Guest “Slapping down another Biden lie” by David Middleton
OIL Published June 11
Biden points blame for record oil prices: ‘Exxon made more money than God this year’
President Biden blamed oil companies but took credit for the fastest-growing economy’By Lawrence Richard
During a speech in Los Angeles Friday, President Joe Biden blamed record gas prices on the oil industry and said that U.S. oil companies like Exxon Mobil Corp were raking in massive profits this past year.
“Exxon made more money than God this year,” the Catholic president told union representatives at the Port of Los Angeles as the national average price of gas is $4.99 per gallon.
[…]
Biden also accused the largest U.S. oil company of spending their profits on stock purchases, rather than using it to drill and produce more oil.
“Why aren’t they drilling? Because they make more money not producing more oil,” the president said. “Exxon, start investing and start paying your taxes.”
[…]
Fox Business
“Exxon made more money than God this year”
“Exxon, start investing and start paying your taxes”
JULY 22, 2022
Public U.S. oil producers saw higher revenues and higher operational costs during Q1 2022
In the first quarter of 2022, 53 U.S. exploration and production companies reported both higher revenues and higher material and labor costs compared with the first quarter of 2021.
We base our analysis on the published financial reports of 53 publicly traded oil companies that produce a majority of their crude oil in the United States. As a result, our observations do not represent the sector as a whole because the analysis does not include private companies that do not publish financial reports. In the first quarter of 2022, these 53 publicly traded companies collectively produced 3.9 million barrels per day (b/d) of crude oil in the United States, or about 34% of all U.S. crude oil produced in the quarter.
The West Texas Intermediate (WTI) crude oil price averaged $95.18 per barrel (b) during the first quarter of 2022, up 64% from the first quarter of 2021 and up 23% from the fourth quarter of 2021. Cash from operations for these companies totaled $25.7 billion during the first quarter of 2022, which was 86% more than in the first quarter of 2021 and 9% less than in the fourth quarter of 2021. Despite higher revenues (an unusually high $8.8 billion increase in accounts receivable), the balance due for delivered goods not yet paid for by customers contributed to the quarterly decrease in cash from operations.
Capital expenditures by these companies nearly doubled year over year to reach $14.6 billion during the first quarter of 2022. These companies reported a 5% decline in capital expenditures in second-quarter 2022 compared with the first quarter. Production of crude oil remained flat compared with the fourth quarter of 2021, although it was 10% higher than in the first quarter of last year. Compared with pre-pandemic levels, production in the first quarter of 2022 was 10% less than in the first quarter of 2020.
Although rising crude oil prices increased revenues during the first quarter of 2022, supply chain issues and financial losses from hedging contributed to increased costs. Production expenses, such as the cost of goods sold, operating expenses, and production taxes, totaled $28.06 per barrel of oil equivalent in the first quarter of this year, 59% more than the pre-pandemic average and the highest for any quarter during the past five years. Cost of goods sold, which includes the cost of materials and labor directly used in production, have more than doubled from the pre-pandemic average.
A recent survey of oil and natural gas firms by the Federal Reserve Bank of Dallas found 94% believe supply-chain issues are having a negative impact on their firm, and 66% expect that it will take more than a year to resolve these issues.
Principal contributor: Alex DeKeyserling
Tags: costs, crude oil, WTI (West Texas Intermediate), revenue
EIA
If doubling capital expenditures, year-over-year, isn’t investing… Then what is?
Note how the cost of drilling and producing oil goes up and down as cash from operations goes up and down. This is because the cost of drilling and producing oil goes up and down with oil prices.
“Exxon made more money than God this year”
“Exxon, start investing and start paying your taxes”
I have no idea how much money God makes… I suppose He probably makes all of it. Since Biden babbled this in June, neither he nor anyone else know how much money ExxonMobil will make this year. It was June 11 when he flapped his gums, before the end of the second quarter. We won’t know how much money ExxonMobil will make this year until next year. They haven’t even reported their second quarter numbers yet… Most companies haven’t. But we can look at what they made last year and compare that to a company Biden never seems to lie about.
Based on the fact that ExxonMobil only generated an 8.2% profit margin, had a 24.5% effective income tax rate and invested 52% of their net income back into the business*… I’d say they made a lot less money than God, were aggressively investing and paid their taxes. As a matter of fact, ExxonMobil’s effective tax rate was essentially the same as Biden’s.
Maybe it’s time for Apple to start investing and paying their taxes.
