Petroleum Companies Make Run Away Profits

last SG · 2006-02-04T08:51:14+00:00

Dream on with your cup of "black crude" - only you can believe that your "no brainer, one-liners" can floor anyone. . You cannot even answer a simple quest...

Atobe SG

The best performers in a world of High Oil Prices will be the Petroleum Companies, whom every person depends on the effective transportion of goods and services, as well as fuel and energy for food processing, electricity and heating.

ExxonMobil makes world's biggest profit with $36bn in a year {Click here for full article}

· Record earnings come even after $18bn share buybacks
· Gains won at expense of global warming, say critics

Terry Macalister
Tuesday January 31, 2006
The Guardian

ExxonMobil yesterday set a new record for corporate profits, announcing annual figures of $36.13bn (£20.4bn), up 42% on the previous year despite spending $18bn in share buybacks. The announcement brought immediate condemnation from green groups, which accused it of prospering from a "carbon economy" that would bring the world close to extinction with global warming.
The world's largest publicly quoted oil company, which trades as Esso in Britain, earned profits of more than $10bn in the last quarter alone and some analysts are predicting that the 2006 results will be considerably better. Meanwhile energy rival Gazprom - the Russian firm that cut off gas supplies to the Ukraine over a price row - revealed its profits surged 67% in the first nine months of the year to 232bn roubles (£4.6bn).

Similarly, our own Singapore Petroleum Corporation is also not left behind, and also saw profit jump in the report on 26 January 2006.

SPC 2005 profit jumps 60% {Click here for full article}

SINGAPORE - Singapore Petroleum Co, an oil and gas refining and marketing firm, said 2005 net profit rose 60 per cent as refining margins hit record highs amid a dearth of global refining capacity.

SPC, 49-per cent owned by Singapore top conglomerate Keppel Corporation, earned a net profit of $403.6 million (US$249 million), compared with a restated $252.1 million in 2004, it said in a statement on Wednesday.

That was higher than an average forecast of $347.9 million, according to a Reuters Estimates' poll of four analysts. For 2006, analysts expect SPC to post a profit of $357.2 million.

Asian complex refining margins averaged at about US$7 a barrel last year, according to Reuters calculations .

SPC's major asset is its 285,000 barrel-per-day refinery, a 50-50 joint venture between the company and Chevron, which mainly exports products to China and Southeast Asia. -- REUTERS

Is there any excuse for any further petrol price hikes each time the Oil Market blinks ?

Is the Government a.k.a the Ruling Political Party being responsible towards the Singapore Citizens by allowing the Petroleum Companies to hike prices in concert ?

Salman SG

What we ought to look at are the profit margins rather than the profit amount.
The price of oil has gone up so much.

shade343 SG

I thought the government stance is to promote greenery by asking th epublic to take public transport instead of taking the car? So a price hike in oil is in line with this stance.

Airforceone SG

Share the goodies with everyone please.

Give more discounts on Petrol!!! Laughing

105090 SG

aiya.. who gonna care when theres money to be made..
Its like that in singapore. u want it, u pay our asking price, u dont want, then get lost.

Some more ALL petrol companies in Singapore, government have stake in it. so of course, garment wont say no to $$ rite.. And complain to the newspaper or whatever also no use because.

Like cigarettes.. u think SG gonna make a ban in tobacco? of course not.. a while they pretend this n that, but tax n duties so attractive.. whos saying no?

I can only say, Singapore, everything is runned as a business.

robertteh SG

Oil companies are assisted by government into making profits in order to get them to invest here in creatring the oil hub.

Citizens may high petrol prices due to the ad volerem taxes which during oil price hikes is a major cost burden. Yet these petrol taxes were raised to the high level during period before government introduced high vehicle exercise duty and COE and ERP to serve as an economic tool to control use of oil or road congestion.

With the introduction of COE and later ERP, the case for high petrol taxes has become weaker and is now seen as serving only to increase tax revenues. In fact it has become a quadriple tax after vehicle excise duty, COE and ERP.

It is about time government moderates the high costs to citizens by reversing excessive taxes in those areas which have been increased or revamped.

Do not become a pay and pay party. Rule the country with reason not persistent self-serving purposes which only benefit the governing elites as seen happening in NKF case which do not contribute to larger nation building.

claudetnt SG

oil companies have to say a big thank you to our citizens especially those that prefer to drive instead of taking public transport.

i only drive to places where public transport is not available or when there are more than 3 persons going to the same desitnation. Otherwise its not cost effective to drive in singapore.

Lowclassman SG

Originally posted by Atobe:
The best performers in a world of High Oil Prices will be the Petroleum Companies, whom every person depends on the effective transportion of goods and services, as well as fuel and energy for food processing, electricity and heating.

