Where did the money go?

Gave it to Wooleeez ....

You can bet the CEO will still get $10mill plus bonus'

With due respect....surely this (post) is a complete contradiction – there was no obscene profit and the result confirms that motorists’ are not being ripped off! The proof is in the pudding if you read the result…

Today’s release highlights that refining petroleum is a high volume, low margin business that is very cyclical and despite the constant ‘yelping’ does not generate the profits that many assume it does.

A point that is forever overlooked…..

The only organisation that makes serious money out of a tank of fuel is the Federal Government...

AND if you really believe there is not heaps of "transfer pricing" by Caltex to their overseas parent Chevron then you believe in the good fairy.

Caltex Australia Limited is the largest refiner and marketer of petroleum products in Australia with operations in all states and territories. Caltex is the only oil refining and marketing company listed on the Australian Stock Exchange. It has more than 20,000 shareholders with institutions, retail investors and employees holding 50 percent of the shares and Chevron Corporation of the US holding the balance.

November 1, 2008

Chevron reported the largest quarterly profit in its 129-year corporate history, joining other oil companies reporting stunning third-quarter earnings gains.


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Yet like its peers, Chevron also disclosed its crude production waned and said it will keep a close eye on capital spending. The entire industry is bracing for the fallout of a global economic recession that has already sent oil prices sharply lower.

Chevron yesterday capped a string of astounding quarterly profit reports from the world's major oil companies, including another U.S. corporate profit record for No. 1 Exxon Mobil Corp.
Regards Philip A