Clarification
*Should have been, “invested the equivalent of 52% of their net income back into the business.” CapEx is from the cash flow statement, not the earnings statement.
Thanks to Biden, crude prices are likely to stay high for a while(at least until Jan 20, 2025. So the increased EXXON cap ex probably looks good financially.
Not a fan of Apple.
The only Apple product I ever owned was an IPod I won as a door prize and it died after a couple of years.
Petroleum products I use everyday from the gas I cook with, the gasoline in my truck, to the clothes I don.
I’m pretty sure Exxon doesn’t use child or slave labor, or you would hear about it nonstop.
In my book, Exxon is a much better company with superior products.
I’m going to venture a guess that there wouldn’t be any Apple products, not originally grown on trees, if not for fossil fuels.
There would be no silicon semiconductor industry at all, without a way to refine SiOx into metallurgical-grade Si.
Seems like a misnomer. AGW is the real sili con.
And made assembled, software loaded and packaged in the same factories in China everybody is so worried about.
Environmental and labor arbitrage, including practical and actual slavery with diversity (e.g. racist) amendments, human rites (i.e. Pro-Choice ethical religion), etc. in several locations, notably China. For their invasion of Tibet, sustained military conflicts with India, and other transnational divergence, we should sanction them, instead we take a knee, beg, …
Yes, pretty sick leaders we have had the past few decades. We must bring back common sense and decency.
Hasten to add, China unleashed on the world the human-engineered Chicom-19 virus, whether by accident or as biological warfare I am undecided, during a U.S. election year. They owe the world reparations in the $trillions, and certain western colluders should be imprisoned if not executed for mass murder on a societal scale for their complicity. Instead, they regularly continue to pontificate freely while appearing appropriately grave to the cameras.
While we are thinking about that, U.S. activists have for years complained, rightly or wrongly, about policing of black and minority neighborhoods. Yet is it merely coincidental that the complaints erupted into nationwide riots and disruption in the midst of that same election year?
All of this is certainly possible due to entirely independent causes and timing, yet that appears somewhat improbable. TDS is not just a U.S. phenomenon.
Power corrupts, and absolute power corrupts absolutely.
Biden has no business dictating CONUS E&P CAPEX levels. They spend what is required to meet their business goals.
That being said, “Twice last years CAPEX”, is right up there with “A proud tradition of existence” as a meaningful metric. Even in the Permian, 2022 CAPEX will be insufficient to replace reserves. Why? Because their business goal is to harvest current PDP’s low hanging DUC’s, and the few remaining sweet spots, to continue to pay for dividends, buy backs, like for like acquisitions.
They have done the work on how increased frac hits (no economic solutions available), competitive drainage, generally decreased candidate quality, returning ES&H oversight, and the possibility that they might have to actually pay for some of the exponentially increasing asset retirement costs they are incurring from completing thousands of hard to re-enter, high angle laterals, makes sustainable development unprofitable. So, they have sensibly concluded that it’s time to conduct an orderly, multi year retreat. All the while rewarding deserving stakeholders.
Otay by me….
“Biden has no business dictating CONUS E&P CAPEX levels. They spend what is required to meet their business goals.
That being said, “Twice last years CAPEX, is right up there with “A proud tradition of existence” as a meaningful metric. Even in the Permian, 2022 CAPEX will be insufficient to replace reserves. Why? Because their business goal is to harvest current PDP’s low hanging DUC’s, and the few remaining sweet spots, to continue to pay for dividends, buy backs, like for like acquisitions.
They have done the work on how increased frac hits (no economic solutions available), competitive drainage, generally decreased candidate quality, returning ES&H oversight, and the possibility that they might have to actually pay for some of the exponentially increasing asset retirement costs they are incurring from completing thousands of hard to re-enter, high angle laterals, makes sustainable development unprofitable. So, they have sensibly concluded that it’s time to conduct an orderly, multi year retreat. All the while rewarding deserving stakeholders.
Otay by me….
EIA
No doubt about the source or it’s veracity. Just it’s utility/relevance. Also, no idea why my comment duplicated….
Must be the “instant replay” feature… 😎
Cut ‘n paste will do that.
BTW, in the last decade— as you well know— thanks to continuously improving drilling techniques, drilling productivity has skyrocketed.
