Exxon has record profit again on soaring oil prices

[spinbaby]

Source: Reuters

NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.

Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

Exxon -- the world's largest publicly traded company -- previously set the high-water mark for quarterly earnings in the fourth quarter of last year, when it brought in $11.66 billion.

Read more: http://news.yahoo.com/s/nm/20080731/bs_nm/exxon_dc

---

In other news, Shell profits surge 33 percent in 2Q to a record $11.6 billion.

[mbperrin]

1. OK, just waiting for the oil flacks to "splain" how this is really

just barely any profit at all..............one, two,,,,

[spinbaby]

3. Yes, barely at all

It hardly covers the CEO's salary and bonus.

:sarcasm:

[OwnedByFerrets]

2. Riding high on the backs of the middle class and poor.

[hamsterjill]

40. Exactly!!!

And the profiteers are putting their "hard earned" money in off shore accounts so they can evade taxes.

[EarlG]

4. What perfect timing

just as McCain becomes the candidate of Big Oil...

Sunday, July 27, 2008

Campaign contributions from oil industry executives to Sen. John McCain rose dramatically in the last half of June, after the senator from Arizona made a high-profile split with environmentalists and reversed his opposition to the federal ban on offshore drilling.

http://www.washingtonpost.com/wp-dyn/content/article/2008/07/26/AR2008072601891.html

[fascisthunter]

14. .

[cal04]

5. Your Pain, Their Gain: ExxonMobil Breaks Profit Record,Shell profits top

Oil Boom: Exxon Breaks Record for Profits by U.S. Company
http://abcnews.go.com/Business/PainAtThePump/story?id=5487220


Exxon Mobil net climbs 14%, misses estimate
http://www.marketwatch.com/news/story/exxon-mobil-net-climbs-record/story.aspx?guid=%7B9008E53D%2DD6A8%2D4045%2D8941%2D3BFD913282FA%7D

Exxon Mobil Corp. said higher oil prices drove profits to a new record of $12 billion, but the world's largest oil corporation fell short of Wall Street's earnings target for the second quarter in a row on higher costs, lower refining and chemical margins and a 3% dip in adjusted production.

Royal Dutch Shell's profits top $11 billion
Royal Dutch Shell said second-quarter profit climbed 33% as surging oil prices helped offset diminished production as the group struggles to pump oil out of Nigeria.

Joining Exxon Mobil as the only oil company to earn more than $10 billion in a single quarter
Royal Dutch Shell (RDS.A 73.69, +1.78, +2.5%) (UK:RDSA: news, chart, profile) said its profit rose to $11.56 billion.

http://www.marketwatch.com/News/Story/royal-dutch-shells-profits-top/story.aspx?guid=%7B41F395F8%2D2125%2D4A78%2D8E4E%2D531375E3FE0A%7D

[RUMMYisFROSTED]

6. 33% of $130 a barrel = $43 of gouging per barrel.

Or they could have made last quarters profits with oil at $87 a barrel.

Or they could have made last quarters profits with gas at $2.68.

[no limit]

7. That's funny, this is the headline from Bloomberg: Exxon Profit Rises Less Than Estimated

http://www.bloomberg.com/apps/news?pid=20601087&sid=aJKt_Mt53erQ&refer=home

A record profit is less than estimated? Those poor bastards.

[Phred42]

8. Exxon - The Sign of teh Double Cross

[Stinky The Clown]

18. That fucker appears to be short a few chromosomes

Wasn't he the kid in Deliverance, now all grown up?



Nah .... couldn't be. The people in Deliverance weren't nearly as bad as that guy.

He's still short those chromosomes, though.

[Phred42]

27. You are probably Correct!

He isn't human

We're talkin' Jabba the Hut Genealogy

[minavasht]

9. How is the profit distributed

I.e. who owns the shares? Are they publicly traded or only 10 people own them all?
$11 billion profit out of $100 revenue is only 10% profit - if they sell at cost gas will be 10% cheaper.

[Name removed]

10. Deleted sub-thread

Sub-thread removed by moderator. Click here to review the message board rules.

[Ilsa]

11. And their stock has been dropping. It was around $80 a share yesterday. nt

[redqueen]

12. Sure nobody saw that coming...

[Major Hogwash]

13. The Republicans should change their party name from the GOP to the OIL party.

Oil is all they care about.
Corporatist greedy suckers.

Never before has it been so obvious, and now is the time to point out that all of the recent Republican Presidents, including Reagan, Bush Senior, and Junior have prayed at the oil altar, giving tax breaks to the rich, taking away from the poor, breaking the middle class, and allowing the rape of our treasury to benefit the oil industry.

[fascisthunter]

15. Grand Oil Party

Now you know why their supporters walk lock step. It isn't actual loyalty... it's investment in big oil and the war machine. Just ask a die-hard republican if they own stocks in oil or a company that is part of the military industrial complex. If they are smart, they will lie, which only means they know they are guilty of doing something immoral and unpatriotic.

[2Design]

16. 70's they kept saying oil shortage and other crap - jimmy carter

did the solar panels and Reagan decided it was crap - it is crap again - just ways for bush and friends to gain huge profits and they want to drill off the coast - they are pushing so hard for the rapture - but why do they need so much money for it

[AndyA]

17. There is really no excuse for Congress to not take a serious look at this.

How many billions in total profits have the oil companies made from these higher oil prices?

