Exxon record profits

[Popeye]

Exxon with help from the Bush administration in the form of tax breaks, subsidies, wars, and who knows what else, racked up record profits. This as they are responsible for the release of greenhouse gas emissions that contribute to anthropogenic global warming. They're busy polluting the world as they stuff their pockets and those of their political friends. I've got an idea, lets trust them to drill in ANWR.

Exxon shatters profit records

NEW YORK (CNNMoney.com) -- Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company.

Exxon (XOM, Fortune 500) shares gained nearly 2% in pre-market trading on the results, which were underpinned by soaring crude prices.

Exxon, the world's largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. That's up from $10.25 billion, or $1.76 per share, in the year-ago period.

That tops Exxon's previous quarterly profit record of $10.7 billion, set in the fourth quarter of 2005, which also was a record for any U.S. corporation.

Exxon also set an annual profit record by earning $40.61 billion last year, or nearly $1,300 per second.

The company's full-year results exceeded its previous record of $39.5 billion in 2006.

In the fourth quarter, revenue rose 29.5% from a year ago to $116.64 billion.

Analysts were looking for the company to report quarterly profit of $10.36 billion on revenue of $114.9 billion, according to earnings tracker Thomson Financial.

Exxon's earnings are sure to draw fire from consumer rights groups, who contend the oil industry is deliberately restricting supply and profiting on the back of U.S. motorists. They have previously called for a windfall profit tax on oil firms, and have proposed breaking up the big oil companies created during the 1990s merger wave.

http://money.cnn.com/2008/02/01/news/companies/exxon_earnings/index.htm?cnn=yes

 

[USMC the Almighty]

Glad I own some stock in Exxon.

 

[9sublime]

haha.

 

[muadib]

Let's not forget why Exxon is recording record profits. We, especially Americans, need to take a good look at ourselves and deal with our own hypocrisy. We pollute, drive huge gas guzzling cars, live in huge houses, consume like there is no tomorrow and we have a right to complain about greenhouse gases? Don't blame the oil companies, they are just part of the free market we all love.

 

[Aaron Burr]

Excellent USMC. If we own everything, then it really doesn't matter what the opposition says.

XOM, or XOMq.L for the London crowd, is one hot stock.

I think President Bush helped Exxon the most by creating oil in the first place. Oh yes, it's true my friends. Even time and space cannot contain the Evil that has manifested itself as "Bush."

Beware.

 

[Bunz]

I skimmed this earlier Popeye, thanks for making a thread about it. Reading this first thing in the morning didnt get things off to a great start.

Ah Exxon. How I despise this entity. Now I am not strictly anti-oil companies,
I actually think Conaco Phillips is generally a good corporate steward and corporate neighbor. Now there have been times they did things I disagree with.
BP, overall, I not to bad, I will give them a C+. They have had some maintenance issues, and want to but heads with the state on some issues.

But Exxon. If one were to make a list of things that pisses one off just about anytime they hear the word. Exxon is in the top three for me.

Hopefully they will be shelling out about $6billion to 20,000 Alaskans or so whose fisheries were harmed through thier 11,000,000 gallon oil spill 19 years ago and they still havent paid a nickel, those cheap bastards.

 

[Bunz]

Glad I own some stock in Exxon.

Well then it sounds like you should be providing the beer.

 

[Bunz]

Let's not forget why Exxon is recording record profits. We, especially Americans, need to take a good look at ourselves and deal with our own hypocrisy. We pollute, drive huge gas guzzling cars, live in huge houses, consume like there is no tomorrow and we have a right to complain about greenhouse gases? Don't blame the oil companies, they are just part of the free market we all love.

Firstly, Muadib, welcome. I hope you enjoy the forums around here.

I do understand where you are coming from. I find it interesting to note that China and India, over 2billion people combined, compared to our 0.3billion, we use double the amount of oil they do combined. We are oil junkies that is for sure.
Though I will point out that the profit margin on a single gallon of gasoline at the retail market is a nickel on the dollar roughly. Fountain drinks, tobacco and booze is where they make thier money, just like everyone else.

Not to mention that probably unthinkable amount of other investment Exxon must own.

 

[ilikeboobs]

Good for them. They're a legitimate for-profit business. I think all the "big oil" hating comes from those who are simply jealous of their success.

No one ever attacks "big unions" or "big labor", but "big oil" and "big pharmaceuticals" are evil for some reason...
hmm.

 

[Bunz]

Good for them. They're a legitimate for-profit business. I think all the "big oil" hating comes from those who are simply jealous of their success.

