From: John Cuccia 

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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