Bull against bear

Financial markets, macro economics, politics and everything else concerning the global markets. The writer is a long time investment banking operative in the nordic markets. The blog is usually updated once a week with specific trading advice. On a monthly basis, the goal is to provide a strategy update. In addition to that, there will be posts of more general content, housing bubbles, investment strategies and more.

May 19, 2008

How I stopped worrying and started to love big oil

Exklusive 3 oljebolag, Exxon, Chevron och ConocoPhillips, som alla tre har stora svårigheter att öka produktionen, är vinsterna för amerikanska bolag den lägsta på tio år.

"Take away Exxon Mobil Corp., Chevron Corp. and ConocoPhillips and profits at U.S. companies are the worst in at least a decade.
Without the $70 billion that oil producers earned in the last two quarters, profits at companies in the Standard & Poor's 500 Index tumbled 26 percent and 30.2 percent, the biggest decreases for any quarter since Bloomberg started compiling data in 1998.
Energy companies made up almost half the income growth reported by S&P 500 companies in the first three months of 2008 as oil prices surged past $100 per barrel, the data show."

(Bloomberg)

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