, high prices are high times for oil companies everywhere. I wonder what percentage of their profits they situate into R&D to ensure not only their longevity but ours as well.?
May 15th, 2006 at 3:05 pm
I often ride to my day job with those who work in the oil sector.
They often don’t see the implications of what they are saying.
Apparently a lot of big oil firms are, in fact, purchasing land in remote areas like the Rocky Mountains.
No, there are no oil fields in the Rocky Mountains. They are purchasing coal.
That should tell you where Big Oil expects profits in the future to come from, and that they expect coal to be more lucrative in the not-to-distant future than the next oil field.
May 15th, 2006 at 4:24 pm
Just wondering what they plan to do? Can oil be extracted from coal or do they plan to get into FutureGen like investments? Thank you.