Where did the money go?

Submitted: Friday, Feb 20, 2009 at 11:51
ThreadID: 66126 Views:2155 Replies:5 FollowUps:1
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On reading this it makes you wonder what these clowns managed to do with the obsene profits they managed to extort from Australian motorists and industry.

Calex profit drop
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Reply By: Lotzi - Friday, Feb 20, 2009 at 13:21

Friday, Feb 20, 2009 at 13:21
Gave it to Wooleeez ....
AnswerID: 350056

Reply By: SFCA- Friday, Feb 20, 2009 at 13:30

Friday, Feb 20, 2009 at 13:30
You can bet the CEO will still get $10mill plus bonus'
AnswerID: 350057

Reply By: The Landy - Friday, Feb 20, 2009 at 14:21

Friday, Feb 20, 2009 at 14:21
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…..
AnswerID: 350070

Reply By: Rod, Sydney - Friday, Feb 20, 2009 at 14:53

Friday, Feb 20, 2009 at 14:53
The only organisation that makes serious money out of a tank of fuel is the Federal Government...
Rod, Perth

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AnswerID: 350072

Reply By: Rangiephil - Friday, Feb 20, 2009 at 20:23

Friday, Feb 20, 2009 at 20:23
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
AnswerID: 350133

Follow Up By: The Landy - Friday, Feb 20, 2009 at 22:31

Friday, Feb 20, 2009 at 22:31
That's a big claim....if it is correct.

I'm interested to know how they go about this transfer pricing?

Cheers
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