Conoco Phillips reported a 66% increase in earnings for the
fourth quarter of 2011, “attributed to high crude prices and asset sales.”[1] With
the prices of most crudes above $100 a barrel, the company gained a windfall
that vastly made up for a drop of nearly 3% in its refining and marketing
business. Chevron, on the other hand, reported a 3.2% decline in fourth-quarter
earnings due to “poor refining results” that “overwhelmed higher revenue from
oil sales.”[2]
The full essay is at "Windfall Profits."
2. Ibid.