You could look it up:
https://www.eia.gov/petroleum/drilling/pdf/dpr-full.pdf
I routinely look it up… 😎
Metrics are for a short, anomalous period. In particular, 2021 activity was so much lower than that the year before, that average candidate quality was much higher. They were only drilling/completing the best candidates. The .pdf even caveats this. And those results are still mixed. For real economic trends, look at the market caps of the E&P’ referenced by Mr. Middleton, for the last 5-8 years pre pandemic.
https://www.macrotrends.net/stocks/charts/XOM/exxon/market-cap
But wait, there’s more.
https://www.google.com/search?q=occidental+market+apitalization&rlz=1C1CHBF_enUS855US855&oq=occidental+market+apitalization&aqs=chrome..69i57j0i8i13i30j0i390.10013j0j7&sourceid=chrome&ie=UTF-8
https://www.macrotrends.net/stocks/charts/COP/conocophillips/market-cap
https://www.macrotrends.net/stocks/charts/HAL/halliburton/market-cap
FYI, Mr. Middleton’s cherry pick of Exxon 2 years worth of CAPEX is belied by the longer term trends. Between that, and the fact that oilfield service costs are skyrocketing validates my prior claim.
https://www.discoverci.com/companies/XOM/capital-expenditures-capex
https://www.woodmac.com/news/opinion/upstream-cost-inflation-is-back/
https://www.bloomberg.com/news/articles/2021-09-29/record-costs-slam-u-s-oil-drillers-as-shale-output-growth-slows
And I agree Biden will go down as the worst President of all time using Obama policies too.
because you pasted it twice.
(have you ever made a mistake or been wrong about anything?)
In fairness… I up-voted Bob’s two comments… 🤙
I don’t down vote anybody, but I am guessing that most of his negatives are the result of his past dumbassery … as much as anything he currently writes.
Is English your second language?
Dude….dude
I think the phrase is… Dude! Dude! DUDE!!! 😎
bigoilbrandon: You have complained about the Oil Co. business model before, did they just start doing this when the Brandon admin came in? If they were doing it before, during the awful Trump admin, why’d the price stay low before the dawn of the Brandon admin?
Mr. Middleton,
Face it. Brandon is a liar. He’s always been a liar.
We both know it.
________________________________
I LOVE THE SIDE-BY-SIDE COMPARISON OF XOM AND AAPL— that graphic is long overdue.
I’ll be forwarding that all over the place.
Do you think he plagiarizes most of the lies?
Yes. Plenty of source material. AOC, Bernie, Granholm, Mayorkis, Buttigieg….
So… It’s sort of a circle-**** of sophistry? 😅
Dave, if you’re going to self-censor, at least write something like ‘sort of a cluster-**** of sophistry’.
Which is worse?
Ass-****, which is why you never vote Democrat.
given the monkey pox thing, I would say #2 is worse.
An Army veteran friend of mine says goat-*** is worse because cluster -**** it only requires a human frack-up.
Playzharizes? He jest reeds the telebromtter
trunalimunumaprzure!
Repeat the line.
“Repeat the line.” lololololol 😂
“End of quote. Repeat the line.”
https://youtube.com/shorts/2y3r3tX1Pjs?feature=share
He looks like he has been smoking the same ‘schist’ his son has.
I would need more beer.
“I LOVE THE SIDE-BY-SIDE COMPARISON OF XOM AND AAPL“
Explains why XOM got added to the S&P 500’s ESG Index!
BTW, to make their job easier, the Secret Service chipped in to get Dementia Joe a new bike
after the incident @ Brandon Falls.
I’ll put together a more detailed comparison when the Q2 numbers are released. Relating CapEx to net earnings was a bit “apples and oranges”. CapEx should be related to cash flow rather than earnings. The point of that ratio was to demonstrate that ExxonMobil invests far more into its own business, relative to net earnings, than Apple does.
I’ll also include R&D, dividends and an estimate of stock repurchases.
If Biden wants more investment to increase oil supply he needs to guarantee that oil companies will not be put out of business through regulations and carbon taxing. These are big investments and risky when nobody knows what crazy regulations are coming in the future.
“If Biden wants more investment to increase oil supply”
He doesn’t want more oil, he wants to jam the WEF approved clean energy BeeEss down our
throats! Cutting energy companies off from new supplies will keep $$$ high to make
unreliable RE look better.
https://www.climatedepot.com/2022/07/21/biden-climate-adviser-gina-mccarthy-says-biden-will-move-forward-with-every-power-available-to-him-to-make-the-change-and-shift-to-clean-energy-to-get-rid-of-fossil-fuels/
He only wants more oil because gas prices are killing his re-election chances. He can’t decide what he wants, the guy has no convictions.
“the guy has no convictions”
Unfortunately, he probably won’t ever be convicted as he’s non compos mentis!
