Exxon -- profit for 2007 -- $40 billion!

They appreciate your patronage much, Excursion guys!

Dayum oil companies are raping Americans!

February 1 2007: 9:07 AM EST

NEW YORK (Reuters) -- Exxon Mobil Corp. posted the largest annual profit in U.S. history Thursday, even though fourth-quarter earnings fell on lower natural gas prices and shrinking gasoline margins. For the year, Exxon Mobil earned $39.5 billion, up from its previous record $36.1 billion in 2005.

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Your welcome.

 

They don't get it from me. I only buy my cokes there

 

What did they spend to make 40 billion? IF they spent 100 million, it is a great ROI. IF they spent 400 billion, suddenly that 40 billion doesn't seem so impressive. This is only part of the story. What is the whole story?

Edit: From what I have seen, they are at 10% give or take a few percent. So what is the point of the newsflash? Just something to get people riled up? Running out of things to report or what?

And before someone asks, NO, I do not work for any oil company nor do I have any oil related interests.

 

"Largest annual profit" means what they made after all the bills are paid.

In other words, it might cost them $240 billion to produce the oil they sold for $280 billion.

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edit: Here's the exact statistics...

The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.

Appears they spent $364 billion to produce the oil they sold for $404 billion. A profit of $40 billion.

 

Here's a little something to compare Exxon's profits to:


Wednesday, November 14, 2007; Page D02 BENTONVILLE, Ark., Nov. 13 -- A year after its worst holiday sales season ever, Wal-Mart Stores appears to be finding a better mix of merchandise and marketing to complement its restored focus on low prices. The retailer posted third-quarter earnings Tuesday of $2.86 billion...

If WalMart makes $3 billion profit per quarter, that's $12 billion profit a year. Compared to Exxon making $40 billion. 3 1/2 times more than WalMart.

Here's another little tidbit:

Exxon CEO gets 25% pay raise, bigger bonus


08:17 AM CST on Wednesday, December 5, 2007



Exxon Mobil Corp. gave chief executive Rex Tillerson almost $20 million in bonus and restricted stock awards after profit climbed to more than $100 million a day.

"I'm not going to begrudge the man that money because, by any measure, Exxon has done very, very well under his leadership," said Robert Sweet at Horizon Investment Services LLC in Hammond, Ind.

 

Your not welcome you undispical little Corpet freaks whose raising gas for no reason

 

I've thought it over, and I've decided to begrudge Mr. Tillerson in Mr. Sweet's place. I'm not sure I could spend $20 million in a lifetime.

Pat

 

So what's your point? That they made an 11.11% profit?

 

I'm sure there is a point in all of this struggling to get out but for the life of me, I can't see it. What did Wal*Mart spend to make that 12 billion? You seem fixated on the profit but not able to see beyond that.

I'm running a business myself and I do hope to make more than an 11% profit.

 

As long as all the other oil companies lost 40 Billion, then oil prices are fair .... the problem is everyon has the same profit .... One thing about "profit" ... it usually is fictious ... That is only the amout their team of accountants and lawyers couldn't hide from the IRS .... it's really sad ...

 

I don't follow that logic.

To a point, yes. What else do you go by?

 

I too am a business owner and make well over 11% profit at the end of the day. HOWEVER, I as an owner have to abide by laws on price fixing and must face very stiff competition from fellow business owners. As our gross income has increased, by the simple laws of business dynamics, our final profict margin slightly decreases. Once our company passes, hypothetically, the 10mil mark, I highly doubt it would be seing 11% profit (profit is money left over in the bank that a company just couldn't get rid of through expenses, salaries ((including owners and execs)) huge perks and all other outgoing monies) as this would make it completely un-competitive with others around me. I would love to see those numbers, but in a real world atmosphere of business, it is very very difficult. In my industry, 3 to 4% is very common profit for larger, multi-million dollar firms.

I have NO issue with companies making healthy profits. I do take issue when:
1. They make huge profits even after paying their execs millions upon millions each year (more than any of us could ever spend).
2. They make these profits in a non-competitive market (come on, don't fool yourselves into thinking that oil companies aren't price fixing....ever hear of OPEC????).
3. They make these profits while still sucking huge goverment subsidies from American taxpayers.
4. They make these profits at the 'expense' of the country. Yes, this is a matter of us as a country getting used to low fuel prices, but it also nearly cripples and destroys many businesses and families when these prices skyrocket.

I am not a fan of Wal-Mart in any respect. I've dealt with them on a business scale and they are notorious for being very very hardnosed and stingy on their supply end (ask any supplier to wal-mart and you will see the ultimate examples of squeezing prices to pennies per unit). But as suppliers, we always have the choice of selling our goods at their requested prices or not. Now, on the retail selling side of the company, they do offer prices at a much much more competetive price than others, greatly stimulating competition. I don't take nearly as much issue when a company makes a very very very strong profit, but their product is much lower in price in than others. They make their profit through lean management, not jacking rates and gouging customers (although, I'd love to see them drop prices another 5%). That can't be said about oil companies; they have huge profits and do it through price fixing and gouging.

Devils Advocate View:
1. Oil prices are still lower compared to what they would be adjusted for inflation (but new technologies in production make this possible).
2. Wal-Mart may offer low prices, but they drive smaller, non-volume retailers out of business and offer extremely minimal wages to their non-executive staff, thus making them a pretty crappy company for comparison.
3. If oil companies reduced their prices by the % of their profit, that would still put gasoline at 2.70ish a gallon and diesel at 3.12 a gallon (by local pump prices); not a huge difference.

No matter what the case is, I still feel that these obnoxious salaries that CEO's make is crazy. The CEO of a major company is not being paid for his ability to run a company (they really do little no oversight of the actual company), but more simply for their ability to hire top level executives. These in turn hire lower level, these hire lower level, ect. ect., and then THESE finally oversee direct operations. And I'm sorry, but 20, 30, 50million is WAaaay too much money for an 'idea man' (what CEO usually means).

Just my 2cents from a guy who just had to fill his tank.

 

I'd rather Exxon get it than Citgo.....

 

IF OUR GOVERNMENT WOULD STOPPING TAXING OUR GAS PURCHASES, IT WOULD ONLY BE $2.35 A GALLON VS $3.00. TAXES ARE OUR BIGGEST PROBLEM