Author Topic: Exxon Mobil: Biggest profit in history !!!!  (Read 6766 times)

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Offline Thor

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Exxon Mobil: Biggest profit in history !!!!
« on: October 30, 2008, 02:34:02 PM »
Exxon is reporting a profit of $14.8 BILLION !!! And we were paying $4.00+/ gallon for why ?!?!?!?

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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
« Last Edit: October 30, 2008, 02:36:01 PM by Thor »
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Offline mamacags

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #1 on: October 30, 2008, 02:37:28 PM »
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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Offline Thor

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #2 on: October 30, 2008, 02:38:38 PM »
 :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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Offline thundley4

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #3 on: October 30, 2008, 02:52:06 PM »
The obama camp just had their next commercial written for them with this news.

Offline Chris_

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #4 on: October 30, 2008, 02:53:46 PM »
: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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Offline DumbAss Tanker

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #5 on: October 30, 2008, 02:57:18 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #6 on: October 30, 2008, 02:59:15 PM »
I'm paying 2.35 here.
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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #7 on: October 30, 2008, 03:08:55 PM »
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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
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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #8 on: October 30, 2008, 03:13:54 PM »
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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Offline Hawkgirl

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #9 on: October 30, 2008, 03:59:43 PM »
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.

Offline Wineslob

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #10 on: October 30, 2008, 04:06:21 PM »
Quote
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. 




Quote
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #11 on: October 30, 2008, 04:09:20 PM »
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.
“The national budget must be balanced. The public debt must be reduced; the arrogance of the authorities must be moderated and controlled. Payments to foreign governments must be reduced, if the nation doesn't want to go bankrupt. People must again learn to work, instead of living on public assistance.”

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Offline DumbAss Tanker

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #12 on: October 30, 2008, 04:17:13 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #13 on: October 30, 2008, 04:35:26 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #14 on: October 30, 2008, 04:51:44 PM »

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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Offline Hawkgirl

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #15 on: October 30, 2008, 04:56:47 PM »
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. :-)

Offline Thor

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #16 on: October 30, 2008, 05:02:20 PM »
Exactly...................everyone keeps forgetting this.

Hmmm, I swore I read somewhere between a 28& 40% increase in profits.....
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Offline LC EFA

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #17 on: October 30, 2008, 05:17:05 PM »
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.

Offline DumbAss Tanker

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #18 on: October 30, 2008, 05:21:18 PM »
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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Offline MrsSmith

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #19 on: October 30, 2008, 05:28:56 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #20 on: October 30, 2008, 05:30:34 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #21 on: October 30, 2008, 05:35:22 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #22 on: October 30, 2008, 06:01:41 PM »
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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Offline MrsSmith

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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #23 on: October 30, 2008, 06:24:30 PM »
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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Re: Exxon Mobil: Biggest profit in history !!!!
« Reply #24 on: October 30, 2008, 07:04:33 PM »
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.
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