High Energy Prices Lift Profits at ConocoPhillips by 89%

[NashVegas]

ConocoPhillips said today that its third-quarter profits almost doubled after a series of devastating hurricanes in the Gulf of Mexico curbed domestic supplies and pushed up oil and natural gas prices to record highs.

The Houston-based company said that it suffered losses from the impact of Hurricanes Katrina and Rita, but that the disruptions to its operations were more than offset by higher energy prices.

...

The companies are now facing criticism that they did not invest enough in either refining capacity or new production projects to increase supplies. The pressure is likely to mount this week as Exxon Mobil and Chevron, the top two American oil companies, report their quarterly earnings on Thursday and Friday, respectively.

In response to suspicions of gasoline price gouging this summer and accusations of profiteering leveled by several consumer groups, Senator Byron L. Dorgan, Democrat of North Dakota, introduced legislation last month to impose a windfall tax on oil companies. More recently, the House speaker, J. Dennis Hastert, Republican of Illinois, called on Exxon Mobil, BP and Chevron to increase their investments in refining and endorse a $20 billion pipeline that would bring natural gas from Alaska.

http://www.nytimes.com/2005/10/26/business/26cnd-conoco.html

[gizmo1979]

1. wow now there's a surprise?

What about reconstruction costs?Oh there were none.

[BootinUp]

2. Greedy muther-f'ers. n/t

[stillcool]

3. so...if they get caught price-gouging...

does that mean the price of gas goes up or down?

[ClintonTyree]

10. After lengthy Senate investigations.........

there has been no finding of wrong-doing by the oil companies. Isn't this ALWAYS the finding by the Senate after EVERY case of price gouging? Apparently price gouging doesn't really exist, it's just a figment of everyone's imagination. :eyes: Everything is just fine citizen, it's the free market. Go about your business.

[The_Casual_Observer]

4. That is an unimaginable amount of money.

I wonder how they are going to spend it.

[alstephenson]

5. Oh, and let's not forget to give the oil companies the tax breaks

and subsidies included in the "energy" bill......WTF???

[HysteryDiagnosis]

7. Welcome Al.... it's call the "Energy Bill" because the Amurkan

consumer gets the "bill".

[leQ]

6. what does it take to make these profits the result of price gouging? (eom)

[DiverDave]

8. Rotten money grubbing BASTARDS

89%?? EIGHTY-NINE freaking PERCENT??
While people scramble this winter to keep warm.

DESPICABLE.

I want to vomit...

[halsaxby]

9. We've been Enron-ned

Deliberate shortage creation to justify gouging w/ a green light from the President.

[rodeodance]

11. and CEO's do not have to worry about freezing this winter.

[rodeodance]

12. btw, the Senate Repugs just voted down increasing energy assistance.

[TheCowsCameHome]

13. And RW scumbag Limbaugh was doing handstands about it on his show.

While the average American suffers with high fuel prices, this no good bastard thinks is just fine.

[KittyWampus]

14. Windfall Tax Sounds Good To Me

[leesa]

15. Life is good!