Ain't this the Pits

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May 1, 2008 | 01:58 PM

#31

haulingboat

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Joined: Nov 2003

Posts: 723

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From: Spring, Texas

Quote:

Originally Posted by aklim

Yes but if you spent more, doesn't it follow that you make more cash profit? If they doubled what they spent next year WRT what they spent this year, are you going to gripe when their profit next year is double what it is this year?

IOW, do you judge profit by just the number? I rate it WRT what they spent. Spend more, dollar wise, make more, dollar wise. I don't see anything spectacular there.

I'm not griping about their profit. They are entitled to make money just the same as everyone else. If I had the means to build a business that would net me Billions in profit I would do it regardless of margin. At the end of the day you can shack your head and say the margins are weak but you'll be a billionaire.

No doubt the press it sensationalizing the story. That is expected. That doesn't mean they made anyless money.

May 1, 2008 | 01:59 PM

#32

aklim

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Joined: Jan 2006

Posts: 7,308

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From: Hartford, WI

Quote:

Originally Posted by WILDMAN_Stroker*7.3

<table class="bwtablebottommargin" id="t5673866_3" cellspacing="0"><tbody><tr><td>
</td><td>
</td><td>
</td><td>
</td><td>
</td></tr><tr><td class="bwcellpaddingleft2 bwverticalaligntop bwtextalignleft" id="t5673866_3_10_4847">Total revenues and other income </td><td>
</td><td class="bwcellpaddingleft0 bwwhitespacenowrap bwcellpaddingright0 bwverticalalignbottom bwtextalignright" id="t5673866_3_10_8365">116,854 </td><td>
</td><td class="bwcellpaddingleft0 bwwhitespacenowrap bwcellpaddingright0 bwverticalalignbottom bwtextalignright" id="t5673866_3_10_9725">
</td></tr><tr><td class="bwcellpaddingleft2 bwverticalaligntop bwtextalignleft" id="t5673866_3_14_4847">Net income (U.S. GAAP) </td><td>
</td><td class="bwcellpaddingleft0 bwwhitespacenowrap bwcellpaddingright0 bwverticalalignbottom bwtextalignright" id="t5673866_3_14_8365">10,890 </td><td>
</td><td class="bwcellpaddingleft0 bwwhitespacenowrap bwcellpaddingright0 bwverticalalignbottom bwtextalignright" id="t5673866_3_14_9725">
</td></tr></tbody></table>

The line in green is net profit and is the record profit they are talking about. This in not that hard to read.

Then I am confused. 10890/(116854 - 10890) X 100 = 10890/105964 X 100 = 10.277% Why the hue and cry?

May 1, 2008 | 02:01 PM

#33

aklim

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Joined: Jan 2006

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From: Hartford, WI

Quote:

Originally Posted by haulingboat

No doubt the press it sensationalizing the story. That is expected.

That doesn't mean they made anyless money.

Definitely. There are enough weak minded people to get excited about it.

Yes, the made a bunch. However, they spent even more. Therefore, I don't think they are price gouging or whatever. 10% isn't that much, percentage wise.

May 1, 2008 | 02:06 PM

#34

jeff7825

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Joined: Sep 2007

Posts: 2,121

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From: Knoxville, TN

Quote:

Originally Posted by aklim

Then I am confused. 10890/116854= 9.319% Why the hue and cry?

I may be wrong, but wouldn't you take their profit and divide by their expenses to get the percentage? Which would be a little over 11%.

Like I said I could be wrong, i'm no accounting major by any means.

May 1, 2008 | 02:08 PM

#35

WILDMAN_Stroker*7.3

Thread Starter

Senior User

Joined: Aug 2006

Posts: 281

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From: Angleton, Tx

On the liter side of things EOM and Nigeria labor market reached an agreement on the strike that they were having an EOM will be starting there oil production back up in Nigeria. They were producing 2.1 million barrels of crude each day. This is one of the factors helped drive oil prices to all-time highs. So maybe this will help with the price of tea in China.

May 1, 2008 | 02:13 PM

#36

aklim

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Joined: Jan 2006

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From: Hartford, WI

Quote:

Originally Posted by jeff7825

Replied too fast.

