Record oil profits
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Originally Posted By: Trvlr500
Our energy resources here in the states are being cut off for a reason. I hope you enjoy the result 20 years from now because it WILL affect everyone including you.
Which resources are being "cut off?" And by who?
Our energy resources here in the states are being cut off for a reason. I hope you enjoy the result 20 years from now because it WILL affect everyone including you.
Which resources are being "cut off?" And by who?
Originally Posted By: Spyder7
Originally Posted By: Trvlr500
Our energy resources here in the states are being cut off for a reason. I hope you enjoy the result 20 years from now because it WILL affect everyone including you.
Which resources are being "cut off?" And by who?
Oil, natural gas and coal. By our own government under the guise of "saving the planet". Didn't you hear that Obama shut down drilling in the gulf? Did you know we can't drill off the coast of California. Are you aware how many rigs in this country are capped off waiting for "permission" from our government to start drilling? Did you know that for the last few years the natural gas wells in Wyoming were shut down thanks to the government. They just now started drilling for natural gas there again. Then there are the coal fired power plants they continue to shut down on and off and the coal mines they continue to shut down on and off.
Originally Posted By: Trvlr500
Our energy resources here in the states are being cut off for a reason. I hope you enjoy the result 20 years from now because it WILL affect everyone including you.
Which resources are being "cut off?" And by who?
Oil, natural gas and coal. By our own government under the guise of "saving the planet". Didn't you hear that Obama shut down drilling in the gulf? Did you know we can't drill off the coast of California. Are you aware how many rigs in this country are capped off waiting for "permission" from our government to start drilling? Did you know that for the last few years the natural gas wells in Wyoming were shut down thanks to the government. They just now started drilling for natural gas there again. Then there are the coal fired power plants they continue to shut down on and off and the coal mines they continue to shut down on and off.
I was aware of some of that. I live in a province that is a major energy exporter - hydro-electric and offshore oil. We have a second major hydro-electric project well into development, despite political and logistical hurdles that have had to have been overcome along the way.
I have to wonder how much the BP disaster is a factor in your off-shore drilling policies. We had a major offshore disaster here in the 70s - it was of the human lives lost in the incident (the ill-fated Ocean Ranger platform) rather than environmental type, though. It left a bit of a legacy in that for a long period afterward 'offshore drilling' was a taboo subject that has only fairly recently been relegated to the lessons learned category and is now free of the taint caused by that incident.
-Spyder
I have to wonder how much the BP disaster is a factor in your off-shore drilling policies. We had a major offshore disaster here in the 70s - it was of the human lives lost in the incident (the ill-fated Ocean Ranger platform) rather than environmental type, though. It left a bit of a legacy in that for a long period afterward 'offshore drilling' was a taboo subject that has only fairly recently been relegated to the lessons learned category and is now free of the taint caused by that incident.
-Spyder
Originally Posted By: Tornado Red
I believe other manufacturers are taxed at a rate 9 percentage points lower, and oil companies 6 percentage points lower.
Why the 3% difference?
I believe other manufacturers are taxed at a rate 9 percentage points lower, and oil companies 6 percentage points lower.
Why the 3% difference?
Originally Posted By: PandaBear
Originally Posted By: Tornado Red
I believe other manufacturers are taxed at a rate 9 percentage points lower, and oil companies 6 percentage points lower.
Why the 3% difference?
I do not know. But see this form: http://www.irs.gov/pub/irs-pdf/i8903.pdf
Referring to the Domestic Production Activities Deduction (DPAD), "Your DPAD is generally 9% of the smaller of
1. Your qualified production activities income (QPAI), or
2. Your adjusted gross income for an individual, estate, or trust... figured without the DPAD
...
Note: For taxpayers with oil-related qualified production activities income, the DPAD is reduced by 3% of the least of items 1 and 2, above, and oil-relateed qualified production activities income. (end of quote from IRS document)
I guess the authors of this bill did not like oil companies.
Here's an explanation:
To encourage manufacturing to stay in this country rather than being outsourced overseas, congress passed a tax credit of 3% for the years 2005 and 2006 for businesses involved in domestic “manufacturing”. In 2007 the credit increases to 6%; in 2010 it’s 9%.
Why the quotation marks around “manufacturing”? Because you may be considered a “manufacturer” by the IRS even though your company’s products or services don’t seem like they’re part of “manufacturing”. For instance, a contractor remodeling an existing structure for business use is considered to be a “manufacturer” on that project -- as well as the architect who drew up the plans. Electricians, plumbers, roofers, etc. who work on the project can receive a tax credit of 3% of their profits on that particular project as well -- if they know enough about the credit to file for it.
