All Hank, all the time.

[taxwonk]

Originally posted by ltl/fb
Retail meaning, the guy at the gas station sells the fully refined product at $.02/gallon more than he pays for it?

I am more interested in the interim markups. I mean, a lot of shit seems to go on from the point the gunk that comes out of the ground and the point it's pumped into your car. It's not like the retailers are buying crude.

ETA here's the first paragraph of the chairman's statement on estimated 1st Q earnings from ExxonMobile:

ExxonMobil's Chairman Rex W. Tillerson Commented:

ExxonMobil's first quarter earnings excluding special items, were $8,400 million, up 14% from first quarter 2005. Higher crude oil and natural gas realizations and improved marketing margins were partly offset by lower chemical margins. Net income for the first quarter was up 7% from 2005.


Off their website.

What's an improved marketing margin?

EATA and I need to find out what "upstream" means, and "downstream":

"Upstream earnings were $6,383 million, up $1,329 million from the first quarter of 2005. Earnings from U.S. Upstream operations were $1,280 million, $73 million lower than the first quarter of 2005. The combination of a litigation item and higher tax expenses reduced results by over 4 cents per share. Non-U.S. Upstream earnings were $5,103 million, up $1,402 million from 2005. Higher realizations were partly offset by negative foreign exchange impacts."

"Downstream earnings excluding special items, were $1,271 million, up $128 million from the first quarter 2005, primarily due to higher marketing margins, improved refining operations and positive foreign exchange effects. Petroleum product sales were 7,865 kbd, 364 kbd lower than last year's first quarter, primarily due to lower refining throughput and divestments.

"U.S. Downstream earnings were $679 million, up $34 million. Non-U.S. Downstream earnings of $592 million were $94 million higher than the first quarter of 2005. "

Upstream refers to the product before it enters the refinery process. Sales of crude oil, unrefined natural gas, profits from sales of product to joint venture partners, etc. Downstream is the stuff that comes out of the refinery. The downstream product chain starts with bunker fuel, the least refined product, on down to diesel, kerosene, gasoline, naptha, etc. Things like olefins, polymers, elastomers, and other base chemical products can be accounted for in either the Chemicalor the downstream segments, depending on the particular company.