Exxon Mobil averages $1500 a second in profits!

[brian r]

I think I just threw up a little.

http://money.cnn.com/2008/07/31/news...ex.htm?cnn=yes

[Macaw]

So they made 8.46% profit not a bad return for the shareholders but not outstanding either.

[DFWehman]

As an ExxonMobil employee and stockholder I suggest people buy some shares and stop whining. Why is America the land of opportunity, but the place people hate to see other succeed. Good point Macaw, we're only middle of the pack in terms of ROC.

[vwW12]

Originally Posted by brian r

I think I just threw up a little

So... does the fact that Exxon pays $4,000 a second in taxes also give you nausea?

Or don'tcha know that Exxon just paid $32,000,000,000 ($32 billion) in taxes during the last quarter?


In fact, Exxon just paid $61 billion in taxes during the first half of 2008.

That's 10 billion per month.

From one company. One U.S. company.

Isn't capitalism wonderful?

[DFWehman]

Wow, I didn'tnow that!!

[jwight]

Profits are after tax, so even with the $32 Billion in taxes, Exxon manages to turn a yearly profit of some $44 Billion. Yeah, the percentage is mid pack but the amount is staggering. If a business made 10% on one million dollars it wouldn't buy much - Exxon's billions would/could/should buy a lot. How many new refineries have they started? How many new wells drilled? How much invested in alternative energy sources? Those numbers might mean something. And this poor little oil company seems to find enough spare cash around to keep its CEO in cheese and crackers for a few months:

NEW YORK (MarketWatch) -- The base salary and bonus paid to Exxon Mobil Corp. Chairman and CEO Rex Tillerson both increased in 2007, according to the company's proxy statement filed Thursday.
Tillerson was paid a base salary of $1.75 million last year, up from $1.5 million in 2006, and his bonus rose to $3.36 million from $2.8 million, the proxy showed. The executive, who heads up the world's largest corporation by market capitalization, also received $5.7 million in stock awards consisting mostly of restricted shares, up from $4.2 million in 2006.

Not against these guys making money, just wish they'd do something with it other than line their shareholders' pockets.

[Fredvon4]

No one ever claimed Coke or Pepsi making 300% profit on $1.19 16 oz plastic bottle of water was an obscene profit... or environemntaly unfreindly

No one claimed Apple charging $699 for a $85 (true cost) iPhone was making obscene profit

In my life time the government used our tax money several times to investigate so called "Big Oil" for illegal practices, price fixing, scalping, anti trust, conspiracies etc...

Each investigation by the Congress, Fed, and SEC cost all of us $$Millions... and each time they found NO evidence of any of the allegations

Some might argue that over the years some Congressmen, Senators or Presidents were in bed with big oil and were shielding them from scrutiney...perhaps...hell even probable...but I tend to think the enemies are adept and crafty investigators, lawyers, and have a vested interest in proving their claims...

If Big Oil was really manipulating the markets, and ripping us off, I think the enemies could have found some evidence, some whistle blower, some trail of documents somewhere... like I said...to date nothing...

Exxon Mobile are not even as big as the anti capitalism and environmentalists would have us believe... Exxon Mobile is really a small fry energy company compared to the really big ones we buy raw resources from

I wish my 401 had more shares in the energy sector

[brian r]

Originally Posted by vwW12

So... does the fact that Exxon pays $4,000 a second in taxes also give you nausea?

The fact that it's mostly going to fund the war certainly does. And my opinion isn't based on a political point of view, but that until fifteen years ago I was a LtCdr in the Navy. Flying above the same bloody sand our taxes are landing on.

No intention to make this political, but I did want to answer the question.

[brian r]

Makes me wonder why 93 octane at the Mobil in my town is $4.59, and at the Valeo a mile away it's $4.29/$4.09 on Sunday...

[DFWehman]

The different price is set by the private dealer, not the corporation.. And id it exactly the same product?

To another post, no, there haven't been many new refineries or wells, because no one wants it in their backyard... Why do you complain about us sending $$ overseas for oil, and at the same time not want to produce it here? Should we be drilling on the moon? What's your plan?