If your company simply assembles parts to create a product -- even if your company didn’t actually “manufacture” any of the parts (think someone who assembles custom home computers, for instance) -- it also falls into this category.
http://www.johnstoneconsult.com/Encouraging Domestic Manufacturing.html
Originally Posted By: Tornado Red
I believe other manufacturers are taxed at a rate 9 percentage points lower, and oil companies 6 percentage points lower.
Why the 3% difference?
I do not know. But see this form: http://www.irs.gov/pub/irs-pdf/i8903.pdf
Referring to the Domestic Production Activities Deduction (DPAD), "Your DPAD is generally 9% of the smaller of
1. Your qualified production activities income (QPAI), or
2. Your adjusted gross income for an individual, estate, or trust... figured without the DPAD
...
Note: For taxpayers with oil-related qualified production activities income, the DPAD is reduced by 3% of the least of items 1 and 2, above, and oil-relateed qualified production activities income. (end of quote from IRS document)
I guess the authors of this bill did not like oil companies.
Here's an explanation:
To encourage manufacturing to stay in this country rather than being outsourced overseas, congress passed a tax credit of 3% for the years 2005 and 2006 for businesses involved in domestic “manufacturing”. In 2007 the credit increases to 6%; in 2010 it’s 9%.
Why the quotation marks around “manufacturing”? Because you may be considered a “manufacturer” by the IRS even though your company’s products or services don’t seem like they’re part of “manufacturing”. For instance, a contractor remodeling an existing structure for business use is considered to be a “manufacturer” on that project -- as well as the architect who drew up the plans. Electricians, plumbers, roofers, etc. who work on the project can receive a tax credit of 3% of their profits on that particular project as well -- if they know enough about the credit to file for it.
If your company simply assembles parts to create a product -- even if your company didn’t actually “manufacture” any of the parts (think someone who assembles custom home computers, for instance) -- it also falls into this category.
http://www.johnstoneconsult.com/Encouraging Domestic Manufacturing.html
Originally Posted By: Jimmy9190
Apple and Microsoft don't play with prices on a daily basis. ... I doubt Apple or Microsoft have highly paid lobbyists in Washington DC or other government centers in the US. I have never heard of politicians being in cahoots with Apple or Microsoft ...
Meeting of the Minds: Obama and Steve Jobs
Apple and Microsoft don't play with prices on a daily basis. ... I doubt Apple or Microsoft have highly paid lobbyists in Washington DC or other government centers in the US. I have never heard of politicians being in cahoots with Apple or Microsoft ...
Meeting of the Minds: Obama and Steve Jobs
People keep on buying gas. Nobody seems to complain how much computers cost. Apple and Microsoft are as corrupt as any other corp.
Originally Posted By: PandaBear
Originally Posted By: Tornado Red
I believe other manufacturers are taxed at a rate 9 percentage points lower, and oil companies 6 percentage points lower.
Why the 3% difference?
Who makes the laws? then who owns those who make the laws. Banking, pharmacuticals, big oil, the defense industry have the bucks and lobbiests. Life is like a poop sandwich. The more bread you have the less poop you have to eat
Originally Posted By: Tornado Red
I believe other manufacturers are taxed at a rate 9 percentage points lower, and oil companies 6 percentage points lower.
Why the 3% difference?
Who makes the laws? then who owns those who make the laws. Banking, pharmacuticals, big oil, the defense industry have the bucks and lobbiests. Life is like a poop sandwich. The more bread you have the less poop you have to eat
Originally Posted By: HTSS_TR
Record revenues = record profits, what wrong with that ? Oil industry on average has a profit margin of around 10% of revenue, which is lower than many industries. All industries has some tax subsidies, oil industry did not have any specific tax subsidy for itself.
I'm glad they make good profit so that they can spend some of it to search for new oil.
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
Record revenues = record profits, what wrong with that ? Oil industry on average has a profit margin of around 10% of revenue, which is lower than many industries. All industries has some tax subsidies, oil industry did not have any specific tax subsidy for itself.
I'm glad they make good profit so that they can spend some of it to search for new oil.
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
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Originally Posted By: grampi
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
Is this a fact ? Any document to support this ?
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
Is this a fact ? Any document to support this ?
Originally Posted By: grampi
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
This was just posted a few days ago -- I guess you must have missed it?
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
This was just posted a few days ago -- I guess you must have missed it?
Got to be careful with those graphs, because they are statistical, and good statisticians are good liars.
I had a contractor bleating about his woeful margin on what was quite a big contract, and showing me a balance sheet of around 6%.
I homed in on a couple of contract variations, which included things like chainblock hire, @ $300 per week (in 1997). For weeks on end.
First question, why hire, and why at such ridiculously high rates, when the equipment could be purchased for around a week and a half's rental ?
