10% comes from when?
1998?
its not 1998 anymore.
refinery margins are at record highs
They are, but remember energy is not a high margin business like say, bottled water.
EOM made 10% profit last year (2006). They spent somewhere around $400 Billion to earn ~$40 Billion.
-—10% comes from when?
1998?
its not 1998 anymore.——
Perhaps you should update yourself with the costs associated in today’s petroleum market.
2006 ExxonMobil
$39.5B profit on $365.5B revenue, 10.8% profit
http://www.sec.gov/Archives/edgar/data/34088/000119312507042435/d10k.htm#fin59931_2
1st Quarter 2007 ExxonMobil
$9.2B profit on $87.2B revenue, 10.6% profit
http://library.corporate-ir.net/library/11/115/115024/items/242049/1Q07_Earnings_Press_Release.pdf
2006 ConocoPhilliops
$15.5B profit on $183.7B revenue, 8.4% profit
http://www.conocophillips.com/newsroom/news_releases/2007+News+Releases/012407.htm
1st Quarter 2007
ConocoPhilliops
$3.5B profit on $41.3B revenue, 8.6% profit
http://www.conocophillips.com/newsroom/news_releases/2007+News+Releases/042507.htm