[b]ExxonMobil makes world's biggest profit with $36bn in a year {Click here for full article}

· Record earnings come even after $18bn share buybacks
· Gains won at expense of global warming, say critics

Terry Macalister
Tuesday January 31, 2006
The Guardian

ExxonMobil yesterday set a new record for corporate profits, announcing annual figures of $36.13bn (£20.4bn), up 42% on the previous year despite spending $18bn in share buybacks. The announcement brought immediate condemnation from green groups, which accused it of prospering from a "carbon economy" that would bring the world close to extinction with global warming.
The world's largest publicly quoted oil company, which trades as Esso in Britain, earned profits of more than $10bn in the last quarter alone and some analysts are predicting that the 2006 results will be considerably better. Meanwhile energy rival Gazprom - the Russian firm that cut off gas supplies to the Ukraine over a price row - revealed its profits surged 67% in the first nine months of the year to 232bn roubles (£4.6bn).

Similarly, our own Singapore Petroleum Corporation is also not left behind, and also saw profit jump in the report on 26 January 2006.

SPC 2005 profit jumps 60% {Click here for full article}

SINGAPORE - Singapore Petroleum Co, an oil and gas refining and marketing firm, said 2005 net profit rose 60 per cent as refining margins hit record highs amid a dearth of global refining capacity.

SPC, 49-per cent owned by Singapore top conglomerate Keppel Corporation, earned a net profit of $403.6 million (US$249 million), compared with a restated $252.1 million in 2004, it said in a statement on Wednesday.

That was higher than an average forecast of $347.9 million, according to a Reuters Estimates' poll of four analysts. For 2006, analysts expect SPC to post a profit of $357.2 million.

Asian complex refining margins averaged at about US$7 a barrel last year, according to Reuters calculations .

SPC's major asset is its 285,000 barrel-per-day refinery, a 50-50 joint venture between the company and Chevron, which mainly exports products to China and Southeast Asia. -- REUTERS

Is there any excuse for any further petrol price hikes each time the Oil Market blinks ?

Is the Government a.k.a the Ruling Political Party being responsible towards the Singapore Citizens by allowing the Petroleum Companies to hike prices in concert ?

[/b]

Our govt also very happy wah....more taxes will be collected mah......this is a greedy world that manipluated by political power.

Salman SG

Its all demand and supply folks.
If all of us buy less petrol the prices will automatically go down.

reyes SG

im a driver myself, if after govt tax heavily on the petrol can be use as a subsidies to help poorer singaporean i dont mind paying. because a car is indeed consider a luxury hobbies here unlike utility which everyone is effected. however i do agree that singapore policy on petrol taxes are contridicting as mention by you guys.

maggot SG

Oil prices is going to rise soon... Sad

KumSioJui SG

crude oil prices is actually very stable, opec already mention that they will not scale back on crude production, it’s the lack of refinery capacity thats causing the price of petrol and other fuels to skyrocket. But as the US recovers from hurricane katrina and their refineries start going back online prices will start to decline.

Atobe SG

Is the Singapore tax on petrol in anyway high ?

At a 2005 Asia Excise Taxation Conference, Singapore 3 March 2005, it was stated that "Today, the excise duty on motor spirit ranges from $3.70 to $7.10 per decalitre". (Click here see Page 5 Point 21)

The tax is $3.70 to $7.10 per 10 litres, or 0.37Cents to 0.71Cents per Litre on Petrol Prices that retail at between $1.65 to $1.78 per litre.

When Petroleum Companies can pay ANNUAL BONUS of SIX MONTHS wages - and when staff at all levels enjoy special perks and benefits are above market standards - surely profiteering is at work at the expense of the Consumer ?

Can "Supply and Demand" work in Singapore ?

It was supposed to work for the C.O.E scheme, and yet the Government slammed down on a system that allow C.O.E to be successfully made for a small sum of $50.

alwaysdisturbed SG

wats the pt when they keep on upping prices on both sides?

Salman SG

So that trafiic is controlled. You don’t want more jams do you?

alwaysdisturbed SG

is it controlled at the moment?

i doubt so wif the looks of the coe prices...

Atobe SG

Brilliant concept - "kill the cat and let the rats run free".

What is the cost that Singaporeans have to bear by controlling traffic through the price of petrol ?

Should petrol or oil be taxed when there are a host of industry and commerce that are dependant on the final products that utilize petrol and/or oil ?

Electricity generating is dependant on petrol / oil and its cost will input into the cost of services and products passed on to the Singapore consumers.

The multiplier effect in collecting revenue is more then ten fold by simply increasing the tax on petrol/oil - as GST collection is higher when all cost of services and products increase costs in response to the initial hike.

Salman SG

Power plants in Singapore don't run on petrol my dear. You are so silly.

iveco SG

Oil companies always profit whenever oil prices go up. THis is the best opportunity for them to rip off the motorists.

Lowclassman SG

What cock are talking about? All by ourselves? Public transport, Air and Sea Freight Companies, garments, factories, plastics, electricity, anf all kinds of F uck are made from crude oil? you said all by ourselves?
You must be a cock,right?

Is our freaking govt that peg the freaking tax for benefit of their Millions and millions of dollars salaries.