Chevron staging a comeback with new GR8 originally appeared on Autoblog on Fri, 27 Nov 2009 19:01:00 EST. Please see our terms for use of feeds.

Gassed Up: Exxon Mobil posts record $45.2 billion profit in 2008 originally appeared on Autoblog on Fri, 30 Jan 2009 12:29:00 EST. Please see our terms for use of feeds.

According to NPD Group analyst David Portalatin, consumers cite "product performance" as their justification for buying one particular brand over another. It's all due to very effective branding and marketing, cites Portalatin. (We'd have to agree, as we've yet to meet anyone who can discern a difference between a tank of Chevron or Costco fuel from the driver's seat.) Now that the massive oil mergers are behind them, the petroleum giants are focusing on selling "quality" to differentiate themselves from the discount fuel stations. As consumers continue to blindly drive towards big brand gasoline, their efforts are apparently working -- regardless of cost. Let's just hope Starbucks doesn't catch wind of this trend and try a new source of revenue...

[Source Advertising Age, Photo by David McNew, Getty Images]

Gas buyers favor brand, not price originally appeared on Autoblog on Tue, 22 Apr 2008 10:29:00 EST. Please see our terms for use of feeds.

Perhaps it's not just gasoline users that oil companies are squeezing -- station owners might be locked in the vice as well. Bob Oyster, a Shell station owner in San Francisco, is making a statement to Shell and to his customers to let them know what he thinks of it.

To hear Bob tell it, Shell has made it impossible to stay in business. After owning his station for 22 years, he's returning it to Shell at the end of the month. Shell charges him more for gas in San Francisco than in other parts of the Bay, where he also owns stations, but won't let him buy gas anywhere else. They have also raised his rent by leaps and bounds. Five years ago he fought to keep his rent at $6,000 per month based on real estate values, when Shell wanted $13,000. This year they again requested $13K. Shell says that's what the market is worth. Oyster says "I got fed up." What did he do? He raised his gas prices to well over $4 a gallon, and ever since, he hardly sees a customer.

"It makes a statement," he said, "and I guess when people see that price they also see the Shell sign right next to it." Like other independent owners, Oyster makes his money off the convenience store extras, but his lot is so small he doesn't have room for much other than candy and cigarettes. He believes oil companies are trying to squeeze out the independents, but Shell says most of its stations are independently-owned and that that number is increasing. "I'm going out with a bang,'' says Oyster. "And I don't care if I don't pump a gallon on the last day.'' And he probably won't: the Chevron across the street sells gas for 70 cents less.

Thanks for the tip, Mike!

[Source: SF Gate]

Gas station owner jacks up prices to prove a point originally appeared on Autoblog on Fri, 11 May 2007 10:52:00 EST. Please see our terms for use of feeds.

The nation's No. 2 oil producer Chevron had a "disappointing" 4th quarter, earning only $3.77 billion dollars in the closing months of 2006. You may be thinking that $3.77 billion can't be all that bad, but No. 1 oil producer ExxonMobil ended the same quarter with $10.25 billion in profits, nearly tripling its closest rival. Chevron's profit drop of 9% was expected by analysts after total revenue fell from $47.75 billion to $53.79 billion during the same period in 2005. In fact, Chevron actually beat analysts expectations by a penny per share, so the quarter wasn't that bad, it just looks that way in comparison to the record profits of ExxonMobil.

[Source: Reuters]

We can't all make $39.4 billion: Chevron earns only $3.77 billion last quarter originally appeared on Autoblog on Tue, 06 Feb 2007 07:05:00 EST. Please see our terms for use of feeds.

High gasoline prices have to be good for someone, and in news that will shock few, those fortunate men and women appear to work for Big Oil. Chevron, America's second largest oil company announced Friday that its first-quarter profits hit four billion dollars, a dramatic 49 percent increase over last year. With a profit of $1.80/share, that beat the Street by two cents.

Between ExxonMobil, Chevron and ConocoPhillips, America's top three oil companies raked in more than 15 billion dollars in profits this quarter.

[Source: San Jose Mercury News]

Chevron realizes 49 percent profit increase in first quarter originally appeared on Autoblog on Sun, 30 Apr 2006 15:05:00 EST. Please see our terms for use of feeds.