It sure sounds to me like they are all profiting from the war, which I believe is illegal. Gouging the public during a time of war is almost as bad as starting a war based on lies.

Congress needs to do something to address this!

[Stinky The Clown]

19. Can we nationalize them yet?

WHY is no one loudly angry about this?

The nooz is giggling ..... hahahahaha .... record profit and yet short of expectations ..... hahahaha .... biggest profit, but not the most profitable company on earth ....... hahahahaha ...... consumers screwn .... head slap ...... hahahahaha ....... wutcha gunna do? ....... :shrug:

[Kablooie]

20. I'm so happy for them. Almost makes me want to be a drunk captain and spill oil all over Alaska.

[Overseas]

21. The propaganda against fair taxation of corporations is so strong.

Sad not to see more Democrats demanding windfall profits tax and removal of oil subsidies.
Transfer the subsidies to wind and solar power. Windfall profits tax can fund updated Medicare single payer health insurance free to all.

[Dtrain323i]

22. Wrong....

49 cents of every dollar Exxon makes goes to the government in taxes. Oil companies payed 129 BILLION dollars last year in taxes. The purpose of a corporation is to make money. They are under NO obligation to GIVE you cheap gas. The only obligations they have is to their employees and their stock holders. Punishing a company for doing good business is socialist.

[Name removed]

25. Deleted message

Message removed by moderator. Click here to review the message board rules.

[varkam]

29. Do you like pizza?

I like pizza. I like mine with pepperoni and cheese on it.

[bitchkitty]

Bullshit.

A company can do good business without gouging the public. That's nothing to do with socialism. I don't think you know what a Socialist is.

[AdHocSolver]

31. U.S. citizens are under NO obligation to let the oil companies rip them off and destroy our economy!

The citizens have a right to stop the looting.

Moreover, your numbers cannot possibly be correct. The oil companies collect fuel taxes, but they are not paying that much in taxes on their profits. The money they pay to the government is not on their profits, it is already earmarked as a tax that is paid by the consumer.

Actually, the oil companies pay only a small amount of taxes based on their profits. There are so many loopholes for the oil companies plus they get an assortment of subsidies from the government, that the actual taxes they pay as a percentage of profits is in the single digits.

Just as the oil companies are under no obligation to give us cheap gas, the public is under no obligation to allow itself to be robbed. Moreover, that is the problem. The citizens have a right to expect their government to protect them from marauding oil companies destroying our economy in the same way we have a right to expect the government to protect us from thieves.

[Zorra]

39. Got a credible source link for your claims? Thanks. n/t

[poppysgal]

23. This makes me sooooo mad

:mad: I am glad somebody is getting rich and profiting from all our misery.

[melm00se]

24. take a look at the overall

profit margin: 10%, down a shade from the same period last year (10.4%) but up from last quarter (9.3%).

the interesting thing is that crude oil prices went up 21% during the 2nd quarter ($104.31 to $126.33) but their profits only rose 6.5% during that time ($10.9B to $11.6B).

Another interesting thing is their effective tax rate: 49% (or IOW they paid out almost the same amount in taxes as they reported in profits, or $10.5 billion)

yes, the raw numbers are huge but the profits when compared to total revenue are no more than 10 cents on $1.

[EndElectoral]

26. And they want to trust these bastards to provide the answer with Off-Shore Drilling???!!!!

[Desertrose]

28. How can anyone be surprised to see this?

Need more $$$...simple...just raise the price of gas.

We are so dependent on oil we just keep paying them....until we absolutely can't anymore.....and how far off is THAT day??

How angry do we have to get before we actually change??

[defendandprotect]

30. Windfalls profit tax -- retroactive --- and NATIONALIZE the oil industry . . .

[quiet.american]

32. Rising Oil Prices Swell Profits at Exxon and Shell

Source: NYT

HOUSTON — Exxon Mobil, the world’s largest publicly traded oil company, reported on Thursday its best quarterly profit in history, but investors sold off shares in morning trading after expecting even higher earnings because of soaring oil and natural gas prices.

Record earnings for the world’s largest publicly traded oil company have become almost as predictable as the surge of gasoline prices at the pump in recent years, and for the second quarter income rose 14 percent, to $11.68 billion.

It was the highest quarterly profit ever for any American company, as Exxon made nearly $90,000 a minute....

Read more: http://www.nytimes.com/2008/08/01/business/01oil.html?_r=1&hp&oref=slogin

[montanto]

33. I'm shocked.

[Initech]

34. US government, media: "Move along, nothing to see here".

Really, it pisses me off that no one in high government sees anything even remotely suspicious about this. :banghead:

[BrklynLiberal]

35. ..but..but..didn't they claim that they were not making windfall profits on the high price of gas?

:crazy: :silly: :wtf:

[paparush]

36. I'm sure it will all be trickling down to me real soon...

[fascisthunter]

37. Nationalize Oil

[AlphaCentauri]

38. can they share some of their profits with americans who pay for their products

[Zorra]

41. Too bad Americans in general are too spoiled to participate in a "No Driving Day".

Because we need to do something to rein in the oil companies and oil speculators.

One day of no driving each weekend for one month would slash oil company profits and break the speculators.

If we don't do it, no one will - and oil companies will continue to control our government and gouge us into submission.