10-24-07 by dugan
Nope, no surprise today in ConocoPhillips’ third quarter profit report… down some on lower refining profits, up some on higher oil prices. The net effect was a 5.2% drop from last year’s comparable period.
One interesting point in the report was that Conoco, unlike the rest of Big Oil, kept its refineries running at 97% of capacity in the quarter. Nationally, the figure was probably under 90%. The big question is whether Conoco and other refiners will cut back on making and storing gasoline in the next few months–which will determine pump prices next spring.
If refiners keep supplies low and try for the profit percentage they got last May (when regular gasoline prices hit a national record of nearly $3.25 a gallon with crude oil costing 20% less than it does today)… say hello to $4.50 pump prices.