This is just wrong on so many levels

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Rodger Tellefson

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Exxon Mobil profits break record

AP - The world's largest oil company earned roughly $1,500 per second this quarter, beating its own record yet still disappointing Wall Street.



AP

Exxon Mobil 2Q profit sets US record, shares fall

Thursday July 31, 11:18 am ET

By John Porretto, AP Business Writer

Exxon 2Q profit of $11.68 billion sets US record, but falls short of Wall Street expectations :wacko:



HOUSTON (AP) -- Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares fell.
 
Here is a question:



How come the "Big Three" haven't figured out a way to shake-down Exxon and others like them to share their profits?



I'm serious. Such a practice is not unheard of. The MPAA sues DVD and before that VHS media and hardware companies, with the theory behind the suit that the companies are benefitting from the product/services/standards provided by the MPAA. The MPAA realizes that without their products these other companies would have no market.



Exxon couldn't make its money without cars on the road. I'm surprised Ford, etc, don't go knocking on their door.



P.S. I'm not suggesting collusion, but instead profit sharing.



TJR
 
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Thats not fair, and the government cant do anything about this? They are obviously raising the prices more so they get more profit.:angry:
 
The big three could all disapere overnight and It would have no effect on big oil.

The void would just be filled by the japanese and the germans with far better cars.
 
Just exactly what is wrong?



My 401k is tied to profit making companies and I want them to suceede.



One other thing, their percentage of profit is something like 9%, if my departmant makes less than double digit profit, I get fired. Guess they aren't doing as well as you think.



The total is big because the company is big.
 
Wrong?! What's wrong about it? This is so tiresome, because this happens every quarter after oil companies post their earnings. The media is quick to post the dollar amount of the companies' earnings, but they seem to always neglect to publish the profit margin. This is done solely to vilify the oil companies and whip the dumb masses into a frenzy. Oil companies's profit margins have historically averaged between 8-10%. I know that this chart is a little old, but it is still probably pretty accurate in illustrating oil profit margins as compared to other industries, yet we never hear about Congress calling those executives in for hearings.



90c746150a427033e3f3d71b3e1d4f59.gif




And who as the right to determine just how much profit is too much? Who has the right to say a certain profit level is OK for one industry, but too much for another? In a capitalist, free market economy, the answer is that no one has that right!



Oil companies, like any other corporation, are in business to make money. And publicly traded companies like the oil companies are beholden to their share holders to earn as much profit as they can!



Many of those shareholders are everyday, middle class Americans like you and me. If you have a mutual fund, a 401K, or pension plan through your employer, or even yes, through your union, chances are you own stock in an oil company. So you think that their profit is too high and should be reduced somehow, then you're only going to hurt your own bottom line.



I own a modest amount of ExxonMobil stock, so I say, keep up the good work, boys!
 
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With al of the Oil companies posting results this week, you need to look into the numbers. The Oil companies are making their money on the E&P side of the business, the R&M side (refineries and gas stations) are less than 15% of their profit. The companies that only have R&M (like Valero) are not doing so well.
 
Good point, t_hutch.



This story explains in further detail exactly what you're talking about:



ExxonMobil profit up 17 percent, but short of forecasts



ExxonMobil said Thursday its first-quarter profit rose 17 percent from a year ago to 10.89 billion dollars, but the earnings were below Wall Street forecasts.



The biggest US oil and gas company said gains from record-high crude prices were offset in part by weaker profit margins and higher operating costs.



The profit for the Texas-based firm amounted to 2.03 dollars per share, below the 2.13 dollars expected on Wall Street.



Revenues for the January-March period rose sharply to 116.9 billion dollars.



The quarterly earnings, a new record for the energy giant, followed a banner year for the company as crude oil prices soared on strong demand, particularly in China and India.



ExxonMobil posted a 2007 profit of 40.6 billion dollars, the largest US corporate annual profit in history.



"Earnings per share were up 25 percent reflecting the impact of the continuing share purchase program," the company said.



"Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs."



Exxon, a component of the Dow Jones Industrial Average, said that profit from upstream activities, such as exploration and production, rose to a record 8.785 billion dollars in the latest quarter from 6.041 billion a year earlier.



By contrast, earnings from downstream activities such as refining and chemicals plunged in the latest quarter to 1.17 billion dollars from 1.91 billion a year earlier.



The company said it bought back about 110 million shares of its common stock in the latest quarter at a gross cost of about 9.5 billion dollars.



Crude oil production fell 5.5 percent from a year ago, mainly due to the company's reduced activities in Venezuela, where the government of President Hugo Chavez nationalized oil fields in June 2007.



Excluding the Venezuela expropriation, divestments, OPEC quota effects and price and spend impacts on volumes, production was down three percent, the Irving, Texas-based group said.



Shares in ExxonMobil were down 2.9 percent at 90.35 dollars in pre-market trading.
Click to expand...
 
I would be more worried about how much money the Saudi's and other mid-eastern countries are making and how many new IED's they will be able to buy.
 
TrainTrac,



It's a matter of control. We have the control over what we put into our bodies, i.e. pharmaceuticals, and do not have control over what we put into our vehicles only how much. If I had the choice of putting something other than gas into my vehicle I would. At this time I take no meds, only vitamins, because I work on finding ways to keep myself well. We as individuals do not like being controlled, and like having the avility to make our own choices. I have not problem with any company makeing a profit, but not without the ability of being able to make a choice in the matter. If OPEC and the big oil companies wanted to they could bring this country down just by raising the price of oil to where no one could afford to buy it or buy any of the goods that are transported by truck. :(
 
Good post, TrainTrac. If the politicos start telling companies what they can and can't do then we might as well become a dictatorship........which is next, I fear. :(



ss
 
Everyone keeps dwelling on the price of gas, is what it is.

The main fallout is being severely felt by the older population on fixed incomes.

the price of food has gone off the wall (trucking costs).

If we have a severe winter in the east this yr your going to see alot of mortality because heating fuel cannot be bought.
 
Bill Barber said:
Everyone keeps dwelling on the price of gas, is what it is.

The main fallout is being severely felt by the older population on fixed incomes.
Click to expand...



Bill, let me first say, it's NOT YOU.



I just have to reply to your comment because you used another pet peeve phrase of mine;
"older population on fixed incomes"
Click to expand...



I take exception with that phrase, because it seems to imply that somehow the rest of us are on non-fixed, or variable incomes...as if we can simply CHOOSE to make more money if we need it.



We are all on fixed incomes; most of us anyway. I get paid the same each pay check. It's therefore fixed. If I want more money and more income (or want my current income to go further), I can do the same things the elderly can do...change my situation to MAKE MORE, or change it to SPEND LESS.



TJR
 
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buzz,



What I mean is that big business uses commercials to brainwash us, especially our kids, into buying a certain product. And, when you have companies like Wal Mart who dictates to suppliers which products they will carry and what it will be sold for; we do not have as much choice as you would like to believe.
 

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