Some feel he should get some convictions.
” invested 52% of their net income back into the business” How much of that “investment” was allocated to stock buybacks? Exxon is spending $30 billion through the end of 2023 on repurchasing shares. Not a penny spent in share buybacks produces a barrel of oil.
Capital expenditures do not include stock buybacks. Stop eating lead paint chips.
You didn’t answer the question. How much of their net income went into stock buybacks? Stock buybacks are not recorded as an expense.
So what? Hunter spent hundreds of thousands on crack and crack, if you know what I mean, and the Biden family profited by tens of millions from influence peddling to China, Russia and even Ukraine of all places.
Your sense of proportion and faux rage is misplaced, I might suggest.
LOL “influence peddling” ….. how much did Saudi Arabia invest in Jared Kushner?
How much?
https://nypost.com/2022/04/11/jared-kushner-gets-2b-saudi-arabia-investment-drawing-hunter-biden-comparisons/
Net income (an accounting term) doesn’t fund stock buybacks. Stock buybacks are paid for with cash.
I should have worded that sentence differently. ExxonMobil invested the equivalent of 52% of their net income back into the business through capital expenditures. Earnings and CapEx come from different accounting statements.
Greg you are asking a different question…pay attention.
Instead of making stupid dietary comments, please educate yourself in the finer aspects of high finance: https://www.wsj.com/articles/stock-buybacks-beat-capital-spending-for-many-big-companies-11631611802
Stock buybacks are no different than capital expenditures.
Are you taking any medication for for this? Or maybe too much medication?
If you have a point to make, why don’t you try making it?
I made the points several comments before I figured out you grew up on steady diet of lead paint chips.
Ad Hominem points are scored at zero. Please try making a non zero point.
Expertise in geology doesn’t transfer into high finance. No amount of stock buybacks will produce a barrel of oil .
How much of Exxon Mobil’s net income went to stock buybacks?
It appears you don’t know which is why you keep asking questions while you ignored his earlier statements.
You have yet to make a case.
No Tommy, Middleton hasn’t answered the question, “ How much of that “investment” (net income) was allocated to stock buybacks? “
Pretty simple Mr. SunsetTommy….
A business has a bunch of sales, deduct the cost generating it, resulting in NET INCOME.
1) The business sits on the cash
2) The business distributes it to shareholders (dividends)
3) The business re-invests it into equipment equipment/material/R&D/etc
4) The business buys back it’s stock.
…
So, Mr. Middleton should be able to answer my question, namely how much was used for stock buybacks.
Tommy, ask Middleton where the other 48% of Exxon Mobils net income went.
One of the primary purposes of a business is to return value to their owners, shareholders in the case of publicly traded companies. The returns generally take the form of increasing the stock price and/or paying dividends. One of the ways that large companies, like XOM and CVX, increase their stock price is to buy back shares. XOM actually suspended its buyback program in 2016 and only recently announced that they would “repurchase $10 billion worth of stock over the next 12 to 24 months.” CVX “said it now plans to buy back $5 billion to $10 billion worth of stock a year, up from prior plans for $3 billion to $5 billion of annual repurchases.“
The two companies combined will spend $15 to $30 billion over the next two years on stock buybacks… $7.5 to $15 billion per year.
Context
In 2021 ExxonMobil paid out $25B in dividends and spent $7-15B buying back stock.
In 2021, Apple spent $85B on stock buybacks and paid out $14.5B in dividends.
Both corporations exist for the same reason: To return value to their shareholders.
Now… Please stop eating lead paint chips while you still have a few remaining brain cells.
How dumb are you…wow
he’s just being an asshole
I did answer that question.
Net income doesn’t pay for stock buybacks. You need to learn the difference between accounting and cash. They are not the same.
“ No amount of stock buybacks will produce a barrel of oil .”
Actually, stock buybacks strengthen the company and incentivize officers and managers. It is not a big mental jump to think that helps get more oil out of the depths.
That is patently inaccurate. Stock buybacks (as part of corporation finance) do indeed contribute to the production of petroleum.
Hunter takes high finance to the extreme.
One of the primary purposes of a business is to return value to their owners, shareholders in the case of publicly traded companies. The returns generally take the form of increasing the stock price and/or paying dividends. One of the ways that large companies, like XOM and CVX, increase their stock price is to buy back shares. XOM actually suspended its buyback program in 2016 and only recently announced that they would “repurchase $10 billion worth of stock over the next 12 to 24 months.” CVX “said it now plans to buy back $5 billion to $10 billion worth of stock a year, up from prior plans for $3 billion to $5 billion of annual repurchases.“
The two companies combined will spend $15 to $30 billion over the next two years on stock buybacks… $7.5 to $15 billion per year.
