ConocoPhillips Reports Billions In Loses

Full story: News on 6 Tulsa

There's a sudden turnaround for ConocoPhillips. The nation's number three oil company reported a 4th quarter loss on Wednesday of $32 billion, pegged to some asset write-downs and plunging oil prices.

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Dillon

Dallas, TX

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#1
Jan 28, 2009
 
$32 billion down from the new glutten levels they set when oil was at $140.00 a barrel. I dont feel sorry for them.

Since: Apr 08

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#2
Jan 28, 2009
 
Poor oil companies. I guess now they want us to bail them out. All while they're still holding the stick they had rammed up our *** last year when they were making hundreds of billions in profits and acting like they weren't doing anything wrong. Do they remember how bad they were hurting people and how much they spent to hire lobbyists in Washington to keep our lawmakers from listening to us?

Go Go Gadget Electric Car!!! Let the oil companies drown in their own tears.
Dave

United States

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#3
Jan 28, 2009
 
Now they know how the Public felt when gas was $4.00 dollars a gallon and had to buy it to get to work. Cut some of their corp. jets and six digit ceos and they will be fine. They got their gravy now it's our turn.
okie 18

Tulsa, OK

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#4
Jan 28, 2009
 
Wow...ya'll sound incredibly bright...

Ever think that oil is not going to last forever?
We get most all of our oil from overseas? If not a lot of oil is found, the price per barrel goes up... If the oil companies 'drown' you won't be a happy camper considering you won't be able to drive. Yes the U.S. needs to find another way of transportation- but the oil companies did not all of the sudden 'increase' prices because they felt like it.
Jeneva

Sapulpa, OK

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#5
Jan 28, 2009
 
The poor things.

Since: Apr 08

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#6
Jan 28, 2009
 

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okie 18 wrote:
Wow...ya'll sound incredibly bright...
Ever think that oil is not going to last forever?
We get most all of our oil from overseas? If not a lot of oil is found, the price per barrel goes up... If the oil companies 'drown' you won't be a happy camper considering you won't be able to drive. Yes the U.S. needs to find another way of transportation- but the oil companies did not all of the sudden 'increase' prices because they felt like it.
Did they "feel like" paying record amounts of money to lobbyists to keep from being investigated for price gouging? They were taking advantage of the situation at the cost of the American People. They got fat from it and are partly responsible for the economic issues that we have today. While several factors influence consumer price increases, oil prices were the single biggest reason for those increases last year. Then they reported the largest profits in the history of this nation. No other company has ever made the amount of profit in a given year than oil companies las year.
So on behalf of all us "incredibly bright" folks, most think that while free enterprise is a right of any company, record profits that brings such strife to an entire country is morally wrong.
Many feel that their losses now are a result of deserved Karma.

But thanks for playing....
Mike

Oklahoma City, OK

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#7
Jan 28, 2009
 

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You all need to get off the big corporate hate bandwagon. They are a company trying to make a profit just like any other. Also, a six digit income would be pretty small and not enough. What do you want the CEO to make??? 35K per year? If so you are really small minded and don't understand the size and scope of these businesses. The CEO's have contracts with their employers and they must be fulfilled legally. They aren't breaking any laws. Get over it! In economic times like these they might get an offer which that would include a huge bonus if they could cut the company's projected losses in half. So that if a company was forecasting to lose 80 million and the new CEO cut the actual loss to 40 million the contract may dictate that the new CEO get 10% of the amount saved which would be $4 million. In that case the media would report that X Corporation lost 40 million... CEO gets 4 million bonus. And the public would be outraged because the media didn't report why. They were just trying to stir up class envy and hate.

The oil companies don't control oil prices. Get that thru your heads. The commodities markets control oil prices. Not the oil companies. They live or die by the price of a barrel just the same as everyone else. Actually the price being $140 a barrel last year wasn't as big a problem as the fact that the price can swing that drastically and not based on supply and demand but rather fear. It hurt us last year and now it's hurting them. We all need to have some stability in the markets or we could all go down. We as citizens shouldn't wish the same pain on someone else that we experienced last year. Especially in our own country.
Mike

