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Business Maverick: Big Oil Set for Record Profit as World Hit by Fuel Cost Pain

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Big Oil is poised for a record-breaking $50 billion profit in the second quarter, but the industry’s stellar performance could contain the seeds of its own decline.

Shell is expecting to post ain refining results. Exxon, which has the largest downstream footprint of the supermajors, is expected to make more in the second quarter than the previous nine combined, according to estimates collected by Bloomberg.

As a result, companies are seen being conservative despite soaring earnings. Exxon will probably use its excess cash to lower debt, according to Citigroup Inc. analysts led by Alastair Syme. Chevron may increase the bottom end of its buyback range to $10 billion for the year, they said. “Costs have been on a long, downward trend since 2014,” said Paul Cheng, a New York-based analyst at Scotiabank. “With commodity prices this good, it’s the perfect combination.”

 

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Let's get out of oil !!!! NOW !!!! F*CK OIL COMPANIES !!!! Let's give them a lesson in VAPITALISM !!!!!

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