In 2021, Apple spent $85B on stock buybacks and paid out $14.5B in dividends… Why aren’t the Democrats berating Tim Cook?
Because Tim Cook and all of his upper management donates to Democrat politicians. 90 to 10 vs Republicans in 2020.
Stock buybacks still do not increase the quantity of oil an oil company can produce.
They do not decrease it, either. The point is that Biden is misrepresenting what oil companies are doing. They are BOTH:
When Biden says, “the reason oil companies don’t drill…” and then leaves out the fact of the federal government’s refusing to grant permits to drill, he misleads.
“ the fact of the federal government’s refusing to grant permits to drill,”
…
They have 9000 unused permits.
…
https://api.politifact.com/factchecks/2022/mar/09/joe-biden/fact-checking-bidens-claim-there-are-9000-unused-o/
The “9,000 unused leases” lie is soundly refuted here:
https://wattsupwiththat.com/2022/03/08/there-are-9000-approved-oil-leases-that-the-oil-companies-are-not-tapping-into-currently/
and here:
https://wattsupwiththat.com/2022/03/09/jen-joe-is-it-9000-leases-or-permits-that-oil-companies-are-allegedly-sitting-on/
Janice, please fine better sources.
..
https://medium.com/westwise/despite-oil-industry-howling-companies-are-awash-in-public-lands-drilling-permits-622001bf755a
..
https://westernpriorities.org/resource/the-oil-industrys-forfeited-public-lands-stockpile/
You ducked to other sources thus you end up with zero.
Your sources are misleading as was explained in the sources you ignored.
LOL
WUWT is a misleading “source”
Just as I expected, you DUCKED.
You never did make a case either.
Come back after you learn something about corporation finance, hurdle rates, capital spending, the effect of taxation on corporation finance, corporation dividend policy, capital markets, economics, geology, and accounting.
Politifact—nice unbiased source—not.
Yeah, like Janice Moore using this site as a source LMAO
Greg,
Are you saying the source of Janice Moore’s link (WUWT) is wrong or the content of the link (WUWT’s specific post) is wrong?
If the former, your bias simply demonstrates the view of a closed mind i.e. nothing that comes out of WUWT is correct.
If the latter, you need to explain why you think the articles are wrong not just state they are wrong.
Your opinion without an intelligent argument backed up by data is irrelevant.
Now you are going Simon on us.
Same goes for dividends, by your reasoning. Should they stop paying dividends?
Same goes for taxes, not a single penny of taxes paid goes to help generate a single thimble-full of oil – should they stop paying their taxes?
Taxes, they are forced to pay by law.
Dividends and buybacks they are forced to due to keep their shares as an attractive investment – keeping their shares an attractive investment reduces their cost of raising capital – they can issue shares rather than bonds or loans – and lower cost of capital directly helps the company in producing more oil.
Q.E.D.
One ofthe primary purpose[] of a business is to return value to [its] owners/shareholders.Yes! And making money is a GOOD thing. Profits = jobs. It also saves the shareholders money (stock buyback taxed at capital gains rate, not income tax rate (as dividends are).)
GO, BIG O’!
What’s good for Big Business* is good for America.
*Free market, private property, freedom of contract businesses (NOT market share by fiat businesses such as Big Solar and Big Wind and Electric Vehicles)
While Exxon “made more money than God,” the U.S. government borrowed more money than 1000 Exxons.
Why spend anything for drilling when Democrat plan is to destroy the oil industry. California has plans to ban the ICE. Might as well give money to shareholders.
As Mike Tyson said, ‘everyone has a plan, until they get hit in the mouth’. Ford recently announced their “plan” for 4 years from now is to produce 100 times more EVs per year than they sold last year. Good luck with that plan. 🙂
Capital expenditures and dividends are not paid from net income (an accounting term).
Capital spending, dividends and share repurchases come from cash.
XOM’s annual cash flows from 2017 to 2021 can be found here: https://finra-markets.morningstar.com/MarketData/EquityOptions/detail.jsp?query=0P00000220
The price of crude cratered in 2020, falling from ~$75/bbl down to ~$21/bbl. Natural gas prices also blew up in 2020, falling from ~$2.50/Mcf down to ~$1.50/Mcf. Unsurprisingly, the market price of XOM stock was also falling.
