The Conservative Cave
Current Events => Breaking News => Topic started by: Thor on October 30, 2008, 02:34:02 PM
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Exxon is reporting a profit of $14.8 BILLION !!! And we were paying $4.00+/ gallon for why ?!?!?!?
Exxon Mobil: Biggest profit in history
The largest U.S. oil company surges past analysts' estimates with a posted net income of $14.83 billion and sets a national record for quarterly profit.
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By Aaron Smith, CNNMoney.com staff writer
Last Updated: October 30, 2008: 3:28 PM ET
Shell profits up 22%video
Shell profits up 22%
NEW YORK (CNNMoney.com) -- Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
The company's prior record was $11.68 billion in the second quarter of 2008.
The latest quarter's net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.
The company said its revenue totaled $137.7 billion in the third quarter.
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenue to $131.13 billion, according to a consensus of estimates compiled by Thomson Reuters.
The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
http://money.cnn.com/2008/10/30/news/companies/exxon_earnings/?postversion=2008103013
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You are right! Gas should be free to all peoples! How dare a company charge as much as they can for a product!!!!
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:rotf: :rotf: :rotf:
I don't want to deny any company a decent & FAIR profit, but when we, the people, are suffering due to their greed, it becomes another issue.
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The obama camp just had their next commercial written for them with this news.
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:rotf: :rotf: :rotf:
I don't want to deny any company a decent & FAIR profit, but when we, the people, are suffering due to their greed, it becomes another issue.
And who defines "suffering?" Who defines "greed?"
I saw gas $2.09 a gallon just this morning.
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And who defines "suffering?" Who defines "greed?"
I saw gas $2.09 a gallon just this morning.
Yeah, I'm not exactly suffering myself on it at this point, in fact if the Dems tried to use this in a commercial, it could fllip on them pretty easily - with a comeback like "High profits and low gas prices, ahhh, the benefits of keeping corporate taxes down. Of course that's not what Obama wants!"
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I'm paying 2.35 here.
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While they were recording record profits last year, they were also writing checks to Uncle Sam to the tune of $100.7 billion -- two and a half times what they made in net profit. In fact, previous Tax Foundation research found that from 1977 to 2004, federal and state governments extracted $397 billion by taxing the profits of the largest oil companies and an additional $1.1 trillion in taxes at the pump. In today's dollars, that's $2.2 trillion.
http://www.taxfoundation.org/blog/show/2195.html (http://www.taxfoundation.org/blog/show/2195.html)
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Exxon is reporting a profit of $14.8 BILLION !!! And we were paying $4.00+/ gallon for why ?!?!?!?
http://money.cnn.com/2008/10/30/news/companies/exxon_earnings/?postversion=2008103013
That 14.8 billion is only a 10.77% profit margin. It all had to do with what the speculators did in July with the $140/barrel.
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Gas is a need, not a want, it gets us to work, heats our home (well, not me because I live in South Florida...but you get the idea) While, they should certainly be profitable, the gov't should protect us from gouging.
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While they were recording record profits last year, they were also writing checks to Uncle Sam to the tune of $100.7 billion -- two and a half times what they made in net profit. In fact, previous Tax Foundation research found that from 1977 to 2004, federal and state governments extracted $397 billion by taxing the profits of the largest oil companies and an additional $1.1 trillion in taxes at the pump. In today's dollars, that's $2.2 trillion.
Posted on: Today at 12:59:43 pmPosted by: Hawkgirl
Insert Quote
Gas is a need, not a want, it gets us to work, heats our home (well, not me because I live in South Florida...but you get the idea) While, they should certainly be profitable, the gov't should protect us from gouging.
Care to tell our Government that???
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That 14.8 billion is only a 10.77% profit margin. It all had to do with what the speculators did in July with the $140/barrel.
That is barely acceptable in the business world.
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10% isn't a gouge, it's kind of a stodgy, plodding rate of return...Okay, but nothing to write home about or attract new investors looking for a highly-profitable endeavor for their capital.
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Gas is a need, not a want, it gets us to work, heats our home (well, not me because I live in South Florida...but you get the idea) While, they should certainly be profitable, the gov't should protect us from gouging.
Electric cars and firewood.
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That is barely acceptable in the business world.
10% isn't a gouge, it's kind of a stodgy, plodding rate of return...Okay, but nothing to write home about or attract new investors looking for a highly-profitable endeavor for their capital.
Exactly...................everyone keeps forgetting this.
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It sure felt like a gouge though...especially since I work 40 miles from home...In fact, I decided to hold off on purchasing a new Hummer because of gas prices... :shucks:
I'm going to hold off till first quarter of next year before buying an SUV (if gas prices stay low...which is the forecast. :-)
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Exactly...................everyone keeps forgetting this.
Hmmm, I swore I read somewhere between a 28& 40% increase in profits.....
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Hmmm, I swore I read somewhere between a 28& 40% increase in profits.....
How much of that can be tied to an increase in volume sold.
