Exxon Mobil: Biggest profit in U.S. history

[unapatriciated]

http://money.cnn.com/2008/10/30/news/companies/exxon_earnings/index.htm?cnn=yes

Largest U.S. oil company surges past analyst estimates to post net income of $14.83 billion.
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By Aaron Smith, CNNMoney.com staff writer
Last Updated: October 30, 2008: 8:39 AM ET


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.

Exxon's prior record was $11.68 billion in the second quarter of 2008.

The company said its revenue totaled $137.7 billion in the third quarter.

[RB TexLa]

1. 10.7% is hardly the biggest profit margin in history

[ProdigalJunkMail]

3. shhhhh....

margin concept only confuses people...

sP

[RB TexLa]

5. I know I guess if it were five different companies instead of one then the profits would be fine

with people.

[Vickers]

4. Yeah, why is the OP claiming the biggest profit margin in history?

:sarcasm:

Still ain't got that reading thing down, huh?

:rofl:

[ProdigalJunkMail]

8. way to totally miss the point... n/t

[Vickers]

13. Oh, another non-reader!

:hi:

[ProdigalJunkMail]

14. nope...someone making a point that you miss

and apparently continue to miss...

sP

[Vickers]

16. Did you READ the OP, or are you still hung up on the margin thing?

:shrug:

Condolences on your comprehension.

:(

[ProdigalJunkMail]

18. your attempt at insult is pitiful

the OP doesn't mention anything about margin...i will give you that...but the poster to whom i was responding was making the point that the margins on this profit are well within what would be accepted from other companies and that this profit number is driven by volume...and i agree. Exxon did not make the massive numbers because they were making 90% profit or something insane like that...it is sheer volume... but people here (including you, apparently) miss that and make them out to be evil money hoarding bastards...and YOU end up looking stupid.

sP

[Vickers]

19. Oh that's right, you were responding to the OTHER person that

has poor reading comprehension.

So your marginalia (har!) is OK.

I guess.

:crazy:

[ProdigalJunkMail]

20. you really have nothing to contribute, do you?

you just ignore the point and keep slinging your garbage and slights...

oh well...i guess you can't acknowledge anything that might be just slightly off the main OP ('cause GOD KNOWS that NEVER happens here) because you insist on policing discussion...

thanks for all you have had to add to this conversation...

sP

[Vickers]

21. *sniff*

I'm taking my ball and GOING HOME!!!

:rofl:

Just because you and the other geenyus can't stick to the topic, I'm the bad guy? :eyes:

Adios, Mr. Morose...

:hi:

[ProdigalJunkMail]

23. point made...thanks again...

oh, and it was OUR ball...you just didn't want to play... :-)

sP

[Vickers]

28. And thank YOU for making MY point!

You still don't get it, but after all these years I'm quite accustomed to the *ahem* intentionally obtuse.

:P

I'm sure you're quite thrilled with being on the same team as the world-famous RGBolen...enjoy your balls together!

[Fumesucker]

11. I missed the part where the OP spoke of profit margin...

Could you point it out for me?

[ProfessorGAC]

12. Really Not RG's Point

RG makes a fair point. A 10.7% margin isn't that excessive. Lots of corporations operate at higher margins. The size of the company and the revenue stream being so huge is what makes their absolute profit that high.

Now, don't get me wrong. The pain caused by the ridiculous gas prices is real. The manipulation of supply to maintain prices is simply something that should be regulated. The fact that no refiner competes on price is a cause of true economic concern. The trading of both raw material and finished goods on the same market is, indeed, a form of price fixing that provides zero economic value to the consumer.

So, i'm not defending Exxon or any other refiner. But, the profit margin, as reported is not an unreasonable value. Of course, you would have to believe that the reported numbers are the unadulaterated truth and that a series of favorable, although legal, accounting practices haven't diluted the real picture.
The Professor

[madokie]

2. Nationalize the oil industry already

[taterguy]

9. Whenever a country nationalizes oil the U.S. responds by toppling the government

Do you want that to happen here?

[fascisthunter]

15. so be afraid of a bully?

fuck that...nationalize them and let the try.... ooops, too late. We got Bush.

[StreetKnowledge]

25. Except Libya, Iran, Saudi Arabia, Venezuela, Angola.....

.....Kuwait, Malaysia, South Africa, Brazil, and so on and so forth. That doesn't always happen. And how is the US gonna toss over the government if its the US government nationalizing the oil industry? Are you expecting oil companies to finance some army to do it? I'd love to see them try that, and the response they get when they FAIL.

[taterguy]

27. Actually Iran's government was toppled when they nationalized oil

Which is why the region generally caves in to US demands.

[DemoTex]

6. But Hurricane Ike necessitated "WINDFALL" profits.

I hope this resonates with the "undecideds" and "fence-sitters". I paid $3.36/gal the day before Ike and $4.75/gal the day after Ike here in SC. I knew then that these MoFos were on the track to record earnings for the 3rdQ.

[Bandit]

7. One Hundred and Fifty million dollars a DAY

A friggin Day, OVER One Hundred and Fifty Million Dollars a Day I doubt there are many Small Business's that make that much in a Year Gross Profit and this Company makes this is a day NET PROFIT After every single Expense has been paid. This is in the pocket money..

[2Design]

10. and they are all cutting production to keep prices high - and record profits

and complaining it is costly

[Ezlivin]

17. See? They need those massive tax breaks so that they stay motivated!

Numbers like this are just depressing without the added incentive of tax cuts.

If they hadn't been given tax breaks and government subsidies they probably would have shuttered their plants and gone home.

[Initech]

22. This is why Exxon is pulling for McCain... they want their boy to remain in the White House.

:grr:

[GreenEyedLefty]

24. NET. PROFIT.

Jeebus. I wish I walked within walking distance of everywhere.

[taterguy]

26. Anything is within walking distance if you have enough time

At least according to Steven Wright

On a less snarky note, a bicycle is a great way to increase your car-free range