Possible reason for gas prices?!
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Elder User
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From: People's republic of MA
Possible reason for gas prices?!
http://www.marketwatch.com/News/Story/Story.aspx?guid={FB243793-08BF-4272-8801-41D9B12A4DB4}&dist=rss&siteid=mktw
Exxon chief made $144,573 per day: report
<label id="StoryContent_Content" class="StoryContent"></label>WASHINGTON (MarketWatch) -- Lee Raymond, the chairman and chief executive officer of Exxon Mobil Corp., earned $144,573 for each day of the 13 years he served at the top of the oil company, according to a report in Saturday's New York Times.
Raymond, who retired from Exxon in December, received more than $686 million from 1993 to 2005, according to an analysis done for the paper by an independent compensation consultant.
Raymond received more that $400 million in the final year of his contract.
Shareholder activists, consumer groups and corporate governance experts were taken aback by the details of the package.
Raymond declines to comment for the report.
Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware said Raymond received "entrepreneurial returns for managerial conduct."
"Exxon was there long before Mr. Raymond was there and will be there long after he leaves. Yet he received Rockefeller returns without taking the Rockefeller risk," Elson said.
Exxon chief made $144,573 per day: report
<label id="StoryContent_Content" class="StoryContent"></label>WASHINGTON (MarketWatch) -- Lee Raymond, the chairman and chief executive officer of Exxon Mobil Corp., earned $144,573 for each day of the 13 years he served at the top of the oil company, according to a report in Saturday's New York Times.
Raymond, who retired from Exxon in December, received more than $686 million from 1993 to 2005, according to an analysis done for the paper by an independent compensation consultant.
Raymond received more that $400 million in the final year of his contract.
Shareholder activists, consumer groups and corporate governance experts were taken aback by the details of the package.
Raymond declines to comment for the report.
Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware said Raymond received "entrepreneurial returns for managerial conduct."
"Exxon was there long before Mr. Raymond was there and will be there long after he leaves. Yet he received Rockefeller returns without taking the Rockefeller risk," Elson said.
Post Fiend
Joined: Apr 2004
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From: Lafayette, IN
Yeah, but that's peanuts compared to their total PROFIT last year, something like $35 BILLION.
Right now, prices are high (just heard this from some analysis show) because all gas is to be oxygenated with ethanol (instead of MTBE and others) by May 1, and there is a huge shortage of ethanol until more plants get built. 30 of them are under construction right now. Once more plants come online, the prices should level off or drop somewhat. I sure hope so, because 500 miles/week in a 10-11mpg truck is hard on the budget with gas at $2.799/gal.
That, and the whole Iranian thing going on--that affects futures prices which in turn affect current prices.
Jason
Right now, prices are high (just heard this from some analysis show) because all gas is to be oxygenated with ethanol (instead of MTBE and others) by May 1, and there is a huge shortage of ethanol until more plants get built. 30 of them are under construction right now. Once more plants come online, the prices should level off or drop somewhat. I sure hope so, because 500 miles/week in a 10-11mpg truck is hard on the budget with gas at $2.799/gal.
That, and the whole Iranian thing going on--that affects futures prices which in turn affect current prices.
Jason
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From: Alvin, Texas.
After further research--had to dive into this for Myspace last night--Mr Raymond takes homes $98 mil in cash for a lump sume payment and about $258 mil in stock. The payment would have been $143 Mil if he had spread it out, rather than take the lump sum.
$98 Mil for working 43 YEARS for that blossoming company? He could have done better. Michael Eisner took home ~$550 Mil for getting canned by Disney. The biggest retirement payoff to date. Complain about it.
I wouldn't mind that money myself, but worthless athletes make upwards of $25 mil/year (A-Rod) for doing something less important to us than running a very diverse energy company that employs MANY people across the world.
Mobil made $13 Bil profit after dividends last year, so a $98 Mil payment is covered already.
Thanks for playing.
$98 Mil for working 43 YEARS for that blossoming company? He could have done better. Michael Eisner took home ~$550 Mil for getting canned by Disney. The biggest retirement payoff to date. Complain about it.
I wouldn't mind that money myself, but worthless athletes make upwards of $25 mil/year (A-Rod) for doing something less important to us than running a very diverse energy company that employs MANY people across the world.
Mobil made $13 Bil profit after dividends last year, so a $98 Mil payment is covered already.
Thanks for playing.
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Elder User
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From: People's republic of MA
I wasn't making a statement or anything... not trying to start anything. I just find it amazing that people pull that kind of money. I didn't look into it beyond the article, but that's just one example of the kind of money some people are making. Ah to have that job for a month!
Wishful thinking I suppose
Tom
Wishful thinking I suppose
Tom
Laughing Gas
Joined: Jan 2004
Posts: 1,142
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From: Denver, CO
I'd like to know what exactly he did that got him that deal. Was he that benificial to the company? I seriously doubt any one man is that import to a company to earn that kind of money.
I could make an oil company billions, just cut prices to about 1.50 and watch the customers roll in.
I could make an oil company billions, just cut prices to about 1.50 and watch the customers roll in.
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Posting Guru
Joined: Dec 2004
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From: Connecticut
I sure wouldn't mind making it. It equals to $100.40 a minute for a 24 hour day
Mad Medic The end retailer would not allow it ot drop that far they would want to make a nasty proffit off the break.
Mad Medic The end retailer would not allow it ot drop that far they would want to make a nasty proffit off the break.
Last edited by Dungeon_Master; Apr 17, 2006 at 06:37 AM.
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And what exactly does he do to earn such an exorbinate amount. We all know he's not the only one pulling the reins at Exxon.
Posting Guru
Joined: Sep 2003
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From: Northeast LA
I heard that on the the news the other day about that guy making 140,000 bucks a day! That is rediculous, no one can spend that much money. You may be able to spend that much for a while (houses, cars, vacations) but after that you will run out of CRAP to buy. I know a guy that owns a couple of citgo's and they only let him make (at the most) 4 cents a gallon on gas. Citgo puts it in the ground and sells it and he makes 4 cents a gallon on it, and then what ever profits from the sell of crap in the store is all his. I get disgusted every time I think about the billions of dollars of profits the oil companies are making and no one can do anything about it.
Jason
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Jason
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From: Rochester, NY
Sure, the oil companies made over 10 billion in profits last year. However, these companies are spending upwards of 100 billion to make those profits. A profit margin of only around 10%. In the grand scheme of things, that's really not a huge amount.
Post Fiend
Joined: Feb 2004
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From: nebraska
Its a huge amount when these top execs earn that big money. Give me a break. Why should 1 man be worth that much money. I am all for profit but really. Its the simple matter. Theres no alternative energy for our automobiles. We have E-85 but the fuel companies refuse to let station put E-85 pumps in or they will quit delivering fuel there. Talk about greed they dont want know competition. Simple fact. Oil is big business an they dont want no competing fuels.