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How much the oil companies are making now.

I have been reading this artical over and over again. Does it mean that those top 5 oil producers in Alberta made 62 Billion $$ in the 3rd quarter of 2008? Or am I just reading it wrong. I`ve tried to research how much it costs for production of the oil sands up north and I can only come up with is old artical. Which states it costs $25 per barrel to produce crude oil from the oil sands.http://zfacts.com/p/218.html





Lap Chi Duong

Director

403-375-0208 Off

403-375-0225 Fax

877-375-0207 Toll

[email protected]

Http://www.royalestatesinvestments.com
 
QUOTE Does it mean that those top 5 oil producers in Alberta made 62 Billion $$ in the 3rd quarter of 2008?

No. It means that they`ve got a combined $62B in cash on their balance sheets as at 3Q08. That being said, their quarterly profits were also very high, as the quarterly WTI average was about $117/bbl.

What this means is that you should expect a lot of bad news in January, as Big Oil will report a lot less profit for Q4 v. Q3 given that the WTI price has dropped by about 66% since its high of $147 in July.

FYI - you can always check the financials of any public company by going to http://www.sedar.com. Focus on the MD&A, it`s usually the most informative and you don`t have to have a strong accounting background to understand it.
 
QUOTE (Jack @ Nov 21 2008, 06:45 PM) No. It means that they`ve got a combined $62B in cash on their balance sheets as at 3Q08. That being said, their quarterly profits were also very high, as the quarterly WTI average was about $117/bbl.
What this means is that you should expect a lot of bad news in January, as Big Oil will report a lot less profit for Q4 v. Q3 given that the WTI price has dropped by about 66% since its high of $147 in July.

FYI - you can always check the financials of any public company by going to http://www.sedar.com. Focus on the MD&A, it`s usually the most informative and you don`t have to have a strong accounting background to understand it.
 
Hmm if your bad news is that the top oil producers in Alberta are only make $25 per barrel insted of $117 per barrel in this world economic crisis. I think it would be bad news if they were losing $$ insted. In our case Oil prices may have to be under $25 per barrel for us to panic.


Lap Chi Duong

Director

403-375-0208 Off

403-375-0225 Fax

877-375-0207 Toll

[email protected]

Http://www.royalestatesinvestments.com
 
QUOTE Hmm if your bad news is that the top oil producers in Alberta are only make $25 per barrel insted of $117 per barrel in this world economic crisis. I think it would be bad news if they were losing $$ insted. In our case Oil prices may have to be under $25 per barrel for us to panic.

It`s not "my" bad news, it`s Wall Street`s. They don`t like seeing quarter-over-quarter declines in revenue or net income, and that`s exactly what they`ll see in January. Not that the results will come as a surprise (read: look at how their share price`s have taken a beatdown lately), but the point is that I wouldn`t expect to see any recoveries of Big Oil stock prices.

By the way - yeah, I`d think that it`d be bad news if they were losing money too! LOL! The economy would be rocked!
 
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