At that time, XOM’s CAPEX was running at an annual rate of ~$20 billion. The company’s cash flow from operations declined from ~$30 billion per annum to a low of about $11.5 billion while that annual cash dividend was running at a rate of ~$15 billion. During that year and through part of the following year, XOM was increasing its borrowing in order to fund the company’s CAPEX and dividends.
Millions of individual shareholders and thousands of non-taxable shareholders such as university endowments, charities, employee retirement funds and state and local pensions own XOM stock because it pays reliable and growing cash dividends.
Meanwhile the “green idiots” of Engine No. 1 proposed a slate of directors whose stated intent was to reduce XOM’s capital expenditures and a proxy fight ensued (ultimately won by the morons of Engine No. 1).
If you want to spend $160,000 and two years of your life attending Harvard Business School or Wharton or Tuck or Darden and two decades learning how capital markets actually operate (as opposed to academic theory), along with the effect state, local and Federal taxation has on corporation finance, you can learn why share buybacks have both operational and after-tax advantages over the payment of cash dividends for both corporations and shareholders. This will also require you to study and comprehend esoterica such as the Capital Asset Pricing Model and understand concepts such as the cost of capital.
Thankfully, the managers of ExxonMobil are seasoned and competent professionals with a thorough knowledge of the industry in which they compete and who operate the business using a decadal time horizon.
They differ in this respect from the corrupt, third rate professional politician who currently occupies the White House, who has spent a career pandering to “liberal/progressive” morons who are innumerate, economic and scientific illiterates.
Is that illegal??
Question is when they get rid of petroleum vehicles will it be like when they added ethanol?
Ford’s 31,000 are laying off 8,000 salaried employees to save $3 billion in costs by 2026 in order to build 2 million EVs by 2026, including electric F-Series trucks. My broker just recommended 4 stocks, none was Ford, in fact none was automotive related. Best as I recall I have owned three Fords in my life, two currently because of local dealer that has been in business for more than half of the life of the industry. The vehicles might become antiques when they go out of business, but their pickups should be around a long time.
One is an 2012 Expedition with something like a 7,000 pound towing capacity, makes near 20mph without, 10 with. Last time at dealer they had very few pickups, fanciest truck type was a new Bronco with standard shift, 6 gears. They told me that buyers had trouble with the gearshift, but automatic available. I can just see a heavy electric vehicle in the Colorado mountains becoming defunct, maybe along with passengers. Their 4-wheel drives ought to be interesting. Will (have?) they try a test as used to be standard?
That was a plan, not sure that it is official, we will see, bad enough that they would consider it.
I really screwed that up, here is the link. Does anybody know what’s going on? https://www.lucianne.com/2022/07/22/rumor_ford_canning_8000_workers_can_you_guess_why_89974.html
Oh, Mr. Hoese (head shake), no.
THIS is what you need to test drive (and buy):
Janice,
I just met with the dealership guy to order one (I was going to get ugly green rather than red … the dealer guy said nobody really wants ugly green, so if I am going to flake out and not buy it when it shows up he would prefer another color … I ordered blue). I still have time to change things up though.
The options and alternatives are a pain. No safety package II with a LT; No sliding rear window (or sun roof) with a WT, but you can get all the safety stuff; the LTZ is $10K more for more shiny stuff. (I was gonna give it to my dad for a few years, so I wanted all the safety stuff, as he getting kinda old).
I ordered long bed crew cab, but I still haven’t decided if the long bed is worth the extra wheel base and bigger turning radius.
I don’t really need the crew cab … but it seems nobody else wants the ‘extra cab’ anymore.
Mine is gonna say diesel on the hood.
What did you get, and what would you change?
What did I get? Well….. I don’t need a pick up (but, I sure would like to buy a Chevy Tahoe, so I could get up to my favorite North Cascades trailheads… 😕 ) and my budget makes it impossible anyway.
I would be very happy if someone gave me my Dad’s old ’69 Chevy half-ton pick-up, license plate: “DADZ” (it was sold many years ago). Into the 1990’s, it towed a 5th wheel, got me and friends or family up logging roads to cut Christmas trees and to Baker Lake with a canoe in the back. And in the summer, we backed it up into the blackberry bushes surrounding the lower field for an excellent picking platform. Those were the days… . 🙂
Bottom line: from reading and hearing eyewitness testimony and from my own experience, I am a CHEVY FAN! 🙂
And red is the best color for a vehicle!
Blue is also very nice. 😊
(green!! UGH!! 😝 Very happy 😃 for you that you are not going to be riding around in a green vehicle…… yuck and double yuck).
