Business

Biden Says Big Oil’s Windfall Profits Result Of ‘Brutal War’

Published

2 years ago

November 1, 2022

In an address to the nation on Monday, President Joe Biden raised the specter of a windfall tax on energy companies that refuse to boost domestic production to bring down oil and gas prices which will weigh on midterm elections on November 8th.

With earnings season in full force, Biden was responding to a barrage of reports of America’s biggest oil companies bringing in record-high profits.

In his Monday statement, which aired at 4:30 p.m. EST, Biden said that oil companies were not earning windfall profits because of their innovation; rather, they were earning windfall profits on the back of a “brutal” war launched by Russia in Ukraine.

The U.S. president said he would work with Congress to impose tax penalties on oil company profits but offered no further details during the short briefing, and did not take questions from reporters.

Earlier in the day, a White House official had told the Associated Press that “The president will again call on oil and gas companies to invest their record profits in lowering costs for American families and increasing production”.

“And if they don’t, he will call on Congress to consider requiring oil companies to pay tax penalties and face other restrictions,” the unnamed official told AP ahead of the live briefing.

Major oil companies enjoyed soaring profits for Q3 2022, with Exxon reporting record-setting earnings on Friday at $19.7 billion, beating analysts estimates by some $4 billion. Shell came in $9.5 billion–its second-highest earnings to date, and Chevron also saw its second-highest earnings at $11.2 billion, double what it brought in for the same quarter of 2021.

Gasoline prices at the pump have fallen for the third consecutive week; however, the White House maintains that prices have not fallen enough. National averages for a gallon of gasoline in the United States fell to $3.72 on Monday, according to GasBuddy data.

Also on Monday, government figures showed that U.S. oil output had risen to nearly 12 million barrels per day in August. That figure represents the highest level of oil production in the United States since before the COVID-19 pandemic, Reuters reported.

By Charles Kennedy for Oilprice.com

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Business

Cineplex reports $24.7M Q3 loss on Competition Tribunal penalty

Published

1 hour ago

November 6, 2024

Anne Joseph

TORONTO – Cineplex Inc. reported a loss in its latest quarter compared with a profit a year ago as it was hit by a fine for deceptive marketing practices imposed by the Competition Tribunal.

The movie theatre company says it lost $24.7 million or 39 cents per diluted share for the quarter ended Sept. 30 compared with a profit of $29.7 million or 40 cents per diluted share a year earlier.

The results in the most recent quarter included a $39.2-million provision related to the Competition Tribunal decision, which Cineplex is appealing.

The Competition Bureau accused the company of misleading theatregoers by not immediately presenting them with the full price of a movie ticket when they purchased seats online, a view the company has rejected.

Revenue for the quarter totalled $395.6 million, down from $414.5 million in the same quarter last year, while theatre attendance totalled 13.3 million for the quarter compared with nearly 15.7 million a year earlier.

Box office revenue per patron in the quarter climbed to $13.19 compared with $12 in the same quarter last year, while concession revenue per patron amounted to $9.85, up from $8.44 a year ago.

This report by The Canadian Press was first published Nov. 6, 2024.

Companies in this story: (TSX:CGX)

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Business

Restaurant Brands reports US$357M Q3 net income, down from US$364M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

TORONTO – Restaurant Brands International Inc. reported net income of US$357 million for its third quarter, down from US$364 million in the same quarter last year.

The company, which keeps its books in U.S. dollars, says its profit amounted to 79 cents US per diluted share for the quarter ended Sept. 30 compared with 79 cents US per diluted share a year earlier.

Revenue for the parent company of Tim Hortons, Burger King, Popeyes and Firehouse Subs, totalled US$2.29 billion, up from US$1.84 billion in the same quarter last year.

Consolidated comparable sales were up 0.3 per cent.

On an adjusted basis, Restaurant Brands says it earned 93 cents US per diluted share in its latest quarter, up from an adjusted profit of 90 cents US per diluted share a year earlier.

The average analyst estimate had been for a profit of 95 cents US per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:QSR)

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Electric and gas utility Fortis reports $420M Q3 profit, up from $394M a year ago

Published

1 day ago

November 5, 2024

Anne Joseph

ST. JOHN’S, N.L. – Fortis Inc. reported a third-quarter profit of $420 million, up from $394 million in the same quarter last year.

The electric and gas utility says the profit amounted to 85 cents per share for the quarter ended Sept. 30, up from 81 cents per share a year earlier.

Fortis says the increase was driven by rate base growth across its utilities, and strong earnings in Arizona largely reflecting new customer rates at Tucson Electric Power.

Revenue in the quarter totalled $2.77 billion, up from $2.72 billion in the same quarter last year.

On an adjusted basis, Fortis says it earned 85 cents per share in its latest quarter, up from an adjusted profit of 84 cents per share in the third quarter of 2023.

The average analyst estimate had been for a profit of 82 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Nov. 5, 2024.

Companies in this story: (TSX:FTS)

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