Major oilcos reveal massive profits - the dividends of war

ConocoPhillips' net income jumped to US$3.29 billion, or US$2.34 per share (17%) for 1Q 2006 from US$2.91 billion, or US$2.05 per share last year.

Revenue at ConocoPhillips in Q1 2006 grew 23% US$47.9 billion in the first quarter from US$38.9 billion last year. The company said higher oil prices were partially tempered by lower natural gas prices compared with the fourth quarter.

Their investment in LUKoil will of course be generating healthy income. LUKoil announced yesterday it is looking to raise current crude production levels in Kazakhstan by 40% by 2010. Vagit Alekperov said the company's investments in Kazakhstan by 2010 would stand at $300 million per year, or $1.5 billion over the next five years.

LUKoil President Vagit Alekperov told me from Astana yesterday ... "The total volume of crude oil production [in Kazakhstan] is expected to reach six million tons [120,493 bbl/d] in 2006, and the company plans to reach 10 million tons [200,821 bbl/d] by 2010," LUKoil President Vagit Alekperov said.

LUKoil and Kazakhstan's state oil company KazMunaiGaz are also jointly developing Khvalynsk and Tsentralnoye oil deposits on the Caspian Sea shelf on a parity basis.

Tomorrow Exxon/Mobil is projected to announce more than US$9 billion in profits for 1Q 2006— and Chevron is expected to announce profits close to US$4 Bn.

Senator Chuck Schumer, D-N.Y., said big oil companies are the culprits behind runaway gas prices which he says go "way beyond what supply and demand would merit."

He said Mr. Bush refuses to "get tough on big oil."

Crude oil and gasoline futures fell a little after Mr. Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another.

Clean Air ? Who gives a shit says the Texan facing mid term elections , let those oil guys who pay the election expenses sell even more gas.

Pic (US$2.53) You wish, UK prices nudging £1 a gallon (UK gall =4.6 litres US gallon =3.74 litres.