Oh, about the long bed — worth it. You’ll handle the turning issue and if bed space is at all a concern for you, you won’t regret the longer bed. The CREW cab….. well, you can now get 2 German Shepherds! And a Malamute! And a Newfoundland!
Or…. you could just head over to the shelter and say, “I’ll take one of each.”
Dogs: WE GET OUR OWN TRUCK???!!! COOL!!!!
Dogs are the best!
We have 11… 2.5 Corgis, 5 Pomeranians, 1 Chihuahua, 1 Chiweenie and a Koala-Chinchila…
Aw…..😊 How CUTE! Thank you for sharing.
… need to post the pic of the 0.5 Corgi
Gunner is half Corgi and half Papillon and 100% goofball… I’ll post pictures tomorrow.
Thanks Janice,
The Pyrenees would take up the entire back seat (I guess there could be room on the floor for a couple of german shephards). The little herder sits in the front, and if I get out she immediately moves to the driver seat.
Dogs are the main reason I would want a sliding rear window.
8 of 10 people are saying ‘just get a standard (6.5’) bed. I’m still leaning toward the long bed.
Hi Janice,
I prefer a real truck with just 2 doors and a standard bed (I did grow up when these were a favorite at drive-in theaters). The point is, some times, I want to load a dozen railroad cross ties into the back. That’s hard to do when your truck has space devoted to the young’uns seats. The bed is big enough for a couple of sacks of groceries — and that may be the main use of many of these toy-trucks.
Hi, John,
Yes, regardless of the cab, the bed needs to be full sized. Otherwise, it really is just a glorified grocery getter.
And having your dog sitting right beside you (with one of those doggie seatbelt thingies) is the best. Be SURE to roll down his or her window… .
Still praying….
Take care,
Janice
Janice you need to ask your dogs their preferred pronouns…geez 😉
Ha. Ha. Heh.
My son was saying if an small EV car can create quite a bonfire just think what a heavy
haulage electric truck could do caught in congested traffic. I doubt the greenies have even thought that far.
The greenies don’t care about offering a workable alternative to reliable fuels and transportation – they would be quite happy with a huge disaster that wipes out the vast majority of the population because “that would help the environment”, in a saner age they would all be committed instead of permitted to roam free.
What were the 4 stocks that your broken recommended, might I ask for a friend?
Exxon-Mobil may have made more money than God last year but not nearly as much as the Big Guy and his family.
This is a misleading and incomplete analysis
What the reader needs to know is total capital expenditures for the entire industry, for entire years, over at least ten years, adjusted for inflation.
That trend had been down from 2014 through 2021.
2020 and 2021 were years with weak capital investments,
A large percentage increase from a small base in 2021 is deceptive.
The data here are not for all companies in the industry.
They are for one quarter, not for a full year.
They are not adjusted for inflation
And I’d bet 1Q 2021 was an especially weak quarter
for a comparison. That was the peak quarter for deaths
with Covid, with high levels of fear in the US.
Capital investments require confidence, not fear.
@richard Greene…. the point is Biden specifically mentioned Exxon-Mobil (XOM)… He was not referring to other companies in the industry. David compared what Exxon made and what Apple made last year… He explicitly stated he didn’t use 2nd quarterly figures, since they haven’t been posted yet.. You sir are behaving like a troll. (and being from Michigan, you know what is said about trolls)
Who cares what Biden says?
One lie or distortion after another.
I want the big picture on US (and global)
oil and gas capital investments for more than
one quarter of a year, which is compared with
an unusually weak year ago quarter in 2021.
That’s what a good journalist would provide.
The Fox News article did not provide that big picture context.
I’ll ignore your childish character attack for now.
I repeat: David compared what XOM and Apple made LAST year… not for any particular quarter
“I want … .”
You throw a fit in the store and yell, “I want” and then turn around and call someone who was a perfect gentleman “childish.”
🙄
Janice thank you for your reply… point of reference… people from Michigan who live in the Upper Peninsula (aka “yoopers”) refer to people from the Lower Peninsula as “trolls”… meaning they live below the Bridge (the Mackinaw Bridge). And if I remember correctly Richard Greene lives the vicinity of Detroit
Thank you for the information, Mr. Arnold.
Well, whether Greene is a troll or a goblin or a gnome or an elf, he is certainly RUDE.
Two points…. 1) David Middleton is NOT a journalist, he is a petroleum geologist. 2) What is stopping you from gathering the information you want yourself?. Or do you feel “entitled” to have the information handed to you?