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Don't know about that, I'm not really following the story, but as far as rate goes, a 40% increase in net profits can mean going from 8% to 11%, it does not mean going from 10% to 50%. If you are talking just comparative numbers and saying a 40% difference from one year to the next, it tells you even less unless their capital investment expenditures and other 'Above the line' expenses were relatively similar, there were no massive write-offs for litigation settlements, or such.
I seem to recall there was some industry-favorable court ruling concerning petroleum contamination of North Slope waters this year, which may have affected profits by reducing a contingent liability for them, but I don't directly own any stock, so I don't have a deep interest in the details. I could be misremembering on that one.
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I ain't the brightest bulb, but it seems to me that huge profits on a 10% return simply mean they sold a lot more gasoline. The profit was from volume, not the high prices.
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Hmmm, I swore I read somewhere between a 28& 40% increase in profits.....
Yeah very well could have been a 28-40% increase in profits.................go from $25/barrel and then have $85/barrel and there will be a great increase in profits...............yet those profits always remain about 10% bottom line.
They just posted the highest profit ever and it was still just 10.77% of what they made and spent in the quarter.
You don't think they get that oil for free do ya?
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I ain't the brightest bulb, but it seems to me that huge profits on a 10% return simply mean they sold a lot more gasoline. The profit was from volume, not the high prices.
Actually they sold less, but again when this quarter started oil was close to $140/barrel. If oil remains where it is now or lower for this quarter.....................should we baill out the oil companies when they show a a big loss??
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Actually they sold less, but again when this quarter started oil was close to $140/barrel. If oil remains where it is now or lower for this quarter.....................should we baill out the oil companies when they show a a big loss??
It seems as if the Feds DO bail out companies that show a loss........ AIG, the auto makers, the Airlines, etc.
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Actually they sold less, but again when this quarter started oil was close to $140/barrel. If oil remains where it is now or lower for this quarter.....................should we baill out the oil companies when they show a a big loss??
Honestly, I really liked Sarah Palin's attitude toward oil companies. I wish she'd end up in charge of energy for the whole country.
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Exxon is reporting a profit of $14.8 BILLION !!! And we were paying $4.00+/ gallon for why ?!?!?!?
http://money.cnn.com/2008/10/30/news/companies/exxon_earnings/?postversion=2008103013
I do not recall where I read this other than hearing Michael Savage talking about this but, Exxon-Mobil paid several hundred MILLION bucks in taxes during this same period.
Evil bastards are they not?
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I do not recall where I read this other than hearing Michael Savage talking about this but, Exxon-Mobil the consumer paid several hundred MILLION bucks in taxes during this same period.
Evil bastards are they not?
Fixed for you........
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Exxon may be getting a 10.77% profit margin, or 10-11 cents profit on the dollar, but how much of a profit margin is the government getting in the form of taxes? 40...50 cents on the dollar? And people are complaining about how much profit Exxon is making? At least they do all the work. If there is a perfect example of a "windfall profit", it's the government taking in the form of taxes several times the amount Exxon is making, and they haven't done a thing. They didn't drill for a drop of oil. In fact, they (the democrats actually) have been actively hindering their efforts to get to more oil. They didn't transport a bit of oil to the gas stations. They haven't sold a gallon of gas. Nothing. Yet, Exxon and the other oil companies are the eeeevil ones here.
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http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion
Here's some interesting information.
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I'm paying 2.35 here.
you live in Russia ? $1.94 here
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Fixed for you........
Ahh................your inner socalist comes out
Federal tax...18.6
State tax..............that all depends but NC 32+
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We had numerous threads on this here. They key words are "profit margin" as others have pointed out. I think those posts are in the ammo section.
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I want argue that the government is laughing all the way to the bank. Their taxes are absurd, at best. This is what we get for allowing such a large Government.
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I want argue that the government is laughing all the way to the bank. Their taxes are absurd, at best. This is what we get for allowing such a large Government.
And now that the government owns the bank (that they're laughing all the way to)...
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Here's a clue for the Exxon haters. They work on investment dollars. 10+% is a LOW ROI. If you guys want them to only get 5%, say hello to the end of Exxon. Maybe you're OK with it. I'm not. Who do we replace it with? Someone in Saudi? Maybe Citgo?
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At least this time around the liberal news media is printing some dollar amounts, some numbers. Back in the 70's they were reporting "....and in other news. EXXON, SHELL and MOBIL all doubled their profits last quarter and still paid very little in federal taxes. blah-blah-blah." The news media had everyone hating the oil companies. I tried to tell some people, "Lets see some numbers DAMMIT. They could have made just $1 the previous quarter and then $2 in the last quarter, in which case they doubled their profit and would owe very little federal taxes....lets see the numbers DAMMIT."
So, now the numbers are large enough to throw out there to the public who only see XX billion, thinks that's a lot of money and goes "They're screwing us. They should nationalize the oil companies."
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Well I doubt they will make that next quarter since gas has dropped so much. Also I wonder how much tax they paid compared to the 14 billion they made. I bet it was like last quarter. 3 dollars paid in taxes for every 1 dollar in profit. That my friends should be a ****ing crime.
