Exxon-Mobil posts highest profits in history:

[Mr. dB]

http://www.reuters.com/article/newsOne/idUSWEN711420080731

NEW YORK (Reuters) - Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.

Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

Exxon -- the world's largest publicly traded company -- previously set the high-water mark for quarterly earnings in the fourth quarter of last year, when it brought in $11.66 billion.

Despite the new record, Exxon's results lagged behind analyst expectations.

The company posted operating earnings of $2.27 a share in the quarter, which exclude a $290 million charge related to the recent Supreme Court ruling in the Exxon Valdez case. Analysts, on average, had expected the company to earn $2.53 a share, according to Reuters Estimates.

Revenue in the quarter rose about 40 percent to $138.07 billion.

Exxon both produces oil and refines it to make gasoline, and profit margins for gasoline were weak during the quarter, holding back earnings slightly.

The company said earnings from its exploration and production business rose about 68 percent to $10.01 billion. But its refining and marketing earnings fell about 54 percent to $1.56 billion.

U.S. oil prices averaged slightly less than $125 a barrel in the quarter, nearly double prices from a year earlier. Gasoline prices only rose 25 percent during that same period, resulting in weak profit margins for the fuel.

Shares of Exxon Mobil fell 2.2 percent in pre-market trade after its earnings were announced. Through Wednesday's close, they were down about 10 percent this year, underperforming the Chicago Board Options Exchange's oil index, which has fallen about 5.2 percent over the same period.

(Reporting by Michael Erman, editing by Dave Zimmerman)

 

[75th]

Naturally it doesn't mention the 49% effective tax rate the company is now in. Their profit margin is still extremely slim for all the bad press it (and other oil companies) get.

 

[EnderJE]

yay!

 

[motorol@]

yeah they always seem to talk about the net income to make it seem so huge but they never seem to mention revenue or net margin %

 

[needtogetarmy]

I think this is good. Who do you think owns the stock? Pension funds, mutual funds, state and local governments that provide retirement accounts for government employees. We should support the creation of wealth, not the destruction of it.

 

[Razorguns]

Good for them. If Govt tries to fuck them - they can always move their HQ's to Dubai like Haliburton and now American Money goes overseas.

r

 

[redsamurai]

so those profit figures are "before" taxes?

 

[needtogetarmy]

so those profit figures are "before" taxes?

Who really cares anyway. Americans are stupid enough to take their profits anyway.

It was the same deal with the pharmaceutical industry in the 1990's. Old people need their viagra and do not want to pay for it. The pharma pipeline is slowing down though. If all those profits were taken one of our leading industries would be screwed.

Despite the fact that every controlled economy has failed, and every business the government runs loses money or is failing (education and the postal office to name two) dummy libs still want to take control of things.

The last thing I need are the idiots at the post office or DMV controlling the oik companies. Waiting 45 minutes in line at the local post office to mail a package is a nightmare. Imagine doing that at the gas station, and paying twice as much.

 

[p0ink]

you guys do realize you are paying 40+ cents per gallon just on taxes.

and yet your government chooses to send $48 billion to africa to 'fight aids'.

 

[Razorguns]

If you want to fuck up something royally. War on Drugs, Terror, Schooling, Immigration, Healthcare, Steroids in Sports, Bailing out Banks (lol)

just get the USG involved.

r

 

[inkspot]

Who really cares anyway. Americans are stupid enough to take their profits anyway.

What are you saying here??

 

[Mr. dB]

If you want to fuck up something royally. War on Drugs, Terror, Schooling, Immigration, Healthcare, Steroids in Sports, Bailing out Banks (lol)

just get the USG involved.

r

How can we lay claim to be "the greatest country on Earth" if we have such a rotten government?

 

[Razorguns]

How can we lay claim to be "the greatest country on Earth" if we have such a rotten government?

Which is elected by even stupider people. The public school / conformity machine - ensures people from day 1 accept everything, question nothing. It begins with the teacher / student relationship.

Insert 9000 threads by me on public education.

r

 

[75th]

How can we lay claim to be "the greatest country on Earth" if we have such a rotten government?

Youll notice we have gone more and more downhill as the government gets further and further involved.

 

[mrplunkey]

Youll notice we have gone more and more downhill as the government gets further and further involved.

How can you say that about the organization that brought you the US Postal Service, FEMA, the COBOL programming language, and a bankrupt panzi scheme called social security?