And just today, from the lips of the genius watermelon currently atop the US Dept. of Energy, aka Jennifer Granholm:
https://www.thegatewaypundit.com/2022/07/biden-energy-secretary-cheers-record-gas-prices-destruction-us-middle-class-witnessing-beginning-one-significant-events-human-history/
Michigan was glad to get rid of Granholm.
Although she is an expert in organic fertilizers.
After spreading BS for so many years.
But now she is ruining the nation.
And her Michigan replacement, Ms. Witless,
is even worse.
Progressive prices follow from government regulations, sanctions blow back, climate myths, and liberal fiscal policies that destroy supply, discourage capital investment, and normalize forward-looking risk a la Obama, Carter, Biden, et al.
Does Apple Pay its taxes in Ireland?
They probably pay all the taxes they owe in the nations they generate taxable income.
Ireland still provides significant tax advantage BEPS tools for large multinational companies with significant IP.
All the big tech companies avoided paying taxes in the UK for many years using a legal accounting loophole.
My understanding is they now make voluntary contributions to the countries in which they operate.
At what point should we stop criticizing JB for his incompetence, and
start feeling sorry for an old man with mental and physical issues?
When his incompetence stops hurting our lives.
I still do feel sorry for him, but my life and that of my family is still my priority.
We should (and have) felt sorry for a dementia victim whose family doesn’t love him enough to protect him from making a fool out of himself. That is, indeed, sad.
We also UTTERLY DESPISE what his puppet string pullers are doing to our wonderful country. We use “Biden” (and other names) as terms of convenience. We know that he is not running anything. Because he did many wicked things when he was competent to make a will, etc., we feel justified in using his name as the “nickname” for the whole Democrat Syndicate.
Posting embarrassing photos, etc. would be unkind IF it could make Biden sad. It won’t. He is IMPERVIOUS to all the ridicule. To wit: he recently insisted on telling everyone (twice) that when he hears “Hail to the Chief,” he always wonders, “Who’s that for?” And he says stuff that, if he had the insight needed to feel hurt by our ridicule, he would NEVER say.
About halfway through 2020.
Never.
never
The big difference between the two companies:
Exxon produces a product that people want and need for their daily lives.
The Catholic church (and all organised religions) produce nothing.
With the prices as they are, it’s natural for the oil industry to invest in more production, that’s what we need.
Biden Administration get out of the way.
The oil industry knows what to do, if only you let them.
The figures presented for Exxon don’t include all the taxes paid by the company – there are various production taxes and levies that are buried in “cost of goods sold” listed above – they are not income taxes.
Yep. All in, ExxonMobil pays about $2 in taxes for every $1 of net earnings in a typical year.
THAT would definitely be worth mentioning in the main article! Essentially, Exxon works for the government more than it’s shareholders!
Isn’t that a massive kick in the…. err, isn’t that a rather large disincentive towards oi production gains?
Couple of take aways from this article. The goal of all businesses is to make a profit. If they keep losing money, eventually they will be out of business. Government regulations on the oil industries are stifuling exploration and growth. US oil can grow us right out of this recession and inflation if government would get the f out of the way. Home grown fossil fuel development without government intervention is what we need to right the ship.
I’d have to dig through their annual report for those detailed numbers.
The Brandon gang are a bunch of incompetent hacks, but it is true that the oil industry seems to be ramping capex investments a lot slower vs. oil price increases compared to the past: https://imgur.com/a/nSMLq05
But again, as I believe you noted Mr. Middleton, the industry is hardly likely to fall all over itself investing heavily when it is being demonized, lawfared, de-permitted, etc etc.
Official US government policy as plainly stated by Joe Biden and reinforced by the energy secretary is to destroy the US petroleum industry. What should these industrial companies do?
Did someone mention orderly liquidation? Then what, windmills and cow manure, and unfriendly foreign accounts buying the remains of the liquidated enterprises?
Mr. Rocks: Hard to argue with an officer or board member (who has duty to shareholders) deciding to protect shareholders from fanatical government intervention against the product the government supported (our green friends insist oil is subsidized, don’t they?) five minutes ago. Investors also get to guess if Joe Brandon will support U.S. oil production in five minutes. After all, Joe supports oil from Saudi Arabia and from the “strategic reserve”. Dems can be hard to follow, logic-wise.
Biden’s opposition to the oil industry is particularly ironic since his grandfather, Joseph Harry Biden, was an executive with Amoco in Delaware.