NEW YORK (CNNMoney.com) -- Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.
But Exxon (XOM, Fortune 500) profit fell short of Wall Street estimates.
Analysts predicted the company, the world's largest publicly traded oil firm, would make $12.1 billion in profit on $144.4 billion in revenue, according to Thomson Reuters.
Exxon shares fell about 2% in pre-market trading.

Exxon was both helped and hurt by high oil prices. As an oil producer, the company makes a lot of money when crude prices rise. But as a refiner, it must also buy crude oil to turn into gasoline. Exxon is a net buyer of crude.
"Record crude oil and natural gas realizations were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Exxon said in a statement.
Oil prices in the quarter were nearly twice as high as the same time last year, while gasoline prices were an average of nearly 30% higher.
Exxon spent $7 billion in the second quarter finding and producing more new oil, up 38% from last year.
The company returned $10.1 billion to shareholders in the form of dividends and stock buybacks, 12% more than last year.

 

This is good news. American companies, making good profits, creating jobs and providing value for their shareholders. Not only that, but US oil companies pay more in taxes than 40% of all private taxpayers combined.

 

It is excellent news for the American economy.

 

The funny thing is when people point to the US companies about the oil situation... they often don't know that US oil companies only account for about 5% of the market. So if a US company can make profit with a minority stake in the market its a good thing for the US economy, regardless of the overall impact of oil on the economy (which is a separate issue from Exxon's profits).

 

Didja know, that the Giant Exxon/Mobile US based conglomerate huge sized evil oil company is only 14th in the world.

didja know that of the top 3 gasoline retailers, 2 (including the number 1 spot) are not US companies?

Saudi Arabian oil comes welling out of the ground if you stub your toe too hard. Think what THEIR profit musta been!

 

Buy stock while the market is down.

 

Exxon has about 1/20th the reserves of the two largest companies, both state owned and from the middle east. Russia has three separate companies bigger than Exxon.
Reference:
World's Largest Oil and Gas Companies
I'm happy to see that Canada has four companies in the top 50.

 

Yup, that is good news for the economy. The "guvRment" likes it, too. Their share is in the trillions from taxes. I don't have the figures, but I heard it was in the ball park. Right around 40 cents of every dollar.

Got a laugh from a prez canidate....said we didn't have to drill for oil if we kept our tires properly inflated and engine tuned up. He can relate to us, can't he?

 

That is great news. But $1500 a second seems a bit small.

 

Wow........i figured the Big oil Bashers would have jumped on this like Harry Reid on a welfare hand out.
I'm Pleasently surprised.

 

Damn, I wanna make $1500 bucks a second. Heck I'd even go for $1500 a day.

 

It think it didn't start with the bashers because I immediately followed up with the positive side. Economies aren't all take or all give. For everyone getting a home foreclosed there is someone getting a deal on a home. People complain about hurting at the pump but there are people not hurting from it, grateful for the extra income they've earned to put their kids through college. For every dollar spent at Exxon there's someone at Exxon (or its shareholders) earning that dollar and pumping it back into the economy through their purchases. If there weren't any "rich" people lots of other people wouldn't have jobs making cars, boats, plane, luxury items and providing services to these people. Its all interconnected and what we are going through is what economies have always gone through.

 

They also paid $4K a second in taxes, that includes all income, sales and everything else.

 

They always state profits but what was the expenses?

If they had 100 billion in expenses and 110 billions in revenues, that sounds like a avaragve 10% profit margin.

I keep hearing wind fall profits tax. Now I hear one of the canidates stating he will give $1000 stimulus this fall to family's funded by oil companies.

Where is this country heading?

Shame on you for making profits?

Guess the nay sayers lost the definition of Capitalism some where down the line.

 

Their PM was around 7%.