When Targets Aren’t Met,
Heads Will Roll!
http://www.nytimes.com/2011/04/29/business/global/29oil.html?nl=afternoonupdate&emc=aua22*
*Revenue at Exxon increased 26 percent to $114 billion from $90.3 billion and oil-equivalent production increased more than 10 percent from the first quarter of last year. A group of analysts surveyed by Thomson Reuters on average expected Exxon to report a first-quarter profit of $2.07 per share.
Royal Dutch Shell, Europe’s biggest oil company by market value, said profit excluding one-time items rose to $6.3 billion from $4.8 billion after refining profit more than doubled to $1.65 billion. The shares gained 1 percent in early trading in London, but were flat by mid-afternoon.
Shell’s chief executive Peter Voser has been cutting costs and selling assets to make the company more profitable. Earlier this year, he said he would continue to reduce costs by another $1 billion and at the same time increase output by investing in new projects, including in Qatar.
“We are making good progress against our targets, to deliver a more competitive performance,” Mr. Voser said in a statement Thursday. See: Profits 1st quarter 2011 BP, Shell Oil
Unemployment Unexpectedly Jumps Again; 429,000 New Claims-April 28, 2011
Oil industry tax breaks — some of them dating back a century — have been debated for years but have survived every elimination attempt. According to a breakdown by the nonpartisan Joint Committee on Taxation, oil companies receive about $4 billion a year in federal subsidies and can avail themselves of tax breaks at virtually every stage of the prospecting and drilling process.
One lingering provision from the Tariff Act of 1913 — enacted to encourage exploration at a time when drilling often led to dry holes — allows many small and midsize oil companies to claim deductions for tapped oil fields far beyond the amount the companies actually paid for them.
Another subsidy, devised by the State Department in the 1950s, allows U.S.-based oil companies to reclassify the royalties they are charged by foreign governments as taxes — which can be deducted dollar-for-dollar from their domestic tax bill. That provision alone will cost the federal government $8.2 billion over the next decade, according to the Treasury department.
For the experienced to survive, reality must be considered.
– Charles B. Richardson
PLAYA ROCA LEARNING AND LANGUAGE CENTER:
We also are the home of the Playa Roca Learning and Language School. Professional language professors teaching English and Spanish (Norwegian if you so choose!) right here ON THE BEACH. No city smells, the exhaust, boom boxes, honking with sweaty hot with humid suffocating wind blocking concrete buildings clogging your learning experience. Learn Spanish in the morning and surf or relax or explore all day! Private and group classes for all levels from beginner to advanced. Package “Learn and Stay” discounts are available on a select individual basis. Also see:
We are also attempting to educate the community in cleaning up their environment. Playa Roca to many locals means “NO BASURA” or NO TRASH! Teaching English and Math to the youth of Las Penitas is the goal of the Learning Center. They exchange their basura for tutoring in English and Math. Volunteers are welcome to help Playa Roca educate these wonderful people.
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