From: "Gary Britt" 

I don't know, and I'm not sure how the ROCE figures are calculated (what
and how they have included/excluded items) or what precisely ROCE is an
acronym. I'm assuming slide 14 is on page 12 of the 35 page PDF file.

That's why I have been saying the simplest way for us non-oil industry
expert analysts to know what the expert analysts think of the oil companies
earnings and profitability levels, is to look at the oil companies share
prices and price earnings ratios.  If the experts on all of this industry
jargon and accounting manipulations thought the oil companies were making
higher than average profits compared to other companies then the oil
company share prices and price earnings ratios would reflect that
assessment.  Since oil company earnings per share aren't as high as most
corporations, obviously these experts aren't all that impressed with the
profitability expectations of the oil companies.

Gary

"John Cuccia"  wrote in message
news:tjf0q15sdouherrnibcl7j11r41qed9i46{at}4ax.com...
> On Wed, 14 Dec 2005 08:06:22 -0500, "Gary Britt"
>  wrote:
>
> >The fact remains that oil company profits are not excessive as a
percentage
> >of sales or as a return on the capital invested in machinery and
equipment,
> >inventories, etc.
>
> What are typical ROCE values for various industries?  Oil companies,
> at least the big integrated ones, are at around 20-25%, according to
> ConocoPhillips (see slide 14):
>
>
http://wh.conocophillips.com/investor/presentations/pdf/111704_analyst-mulva.pd
f
>

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