Oklahoma City, OK

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#8
Jan 29, 2009
 
PB Okie wrote:
<quoted text>
Did they "feel like" paying record amounts of money to lobbyists to keep from being investigated for price gouging? They were taking advantage of the situation at the cost of the American People. They got fat from it and are partly responsible for the economic issues that we have today. While several factors influence consumer price increases, oil prices were the single biggest reason for those increases last year. Then they reported the largest profits in the history of this nation. No other company has ever made the amount of profit in a given year than oil companies las year.
So on behalf of all us "incredibly bright" folks, most think that while free enterprise is a right of any company, record profits that brings such strife to an entire country is morally wrong.
Many feel that their losses now are a result of deserved Karma.
But thanks for playing....
Karma doesn't have anything to do with it. Here are some tidbits for the Bush/Big oil haters. ExxonMobil has taken a lot of heat for their monopolistic size. All the domestic oil companies in the U.S. combined equal about 15% of the world market. Also, Exxon and Mobil merged during which administration? It was during Clinton's admin in 1999 that the merger was approved. Bush had nothing to do with it. The amount of profit is meaningless. These companies are gigantic. You have to forget about the amount of the profit and start looking at percentages. For example, what was there percentage net profit after all expenses. Last year ExxonMobil was getting a 7.5% profit when prices were high. 7.5% isn't very much. If it is then you need to start complaining more about how much the government gets in percentages compared to the oil companies. And the government doesn't do hardly anything to earn it. Also the banking industry makes a higher profit percentage than ExxonMobil was at their high point. The media is pulling the wool over our eyes and giving us bits and pieces but not the whole truth. All you people complaining about corporate profits need to get some sense and understand what a blessing these companies really are. They provide a lot of jobs! You will never get a decent job from a poor person. So be thankful when these companies make money and be concerned when they don't. It affects YOU.
Tobascobob

Jenks, OK

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#9
Jan 29, 2009
 

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This should make the stupid libs happy
russ in tulsa

Tulsa, OK

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#13
Jan 29, 2009
 
I think Cononco Phillips took a pretty good hit from SemCrude on their BK. That still may be on the books but I betting they don't get most of it.
Agni

Tulsa, OK

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#14
Jan 29, 2009
 
My daddy, a wise man, told me that companies never make money. They always try to show a loss. That way they don't have to share the money with employees.
So, congrats to Cononco, way to show a loss.
ren

Tulsa, OK

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#15
Jan 29, 2009
 
You been sholving your profits in our faces for years and not that you have a lost you want us to feel sorry for you. Quit giving you executives such big bonuses and balance your check books.
papa

Wichita, KS

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#16
Jan 29, 2009
 

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And they still had revenues of 240.8 BILLION for the year,There loss is like an average person having a loss of 35cents and still having $2.40 in there pocket.Lets all cry for them.
Mike

Tulsa, OK

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#17
Jan 29, 2009
 
It seems funny that they write down now. Looks like they forgot the excessive profit from the past. This looks like an excuse to jump gas prices. It really is not surprising that they pick now to WRITE DOWN as a excuse to cut jobs.
MMEB

Oklahoma City, OK

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#18
Jan 29, 2009
 
These big companies need to learn from the rest of us who are able to set aside money in a savings account. Put aside a little every month, then when the big storms of life come around, you're prepared. Oh, and like the rest of us, they need to learn how to cut out the fat and live within their means. They had plenty of money to set aside, but instead, they'd rather lay off people so the bigwigs can keep all their luxuries and perks. My dad worked for a local oil company many moons ago. He was just a research chemist, but when they had a huge swath of layoffs, he and others who'd been loyal employees for several decades were given the choice--retire now, or be laid off. No retirement parties, no "thanks for all your years of service even." These weren't the guys at the top getting cut--these were people like my dad. And to add insult to injury, Phillips spent like $200,000 to some consultant to come in to tell them how to reduce thier overhead. My first word of advice would have been--ditch the consultant and save that $200,000.

Yeah, so unless Conoco-Phillips is cutting out the very top of the heap, I will feel no pity for them.
Priceless

Tulsa, OK

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#19
Jan 29, 2009
 
Oh, poor, poor oil companies!
crocodile tears

United States

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#20
Jan 29, 2009
 
I'm sure the top 2 oil companys will be reporting the same crap as well....
Did you know

Tulsa, OK

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#21
Jan 29, 2009
 
Other than Tap water do you know what the cheapest Fluid is? OIL... even at $140/bbl oil is cheaper than milk, bottled water(tap water with a label), gatorade, syrup, ketchup.
Wasted Hour

Tulsa, OK

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#22
Jan 29, 2009
 
I miss the $4 per gallon gas. Now I have way too much money in my ATF fund.
menofmasonry

Coeur D Alene, ID

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#23
Jan 29, 2009
 
how can this be when all the oil companies were posting record profits when gas was up. they made plenty of money.

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