I would think their profit is 10890
Revenue is 116854
Expenses would be 116854-10890=105964
% profit would be 10890/105964X 100 = 10.277

10890/(116854 - 10890) X 100 = 10890/105964 X 100 = 10.277%

May 1, 2008 | 02:13 PM

#37

empiretc

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Joined: Dec 2003

Posts: 5,250

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Quote:

Originally Posted by dcf4x4

Don't fall for Hillary's "windfall profits" speech.

There is an average profit margin of about 8% for most businesses. Look it up.

profit on $1 is 8 cents.
profit on 100 billion is 8 billion...

I agree, don't fall for Billary's idea, but I am getting real sick and tired of everyone defending big oil, and their low profit % compared to other. Don't get me wrong, business is business, but what about the 50 million + salaries the CEOs, CFOs, and everyone else is getting. Those are the ones to be pissed at as they are the decision makers, not the company in general. That 8% profit is the the NET after all expenses (salaries included). And yes, their profit was lower than anticipated this quarter.

May 1, 2008 | 02:23 PM

#38

aklim

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Joined: Jan 2006

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From: Hartford, WI

Quote:

Originally Posted by empiretc

but what about the 50 million + salaries the CEOs, CFOs, and everyone else is getting. Those are the ones to be pissed at as they are the decision makers, not the company in general.

CEOs are getting paid what the market will bear. Why are we getting pissed at them? Would you work for less than the market will bear? I wouldn't. You want me to head a multi billion dollar company and you want to pay me 1 million? Give me a break. Would YOU work for that little?

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May 1, 2008 | 02:33 PM

#39

empiretc

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Quote:

Originally Posted by aklim

CEOs are getting paid what the market will bear. Why are we getting pissed at them? Would you work for less than the market will bear? I wouldn't.

Yeah, the CEOs of Enron did.

You mean your not upset that they are not more hell bent on opening more refineries? I am surprised they have been slapped the same way microsoft was.

May 1, 2008 | 03:10 PM

#40

aklim

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Joined: Jan 2006

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From: Hartford, WI

Quote:

Originally Posted by empiretc

Yeah, the CEOs of Enron did.

You mean your not upset that they are not more hell bent on opening more refineries? I am surprised they have been slapped the same way microsoft was.

I wish they would be with the eco-*****, I know it is hard. Could they try harder? Possibly. Could the eco-***** make it easier? Possibly. However, since neither has happened, I would say both parties share the blame.

May 1, 2008 | 03:13 PM

#41

empiretc

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Joined: Dec 2003

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Quote:

Originally Posted by aklim

I would say both parties share the blame.

Agreed. There are just too many factors involved.

May 1, 2008 | 03:15 PM

#42

ggirten

Senior User

Joined: Mar 2003

Posts: 489

Likes: 1

From: Western Kentucky

It doesn't help they are making a pretty good profit by whatever measure you use, and still receive tax breaks. Also, having two ex oil men in the Whitehouse doesn't help.

May 1, 2008 | 03:20 PM

#43

ggirten

Senior User

Joined: Mar 2003

Posts: 489

Likes: 1

From: Western Kentucky

Here is a story on your market bearing CEOs. Yahoo!

May 1, 2008 | 03:37 PM

#44

aklim

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Joined: Jan 2006

Posts: 7,308

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From: Hartford, WI

Quote:

Originally Posted by ggirten

It doesn't help they are making a pretty good profit by whatever measure you use, and still receive tax breaks.

Also, having two ex oil men in the Whitehouse doesn't help.

Percentage wise, it isn't that good. Numbers look big but so do the expenses to make it. That is why 40 billion a year doesn't impress me when they spent 400 billion to make it. Now if they spent 40 billion to make 40 billion profit, I admit that is something.

Either way you are going to have someone in there who has a successful past. What are you going to do? Have Joe Hobo run?

May 1, 2008 | 03:40 PM

#45

aklim

Lead Driver

Joined: Jan 2006

Posts: 7,308

Likes: 250

From: Hartford, WI

Quote:

Originally Posted by ggirten

Here is a story on your market bearing CEOs. Yahoo!

That is from the media. The same people that use the "record profits" to sensationalize a story. What I want to know is how many failure CEOs are being paid that way and what their percentage is. If 1 in 1000 CEOs are getting 66 million for a screw up, I don't care. Now if say 1 in 10 are, we have an issue. That story has a few sensational cases. I don't deny that. However, if the numbers of these people are few and far between, I don't worry. More than that, we need to take a closer look.

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