 

[mrplunkey]

so those profit figures are "before" taxes?

Net income = after tax profit.

 

[75th]

I read a story this morning that Wal-Mart is training its managers to prepare for a Democrat victory in November, thus leading to the probable unionization of its workers.

 

[mrplunkey]

I read a story this morning that Wal-Mart is training its managers to prepare for a Democrat victory in November, thus leading to the probable unionization of its workers.

I saw that too. That will be world war 3.

We need a revitalization of unions here in this country. That would drive the very last manufacturing jobs out so we can be a 100% service economy and slowly grind to an economic halt.

 

[Smurfy]

i paid less for my gas yesterday ($3.91) than I did 2 weeks prior ($4.09) yay!~
howcome they dont talk about this on the news like they did everyday that it went up one penny for months straight?

 

[mrplunkey]

i paid less for my gas yesterday ($3.91) than I did 2 weeks prior ($4.09) yay!~
howcome they dont talk about this on the news like they did everyday that it went up one penny for months straight?

Its due to why the price dropped. Conservatives making noise about offshore drilling and ANWAR have created uncertainty around the safety of speculating oil increases. Rest assured if it had been anything Obama had said or done, there would be a 24/7 love-fest going on right now.

 

[billfred]

Chevron posted a loss today in there Refining and Marketing business unit.

Wait - I thought the big oil companies were ripping everyone off?? Confused!!

 

[mrplunkey]

Chevron posted a loss today in there Refining and Marketing business unit.

Wait - I thought the big oil companies were ripping everyone off?? Confused!!

I'm not knocking on big oil, but losses in refining are no big deal if you have massive profits on the exploration side.

 

[billfred]

I'm not knocking on big oil, but losses in refining are no big deal if you have massive profits on the exploration side.

It is when congresss thinks you are ripping off consumers with high gasoline prices. This tells you that they basically sold gasoline at a loss last quarter.

What if you have no exploration and production? There are many companies in that category.

 

[milo hobgoblin]

Ya the pure craziness of 10% of 140 being a lot more than 10% of 80 or 90

the math is mind boggling!!!

DAMN THOSE OIL COMPANIES AND THEIR 10% PROFIT MARGINS!!! Why cant you be more like coca cola or the pharmaceutical industry!!! DAMN YOU TO HELL!!!!!!!!!!!!!!!!

 

[chris302001]

Ya the pure craziness of 10% of 140 being a lot more than 10% of 80 or 90

the math is mind boggling!!!

DAMN THOSE OIL COMPANIES AND THEIR 10% PROFIT MARGINS!!! Why cant you be more like coca cola or the pharmaceutical industry!!! DAMN YOU TO HELL!!!!!!!!!!!!!!!!

lololol

 

[mrplunkey]

It is when congresss thinks you are ripping off consumers with high gasoline prices. This tells you that they basically sold gasoline at a loss last quarter.

What if you have no exploration and production? There are many companies in that category.

What should any company do when the costs of producing its product exceed the price the market is paying for the product? Either operate at a loss through the tough times or stop producing.

A multi-step product in which some stages operate at higher levels of profit than others is the norm, not the exception.

 

[needtogetarmy]

What should any company do when the costs of producing its product exceed the price the market is paying for the product? Either operate at a loss through the tough times or stop producing.

A multi-step product in which some stages operate at higher levels of profit than others is the norm, not the exception.

Educating people here on how the market/businesses/the real world operates is like squeezing blood from a rock.

 

[Razorguns]

Oil companies should piss off the american public.

Sell themselves to Arabs.

Then what are people gonna bitch about? "Damn those arabs are making too much money. They should give some back"

HA HA HA!

If I owned an oil company - i'd move it offshore just to piss people off and stop the bitching. People think you're american-owned, you're now a charity for fat useless americans.

r

 

[redsamurai]

It's hard to discern sometimes who's giving you the right numbers and who's not. I read a year ago that the oil coming down from alberta was yielding nice profits when oil was at $70-80..........let alone what we're at now. Those 10% profit margin figures seem a bit low. But I will concede that whoever is up there in northern canada drilling on the perma is footing quite a bill for what basically amounts to a crapshoot. Oil is just becoming inefficient. Now that the big fields are slowing down it's just too expensive to be prospecting all over the globe. Plus, the internal combustion engine and it's roughly 23-24% carnot efficiency has got to be phased out.