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Author Topic: Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard  (Read 1299 times)

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Offline BlueStateSaint

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Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard
« on: March 25, 2009, 04:35:48 AM »
I remember something that was said about a millionaire that I once knew.  He said that some people, jealous of his success, called him a "tightwad."  His response was, "At least I have a wad to be tight with."

Quote
Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard

By Joe Carroll

March 25 (Bloomberg) -- Exxon Mobil Corp. and Chevron Corp., their coffers swollen by last year’s record oil prices, are maneuvering to preserve a combined $40 billion in cash amid a global financial crisis that roiled the banking system.

Exxon Mobil Chief Executive Officer Rex Tillerson says he checks in every night with Treasurer Don Humphreys to make sure the money is still there. The largest U.S. oil producers won’t say where they’re putting cash, even as both acknowledge going to greater lengths than in the past to protect their funds.

“Relative to the financial markets, the biggest challenge we’ve had is making sure all the cash is there every morning,” Tillerson said in a presentation this month to investors and analysts in New York. “I tell Don he has to count every dollar before he goes to bed at night, and he tells me he does.”

The company began shifting cash around last year as prices for credit-default swaps signaled greater risk of collapse at some financial institutions, Humphreys said at the same meeting. Cash stockpiles are key to funding capital budgets that total almost $1 billion a week combined at Exxon Mobil and Chevron, especially after crude prices dropped $100 a barrel from 2008’s all-time high, said David Lundberg, an analyst at Standard & Poor’s Ratings Services in New York.

Irving, Texas-based Exxon Mobil, the world’s biggest company by market value, had $31.4 billion in cash and cash equivalents as of Dec. 31, more than Warren Buffett’s Berkshire Hathaway Inc. or Microsoft Corp. Chevron had a $9.3 billion cash hoard, four times its total at the start of the 6 1/2-year bull market for oil that ended in mid-2008.

They might want to spend that beforer hyper-inflation comes . . . The rest of the article is at:

http://www.bloomberg.com/apps/news?pid=20601109&sid=aUKEnvfqLumY&refer=home
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Offline Konssurvative1

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Re: Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard
« Reply #1 on: March 25, 2009, 09:28:33 AM »
I think big business should be hiding or protecting it's assets...I think that the OBAMA power grab is a startling turn of events...WE ARE A CAPITALIST NATION...When Castro took over the ownership of the cigar industry he took over the ownership of the name only...I think many will agree that Cuban Cigars are not anything to break the law over.  The best cigars in the world today are made in the Dominican Republic.  That is where all the Cuban cigar growers settled when they left Cuba...All Castro retained was the brand names the growers left him...Domincan Cohiba's are so much better than Cuban Cohibas...I have smoked both...Cuban cigars carry a mystique about them...but they are not as good as they once were in the 40s and 50s...Castro's Government ownership of the industry ruined that...Obama's ownership of big business will ruin this country as well...Mark my words...
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Offline NHSparky

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Re: Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard
« Reply #2 on: March 25, 2009, 09:47:13 AM »
What we're seeing here is one example of what businesses large and small are doing right now--hoarding cash, not producing, knowing that whatever they produce or supply is going to have the ever-loving crap taxed out of it by Obama's policies.  It doesn't matter if it's $40 or $40 Billion--why put that capital up when 40-50 percent of it goes to the government before you make one dime's profit?

THIS, boys and girls, is why it's gonna get a lot worse before it gets better.
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Offline thundley4

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Re: Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard
« Reply #3 on: March 25, 2009, 09:57:43 AM »
Quote
Exxon Mobil Chief Executive Officer Rex Tillerson says he checks in every night with Treasurer Don Humphreys to make sure the money is still there. The largest U.S. oil producers won’t say where they’re putting cash, even as both acknowledge going to greater lengths than in the past to protect their funds.

Wonder if it could offshore and as far away the socialists as currently possible?  :uhsure:
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Offline Wineslob

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Re: Exxon, Chevron Count Every Dollar to Protect $40 Billion Hoard
« Reply #4 on: March 25, 2009, 10:10:29 AM »
Quote from: thundley4 on March 25, 2009, 09:57:43 AM
Wonder if it could offshore and as far away the socialists as currently possible?  :uhsure:


Nah.. they woulden't do that..would they?   :-)
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