Company policy, and the hire company is a subsidiary to the parent, so we've got no choice on who we go to.
Exercising a right under the contract, I told them to buy the gear, paid them 10% on top (took ownership at the end), saved thousand of dollars, and made the contract more profitable...which they hated, as the profit was supposed to be smeared through the company and it's subsidiaries while they cried poormouth.
I had a contractor bleating about his woeful margin on what was quite a big contract, and showing me a balance sheet of around 6%.
I homed in on a couple of contract variations, which included things like chainblock hire, @ $300 per week (in 1997). For weeks on end.
First question, why hire, and why at such ridiculously high rates, when the equipment could be purchased for around a week and a half's rental ?
Company policy, and the hire company is a subsidiary to the parent, so we've got no choice on who we go to.
Exercising a right under the contract, I told them to buy the gear, paid them 10% on top (took ownership at the end), saved thousand of dollars, and made the contract more profitable...which they hated, as the profit was supposed to be smeared through the company and it's subsidiaries while they cried poormouth.
Originally Posted By: Shannow
Got to be careful with those graphs, because they are statistical, and good statisticians are good liars.
Very true. But Exxon-Mobil's quarterly financial reports are extremely detailed; you can look up just about any data you care to find and/or compare.
On the other hand, I've searched the BP and Royal Dutch Shell reports and they leave out a lot of information.
But each and every one will show revenues versus profits. And should break down the revenues from oil drilling, from refining, from chemicals, from retailing, etc.
I just posted the chart because it had been posted by another member only four or five days ago -- putting the lie to Gramp's allegations.
Got to be careful with those graphs, because they are statistical, and good statisticians are good liars.
Very true. But Exxon-Mobil's quarterly financial reports are extremely detailed; you can look up just about any data you care to find and/or compare.
On the other hand, I've searched the BP and Royal Dutch Shell reports and they leave out a lot of information.
But each and every one will show revenues versus profits. And should break down the revenues from oil drilling, from refining, from chemicals, from retailing, etc.
I just posted the chart because it had been posted by another member only four or five days ago -- putting the lie to Gramp's allegations.
Originally Posted By: grampi
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
But I thought it was the evil speculators making all the obscene profits preventing proper investment in actual production.
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
But I thought it was the evil speculators making all the obscene profits preventing proper investment in actual production.
Originally Posted By: Tornado Red
Originally Posted By: grampi
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
This was just posted a few days ago -- I guess you must have missed it?
You believe oil company posted profits? Wow, talk about gullable...
Originally Posted By: grampi
Stop with the 10% profit margin garbage. Nobody buys that silly notion anymore. The oil companies may have been making 10% profit when gas was $2 a gal, but they're making much more than that these days...
This was just posted a few days ago -- I guess you must have missed it?
You believe oil company posted profits? Wow, talk about gullable...
Originally Posted By: grampi
You believe oil company posted profits? Wow, talk about gullable...
ExxobMobil HAS to be truthful when posting financial information. Not just for the shareholders, but for the army of IRS agents infesting their headquarters:
http://money.cnn.com/2011/05/24/news/economy/corporate_tax_reform/?cnn=yes
Quote:
The Internal Revenue Service keeps 35 agents stationed full time at ExxonMobil's Houston headquarters, conducting a full-time audit of its books in office space provided by the company.
You believe oil company posted profits? Wow, talk about gullable...
ExxobMobil HAS to be truthful when posting financial information. Not just for the shareholders, but for the army of IRS agents infesting their headquarters:
http://money.cnn.com/2011/05/24/news/economy/corporate_tax_reform/?cnn=yes
Quote:
The Internal Revenue Service keeps 35 agents stationed full time at ExxonMobil's Houston headquarters, conducting a full-time audit of its books in office space provided by the company.
Originally Posted By: grampi
You believe oil company posted profits? Wow, talk about gullable...
Yes, I believe a great many things. Of course, not anything I hear from you. I try to get information from reliable sources, and I've got a pretty good [censored] detector.
You believe oil company posted profits? Wow, talk about gullable...
Yes, I believe a great many things. Of course, not anything I hear from you. I try to get information from reliable sources, and I've got a pretty good [censored] detector.
Originally Posted By: Shannow
I think that you mean "extraction"
Extraction and Production - both get us the energy that we need and want.
The creation of petrochemical products out of raw extracted oil is complicated and manufacturing of the highest sophistication and value.
If your point is to denigrate the value of oil company efforts then I disagree with you.
I think that you mean "extraction"
Extraction and Production - both get us the energy that we need and want.
The creation of petrochemical products out of raw extracted oil is complicated and manufacturing of the highest sophistication and value.
If your point is to denigrate the value of oil company efforts then I disagree with you.
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