Conocophillips Posts $5.19B Profit

Can someone please lower my heart rate by explaining how this doesn't mean we are absolutely getting robbed by these oil companies? I mean, really, $5.19 billion profit in a quarter?!? $5,190,000,000! I'm all for capitalism, but let's regulate this because it seems like it's out of control. They had record 3rd quarter profits last year and blamed the high prices on a tragedy that killed hundreds people.

Conocophillips Posts $5.19B Profit

NEW YORK (Reuters) - ConocoPhillips (COP) , the No. 3 U.S. oil company,Wednesday reported a 65 percent surge in quarterly profit, boosted by sharply higher crude oil prices and the recent acquisition of Burlington Resources.

But the company warned production in the third quarter would be hurt by seasonal maintenance scheduled in Alaska, the United Kingdom and Venezuela and take a $400 million charge over higher U.K. tax rates.

Net income in the second quarter rose to $5.19 billion, or $3.09 a share, from $3.14 billion, or $2.21 a share, in the year-earlier quarter.

Analysts on average expected the company to report a profit of $2.79 a share, according to Reuters Estimates.

Revenue jumped to $47.1 billion, up from $41.8 billion in the year earlier quarter.

Oil and gas companies are enjoying another blockbuster quarter as crude oil prices stay at stubbornly high levels, driven by anxiety over violence spreading in the Middle East.

The company produced 2.54 million barrels of oil equivalent per day in the quarter, including an estimated 400,000 barrels per day from its stake in Russian oil giant LUKOIL.

ConocoPhillips' stake in LUKOIL stood at 18 percent at the end of the second quarter.

The higher crude oil prices and inclusion of Burlington into its results helped push earnings at its exploration and production to $3.3 billion in the quarter from $1.92 billion a year earlier.

Refining and marketing operations earnings rose to $1.71 billion, up from $1.11 billion a year earlier, as higher domestic refining margins helped offset lower worldwide marketing margins.

wow...

nothing like the International Christian Retail Show to indulge my cynicism of all things labelled 'Christian'. i've been listening to Relevant magazine's podcast (recommend it) and they recently went to this Christian retail show and this site has pictures of all the junk they found there. it's pretty incredible that people manufacture some of this stuff, especially Praise Dance Revolution (the 'Christian' alternative to DDR) and the 'My Loving Jesus' doll (i'm pretty convinced the 2nd commandment is in the bible to prevent stuff like this from happening). i tried to include some pics here but my computer is refusing to cooperate (either that or someone clogged up the internet tubes again).

seriously... i don't get this stuff

i don't know how often they change the site but scroll down and you'll see the pics

call it summer vacation...

so here's what's been going on since my last long ago blog post...

found this thing on my front door step. really. my kids stepped over it to get into the house before anyone saw it. 2 ft long copperhead. one more of these and it's time to move...














got a walkman that i can watch tv on from my parents as a birthday present. sweet. been listening to the world soccer daily podcast and have decided i'm going to choose a Premiere League team and follow english football this season.








found out i was born with a bicuspid aortic valve that is now experiencing severe aortic regurgitation and will have to be replaced soon. wow.


decided it was time to plant a church. this is gonna be a lot of fun.







got one of these for the top of my car. dang i'm old.









the bonus was we used it to spend a week in this house at the outer banks with my in-laws. pretty great vacation. several times i found myself thinking, 'i have absolutely nothing to do'. that's a good vacation for me.









and we went to a durham bulls game this week. those are some cute kids.