Exxon Mobil posts $40.6 billion annual profit
#1
Exxon Mobil posts $40.6 billion annual profit
http://www.msnbc.msn.com/id/22949325/
oil giant breaks record for largest annual profit by a U.S. company
HOUSTON - Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company — $40.6 billion — as the world’s biggest publicly traded oil company benefited from historic crude prices at year’s end.
Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, beating its own mark of $10.71 billion in the fourth quarter of 2005.
The previous record for annual profit was $39.5 billion, which Exxon Mobil made in 2006.
oil giant breaks record for largest annual profit by a U.S. company
HOUSTON - Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company — $40.6 billion — as the world’s biggest publicly traded oil company benefited from historic crude prices at year’s end.
Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, beating its own mark of $10.71 billion in the fourth quarter of 2005.
The previous record for annual profit was $39.5 billion, which Exxon Mobil made in 2006.
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#5
Saw this on the news this mernin. In a world of supply and demand...they have the supply, and we have the demand. Maybe this is where the saying "got us over a barrel" comes from? Also saw on the news where in Abu Dabi (sp) they actually auction off license plates over there. One feller paid something like 6.7 million for a plate with the number 5 on it. That's all it had, the number 5. Guess it means something. He was mighty rich (thanks to us no doubt).
#6
ok....1 last time. oil is traded in the futures mkt like corn, soy, pork, beef, wheat, propane, NG, cotton....
gas is $3.25 just down the street at the Mobil. Mobil "corporate" does NOT set that price. Geo Bush does not set that price or Cheney, or Chavez or me. oil is a freely traded commodity and market influences apply. are the oil co's making money??? bet your butt. but not because the oil LORD said today gas will be $3.50/gal. the gas in the station is priced at what it cost them to replace it at their last fill. do stations gouge..maybe.
if everyone in the US said, "for 1 month we were eating Nothing but corn".....the price would go through the roof(comparatively) and corn producers would make a ton of money because of the increase in the futures price.
what they are making now is based on speculative prices.
here in NY gas would be nearly a buck cheaper if state and fed taxes were dropped. the dems want to give away(yeah right) health care because it's a necessity. i contend gas is also. unless you work within a mile of your home gas is necessary to get to work. OR the hospital to get your "free" health care.
if we were allowed to develop OUR oil reserves and build refineries we'd see cheaper prices in the summer(had we been ready to pump) and the oil co's margin would drop.
jam the oil co's with windfall taxes and they won't pay a nickle of them. we will. Regan had trickle down economics(which i support 100%) the oil co's will have trickle down taxing. we will pay the new tax at the pump.
watch the futures market re: oil if windfall taxing is instituted
gas is $3.25 just down the street at the Mobil. Mobil "corporate" does NOT set that price. Geo Bush does not set that price or Cheney, or Chavez or me. oil is a freely traded commodity and market influences apply. are the oil co's making money??? bet your butt. but not because the oil LORD said today gas will be $3.50/gal. the gas in the station is priced at what it cost them to replace it at their last fill. do stations gouge..maybe.
if everyone in the US said, "for 1 month we were eating Nothing but corn".....the price would go through the roof(comparatively) and corn producers would make a ton of money because of the increase in the futures price.
what they are making now is based on speculative prices.
here in NY gas would be nearly a buck cheaper if state and fed taxes were dropped. the dems want to give away(yeah right) health care because it's a necessity. i contend gas is also. unless you work within a mile of your home gas is necessary to get to work. OR the hospital to get your "free" health care.
if we were allowed to develop OUR oil reserves and build refineries we'd see cheaper prices in the summer(had we been ready to pump) and the oil co's margin would drop.
jam the oil co's with windfall taxes and they won't pay a nickle of them. we will. Regan had trickle down economics(which i support 100%) the oil co's will have trickle down taxing. we will pay the new tax at the pump.
watch the futures market re: oil if windfall taxing is instituted
Last edited by lenny1carl; 02-01-2008 at 01:04 PM.
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#9
ok Dono then i'd ask this to the profit haters.......
what did the IRS take in last yr????
compare what the oil co's "made" supplying a tangable product last yr to what the govt appropriated last yr while supplying nothing worth the inflated price they paid.
at least we had the choice to buy gas (somewhat). we had no choice as to govt waste.
what did the IRS take in last yr????
compare what the oil co's "made" supplying a tangable product last yr to what the govt appropriated last yr while supplying nothing worth the inflated price they paid.
at least we had the choice to buy gas (somewhat). we had no choice as to govt waste.
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#13
I'm not going to bash ExxonMobil for making a profit.....
But excuse me if I don't clap and cheer and do cartwheels and say "great job, man" while I fill up my truck (yet again) with $3.40/gallon diesel......
And at what point DOES the CEO pay & compensation become a little, shall we say, 'extravagant' in the face of mediocre, or even falling, stock prices and a 'suffering' clientele at the pump? Home Depot's stock tanked a couple of years ago, yet Nardelli walked away with what, a $140-million dollar sendoff?
I feel a couple of different ways about this, and I'm as capitalist as anyone. But there IS something basically wrong when executives and CEOs garner larger and larger multi-million dollar paydays, even when employee pay remains stagnant, and layoffs occur.
But excuse me if I don't clap and cheer and do cartwheels and say "great job, man" while I fill up my truck (yet again) with $3.40/gallon diesel......
And at what point DOES the CEO pay & compensation become a little, shall we say, 'extravagant' in the face of mediocre, or even falling, stock prices and a 'suffering' clientele at the pump? Home Depot's stock tanked a couple of years ago, yet Nardelli walked away with what, a $140-million dollar sendoff?
I feel a couple of different ways about this, and I'm as capitalist as anyone. But there IS something basically wrong when executives and CEOs garner larger and larger multi-million dollar paydays, even when employee pay remains stagnant, and layoffs occur.
#14
Steve, my thought on that is to re-examine how we do "minimum wage" in this country. Instead of a set dollar amount nationwide, limit the top-paid exec to some multiple of what the lowest-paid worker gets, based on say, 2000 hours.
For example, if the ratio is 50:1, then if the top exec gets $2M/year, the lowest paid worker would get paid at a $40k/year rate (or $20/hr if less than full-time). Obviously, there would have to still be some sort of minimum dollar amount for cases like mine. I'm self-employed, so if I hired someone, say I made $50/hour, I couldn't pay the guy I hired only $1/hour, I'd still have to pay him some minimum, like $7/hr or something.
I can't say I'm real fond of the $3/gallon gas I'm putting in my 9 MPG (city) truck right now either, but we DID have pretty stable gas prices throughout the '80s and '90s, save for the period surrounding Desert Shield/Storm in '90-'91. And, if you look at the margins on a company like Exxon/Mobil, $40B is chump change. If they had the profit margins that many other companies enjoy, that number could be closer to $200B.
Jason
For example, if the ratio is 50:1, then if the top exec gets $2M/year, the lowest paid worker would get paid at a $40k/year rate (or $20/hr if less than full-time). Obviously, there would have to still be some sort of minimum dollar amount for cases like mine. I'm self-employed, so if I hired someone, say I made $50/hour, I couldn't pay the guy I hired only $1/hour, I'd still have to pay him some minimum, like $7/hr or something.
I can't say I'm real fond of the $3/gallon gas I'm putting in my 9 MPG (city) truck right now either, but we DID have pretty stable gas prices throughout the '80s and '90s, save for the period surrounding Desert Shield/Storm in '90-'91. And, if you look at the margins on a company like Exxon/Mobil, $40B is chump change. If they had the profit margins that many other companies enjoy, that number could be closer to $200B.
Jason