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This news thrills me. I cannot imagine a world where Exxon is teetering on the brink of failure. I want my gas and I want it when I want it. God bless 'em!
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Exxon/Mobil is in my 401(k). If they do well, I do well. I'm happy.
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Exxon/Mobil is in my 401(k). If they do well, I do well. I'm happy.
You should share your "wellness". :-)
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You should share your "wellness". :-)
Don't worry! It very well could be taxed and part of the General Fund on Jan 23. :bawl:
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The after tax margin for EXXON-MOBILE is 8.5%. Not much, is it?
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$14.8 billion is a lot, but from a percentage stand point, it is not a lot. 10% of ROI is not a lot. The self-help industry (Oprah, Dr. Phil, etc.) is also a huge industry, I believe $60 billion industry and ROI is muche larger in terms of percentage. Where's the complaint for that?
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Exxon is reporting a profit of $14.8 BILLION !!! And we were paying $4.00+/ gallon for why ?!?!?!?
It's dropped down to $2.30 where I live.
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$14.8 billion is a lot, but from a percentage stand point, it is not a lot. 10% of ROI is not a lot. The self-help industry (Oprah, Dr. Phil, etc.) is also a huge industry, I believe $60 billion industry and ROI is muche larger in terms of percentage. Where's the complaint for that?
I don't complain about the self help industry because I don't NEED their help. I haven't used any of that stuff ever, anyways.
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Gas is a need, not a want, it gets us to work, heats our home (well, not me because I live in South Florida...but you get the idea) While, they should certainly be profitable, the gov't should protect us from gouging.
Mythbusters proved that Diesal vehichles can run off of used vegetable oil. Mileage isn't as good (not horrible, but nothing like 30mpg), but if you pull up to a Taco Bell at the end of the night and ask them to give you the 3 or 4 gallons worth of oil their about to toss out, you could save yourself a pretty penny.
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Mythbusters proved that Diesal vehichles can run off of used vegetable oil. Mileage isn't as good (not horrible, but nothing like 30mpg), but if you pull up to a Taco Bell at the end of the night and ask them to give you the 3 or 4 gallons worth of oil their about to toss out, you could save yourself a pretty penny.
Do you really believe the fast food joints use fresh oil every day? ::)
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Do you really believe the fast food joints use fresh oil every day? ::)
I worked at Taco Bell for 2 years. They'd dump the oil every 2 or 3 days dependant on how bad it was getting.
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Mythbusters proved that Diesal vehichles can run off of used vegetable oil. Mileage isn't as good (not horrible, but nothing like 30mpg), but if you pull up to a Taco Bell at the end of the night and ask them to give you the 3 or 4 gallons worth of oil their about to toss out, you could save yourself a pretty penny.
Did they also tell you what straight veggie oil will do to your diesel engine?
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Here's a clue for the Exxon haters. They work on investment dollars. 10+% is a LOW ROI. If you guys want them to only get 5%, say hello to the end of Exxon. Maybe you're OK with it. I'm not. Who do we replace it with? Someone in Saudi? Maybe Citgo?
You know, anyone who really hates the American gas producers should just not buy their gas. It works for abortion "rights," should work for gas "rights."
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Yes, you need to filter it , add some chemical treatment (refine it), and stabelize it, but if you get the oil "free" it still costs under $1 a gallon. But it is NASTY work.
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http://www.gasbuddy.com/
Click ""Gas Price Temperature Maps" and enter your zip. You can find out where the cheapest gas is being sold.
It's 1.94 at Murphy's at 3515 W FM-120, off 75, Thor.
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$2.22 is the cheapest within a reasonable drive. They had $1.98 about an hour from here.
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http://www.gasbuddy.com/
Click ""Gas Price Temperature Maps" and enter your zip. You can find out where the cheapest gas is being sold.
It's 1.94 at Murphy's at 3515 W FM-120, off 75, Thor.
I hate Murphy's because they don't have enough pumps and are always crowded. I got gas in the 05 King Ranch today and filled up for $46.00 (which was nice!!!) I paid $1.959 for it at the Circle K across the street.
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I was tooling down the road on the way to work this morning and saw gas for $2.41. I almost forgot to stop at the light -- I've gotten used to paying a dollar more than that.
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It's nice living in "tax-free NH" because gas is cheaper than our neighbors in overtaxed ME and MA. It sucks because we're next to them and consequently, they don't lower it much.
$2.32 in Seabrook where I work, $2.47 here at home.
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Exxon is reporting a profit of $14.8 BILLION !!! And we were paying $4.00+/ gallon for why ?!?!?!?
http://money.cnn.com/2008/10/30/news/companies/exxon_earnings/?postversion=2008103013
You're still paying 4+ dollars a gallon for gas??? I filled up my tank the other day at a Shell station for 2.07 a gallon.
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You're still paying 4+ dollars a gallon for gas??? I filled up my tank the other day at a Shell station for 2.07 a gallon.
Apparently you didn't NOTICE the past tense verb "were".......
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Do you really believe the fast food joints use fresh oil every day? ::)
Not to mention that most restaurants now already give it away or even sell it to companies that recycle it.