No one ever attacks "big unions" or "big labor", but "big oil" and "big pharmaceuticals" are evil for some reason...
hmm.

I am not above calling out a union when I think they are in the wrong. The problem with this whole thing is perception. Youll notice I said I dont hate BP or Conoco, same goes for Shell and Citgo. Exxon though, I think my dislike for that entity is wholly justified.

 

[Aaron Burr]

Son of a gun Bunz, I got ya' all wrong. If Exxon is finally forced by the courts to cough up, I may have to sell short.

Will the Fishers get settlements or will the State get the money to fund ambiguous social welfare programs?

I ask because of the Tiger incident that happened over Christmas. The tiger that killed that guy had a history of mauling zookeepers. The last one got mauled a year before Christmas. At that time, the City fined the Zoo 18 grand for negligence etc, etc,.. They paid up. The zoo keeper that got mauled, the actual person who got hurt, not only didn't get a dime, she wasn't allowed to sue for damages.

It's been almost twenty years, I'd almost forgotten ol' Capn' Joe was doin' body shots off the First Mate when the Valdez ran aground. Is the bay back to normal? If not, it seems like a good place for an oil well.

B.P. killed all them poor Hindus in India a while back, and Citgo is Venezuela's sex toy.

But Chevron has those cool looking blue pumps. Texaco uses a five pointed star, and they're goin' with a lot of black this year so the menace factor alone makes them attractive.

Shell is just...well...kinda gay.

 

[USMC the Almighty]

Well then it sounds like you should be providing the beer.

Well...I own a very small share of Exxon.

 

[vyo476]

Well...I own a very small share of Exxon.

Compared to the rest of us, who own no shares of Exxon?

 

[Aaron Burr]

How can you not own stock in Exxon? If you have a 401k or mutual fund or some kind of retirement plan, you probably own some small shares in it. This may have been what USMC meant. I don't know, maybe he's a majority shareholder and just wants more. If this is the case, outstanding.

Besides, you can start trading Exxon for 4 bucks a pop with ING direct. That's less than the price of a beer in a bar. But I would never recommend beer to anyone. Beer is full of C02, a greenhouse gas. You don't want the planet to catch on fire because of beer do you?

Just drink Bourbon like a good American, and buy stock in Allied-Domecq (nyse:AED) the owners of Makers Mark.

 

[Bunz]

Sigh

Son of a gun Bunz, I got ya' all wrong. If Exxon is finally forced by the courts to cough up, I may have to sell short.

Will the Fishers get settlements or will the State get the money to fund ambiguous social welfare programs?

I ask because of the Tiger incident that happened over Christmas. The tiger that killed that guy had a history of mauling zookeepers. The last one got mauled a year before Christmas. At that time, the City fined the Zoo 18 grand for negligence etc, etc,.. They paid up. The zoo keeper that got mauled, the actual person who got hurt, not only didn't get a dime, she wasn't allowed to sue for damages.

It's been almost twenty years, I'd almost forgotten ol' Capn' Joe was doin' body shots off the First Mate when the Valdez ran aground. Is the bay back to normal? If not, it seems like a good place for an oil well.

B.P. killed all them poor Hindus in India a while back, and Citgo is Venezuela's sex toy.

But Chevron has those cool looking blue pumps. Texaco uses a five pointed star, and they're goin' with a lot of black this year so the menace factor alone makes them attractive.

Shell is just...well...kinda gay.

Hey There Aaron,
Im going to try to type this point without it turning into a seething rant, not aimed at anyone but my frustrations with Exxon, the Federal government, and also to a lesser extent, the State government.

You seem to know a fair amount of the spill. In March it will be 19 years since the Exxon Valdez a nearly 1,000 foot long super tanker ran aground on Bligh Reef. Which was well outside the normal shipping channels. The 3rd or 4th mate was at the helm, it was about midnight when it happened, the ref is marked on charts and well the skipper. As you mentioned Joe Hazelwood, was in his cabin drunk. 11,000,000 gallons spilled.

Is the Bay back to normal?
Not really, the birds have come back, but one can still go to Prince William Sound, go to the high water line, dig down a foot and there is still oil clearly there. It will probably be there another 50 years minimum they say. While it is still good fishing in PWS, it isnt what it was pre-spill which would be considered world class, like among the best 5 places on earth.

The settlement, is the result of a civil class action lawsuit, so the money would go to the fisherman and not into some kind of superfund. Which was also set up as a result of the spill. The 5billion dollar award was set there as a reflection of a year's worth of profit in 1989. So think about that in terms of growth.