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This excerpt taken from the MRO 10-Q filed Nov 7, 2007. RM&T
segment revenues increased $328 million in the third quarter of 2007
and decreased $3.865 billion in the first nine months of 2007 from the
comparable prior-year periods. The
change in accounting for matching buy/sell transactions effective April 1, 2006
is the primary reason for the revenue decrease in the nine-month period. Excluding matching buy/sell transactions,
RM&T segment revenues increased in both periods. The third quarter increase was primarily the
result of higher refined product selling prices while the increase for the
nine-month period primarily reflected increased refined product selling prices
and crude oil sales volumes.
21
For information on segment income, see Segment Results.
Cost of revenues increased $1.734 billion in the third quarter of 2007 and $1.644 billion in the first nine months of 2007 from the comparable prior-year periods. The increases in both periods are primarily in the RM&T segment and resulted mainly from higher acquisition costs for crude oil in the third quarter of 2007. Contributing to the cost increase were the higher market prices for crude oil, derivatives losses, a narrowing of the difference in the acquisition costs for sweet and sour crude oils, and the effects of refining more sweet crude oil.
This excerpt taken from the MRO 10-Q filed Aug 7, 2007. RM&T
segment revenues decreased $1.065 billion in the second
quarter of 2007 and $4.193 billion in the first six months of 2007 from the
comparable prior-year periods primarily as a result of the change in accounting
for matching buy/sell transactions effective April 1, 2006, discussed
above. Excluding matching buy/sell
transactions, RM&T segment
19 revenues increased in both periods, reflecting increased refined product selling prices and crude oil sales volumes, partially offset by lower refined product sales volumes. For information on segment income, see Segment Results. This excerpt taken from the MRO 10-Q filed May 7, 2007. RM&T segment revenues decreased $3.128 billion in the first quarter of
2007 from the comparable prior-year period primarily as a result of the change
in accounting for matching buy/sell transactions effective April 1, 2006,
discussed above. Excluding matching buy/sell transactions, RM&T segment revenues did not change
significantly but reflected increases in refined product and crude oil sales
volumes, merchandise revenue and excise taxes, which were almost entirely
offset by decreases in the prices realized for refined products.
For information on segment income, see Segment Results. This excerpt taken from the MRO 10-Q filed Nov 4, 2005. RM&T segment revenues increased
by $4.561 billion in the third quarter of 2005 from the comparable prior-year
period. For the first nine months of 2005, revenues increased by $10.025
billion from the prior-year period. The
increases primarily reflected higher refined product and crude oil prices and
increased refined product sales volumes, partially offset by decreased crude
oil sales volumes. Matching buy/sell
transaction revenues increased by $1.185 billion and $3.120 billion in the
third quarter and first nine months of
2005 from the comparable prior-year periods primarily due to increased crude
oil prices and volumes and increased refined product prices, partially offset
by decreased refined product sales volumes.
This excerpt taken from the MRO 10-Q filed Aug 8, 2005. RM&T segment revenues increased
by $3.129 billion in the second quarter of 2005 from the comparable prior-year
period. For the first six months of 2005, revenues increased by $5.464 billion
from the prior-year period. The
increases primarily reflected higher refined product selling prices and sales
volumes and increased crude oil prices. Matching buy/sell transaction revenues
increased by $1.165 billion and $1.935 billion in the second quarter and
first six months of 2005 from the
comparable prior-year periods primarily due to increased crude oil prices and volumes
and increased refined product prices and volumes.
19
This excerpt taken from the MRO 10-Q filed May 9, 2005. RM&T
segment revenues increased by $2,335 million in the
first quarter of 2005 from the comparable prior-year period. The increase primarily reflected higher
refined product and crude oil selling prices and increased refined product and
crude oil sales volumes. Matching
buy/sell transaction revenues increased by $770 million in the first quarter of
2005 from the comparable prior-year period due to higher liquid hydrocarbon and
refined product prices and increased crude oil buy/sell transaction volumes. The value of the purchased volumes related to
matching buy/sell transactions exceeded the sales value of the sold volumes
during the first quarter of 2005 and 2004.
The value differences between purchases and sales are primarily due to
grade/quality differentials, location differentials and timing differences, in
those instances when the purchase and sale did not occur in the same quarter.
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