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(BBC-US)   BP not sorry after announcing highest annual profits in the company's history   (bbc.com) divider line
19
    More: Obvious, Tax, Government, Economy, United Kingdom, Secretary to the Treasury, BBC, Economic Secretary to the Treasury, Fossil fuel  
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268 clicks; posted to Business » on 07 Feb 2023 at 10:22 AM (6 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



19 Comments     (+0 »)
View Voting Results: Smartest and Funniest
 
vudukungfu [TotalFark]
2023-02-07 9:50:07 AM  
Looks like someone got their life back

But not everyone did
 
BetterMetalSnake
2023-02-07 10:32:04 AM  
But somehow profits don't contribute to inflation (at least according to media coverage of the inflation situation). It's funny how paying our serfs is the only thing that makes inflation worse- there's no such thing as a profit-price spiral. Apparently.
 
harleyquinnical
2023-02-07 10:32:15 AM  
Remember: inflation is code for "corporations increasing prices to pad profit margins because they can and F*CK YOU!
 
ColleenSezWhuut
2023-02-07 10:37:41 AM  
Why would they be sorry?  They got to rake in more money than ever while convincing people they weren't gouging.
 
Dinjiin [BareFark]
2023-02-07 10:42:05 AM  
Price of oil increases, inflation increases.  You can't explain that.
 
Schlubbe [TotalFark] [OhFark]
2023-02-07 10:48:38 AM  
It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?
 
AsparagusFTW
2023-02-07 10:50:16 AM  

Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?


This is fark sir.

Take your logical response outta here!
 
Mr. Tweedy
2023-02-07 10:58:32 AM  

Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?


This. I don't blame a business for acting like a business. I blame the government for allowing commodity markets to exist in the first place.
 
Schlubbe [TotalFark] [OhFark]
2023-02-07 11:13:04 AM  

Mr. Tweedy: Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?

This. I don't blame a business for acting like a business. I blame the government for allowing commodity markets to exist in the first place.


Which government? The 'world government'? Markets are bigger than governments, and usually when one tries to steer the other, there's an awful lot of pushback and unintended consequences.

I don't envy the energy position of the Biden admin. They need to make people feel they're keeping energy costs low, but they need to keep energy prices high to drive the transition to renewables. If gasoline is cheap, people won't spend the money to move to other sources. Altruism aside, consumers will always go for the cheapest option, then complain about others doing the same.

/necessary disclaimer; I work in the oil industry. A group who seem to universally support R candidates in public, but when they get in that little tent to cast their votes, likely vote for the Ds. The dirty little secret is, we've always made more money when the Ds are in office.
 
Chief Superintendent Lookout
2023-02-07 11:28:03 AM  
And don't you DARE mention increasing taxes on these companies.  How the hell else are the C-Suite expected to buy yachts and host expensive dinner parties?
 
erktrek
2023-02-07 12:19:55 PM  
We're still sorry...

Fark user imageView Full Size
 
Eightballjacket [TotalFark]
2023-02-07 12:27:15 PM  

Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?


Fark economists don't understand that the oil companies don't have a ton of control over the world price of oil on the market.  If they did, then why does the price swing so wildly.
 
blackminded
2023-02-07 12:31:42 PM  
I personally think they should open the Q&A on their earnings calls with "What are you gonna do about it, biatch?" Like how GOOG opened theirs with "oh you think that was firing? We'll SHOW YOU some FIRING! STAY TUNED MOTHERfarkER AI IS THE WAY!"
 
HighlanderRPI
2023-02-07 1:01:36 PM  
 *puff* *puff* *puff* *puff* *puff* *puff* *puff* *puff* *puff*

*hissssssss*

Your BP is $40 Billion / $27 billion

Seems a bit high, should prescribe a Statin to bring that down
 
Chief Superintendent Lookout
2023-02-07 1:36:42 PM  

Eightballjacket: Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?

Fark economists don't understand that the oil companies don't have a ton of control over the world price of oil on the market.  If they did, then why does the price swing so wildly.


The oil companies would be profitable with oil under $40/bbl.
 
hammettman
2023-02-07 2:53:47 PM  

vudukungfu: Looks like someone got their life back

But not everyone did


Not so fun fact:

During Dick Cheney's February 2001 energy "task force" meetings with oil executives, BP asked for a waiver on installing an acoustic shut-off valve (ACS) system on the well under construction that became Deepwater Horizon.  The cost to install the ACS was minimal, less than $1M, but would take additional time to install.  As the well construction was behind schedule (losing profits!) Dick not only gave them the waiver, he eliminated the regulation entirely that deepwater wells must have an acoustic shut off system in case of blow-out.   Less than 10 years later, the accident occurred and the well blew out.  An ACS system could've shut down the well within hours with the transmission of signals.  Instead, we got an 87 day spill of oil into the gulf as engineers tried to come up with a method to cap the deepwater well, thanks to the greed of oil executives and the power of one farking guy.

Once again, fark you Dick Cheney
Fark you, BP

Thanks, Obama
 
Mr. Tweedy
2023-02-07 3:14:53 PM  

Schlubbe: Mr. Tweedy: Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?

This. I don't blame a business for acting like a business. I blame the government for allowing commodity markets to exist in the first place.

Which government? The 'world government'? Markets are bigger than governments, and usually when one tries to steer the other, there's an awful lot of pushback and unintended consequences.

I don't envy the energy position of the Biden admin. They need to make people feel they're keeping energy costs low, but they need to keep energy prices high to drive the transition to renewables. If gasoline is cheap, people won't spend the money to move to other sources. Altruism aside, consumers will always go for the cheapest option, then complain about others doing the same.

/necessary disclaimer; I work in the oil industry. A group who seem to universally support R candidates in public, but when they get in that little tent to cast their votes, likely vote for the Ds. The dirty little secret is, we've always made more money when the Ds are in office.


All governments. Commodities should not be open to manipulation. Sure - It's a utopian pipe dream but I don't think you can fix the existing 'system' as the 'system' is the problem.
 
Eightballjacket [TotalFark]
2023-02-07 3:19:51 PM  

Chief Superintendent Lookout: Eightballjacket: Schlubbe: It's logical - they build out their infrastructure efficiency so they can make a decent profit on oil at @$50/bbl, so when oil goes higher, they're making more money. This is the part where we remind everyone that energy companies don't really get to determine commodity prices. That's more a function of futures traders.

There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.

I suppose they could reduce their margins as market forces increase the prices, but how would any company justify that to their shareholders?

Fark economists don't understand that the oil companies don't have a ton of control over the world price of oil on the market.  If they did, then why does the price swing so wildly.

The oil companies would be profitable with oil under $40/bbl.


Kind of irrelevant to what I was pointing out.  Oil is under $80 a barrel today, it was over $120 around six months ago.  Do you think they are happy with that?
 
misanthropicsob [OhFark]
2023-02-07 4:36:54 PM  

Schlubbe: There's plenty of reasons to hate on large oil companies, but pricing isn't really one of them.


Hahahaha.
 
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