Exxon notches record 2008 profit of 45.22 billion dlrs

[tigerbob]

In the current economic climate, I suppose I should be pleased to see companies that are making healthy profits, but this one gives me some sense of irritation. Can you imagine what the numbers would have been if gas had stayed at $4 a gallon?

WASHINGTON (AFP) — US oil giant Exxon Mobil on Friday notched a record 45.22 billion dollar net profit in 2008 despite a 33 percent income decline in the fourth quarter amid plunging crude prices.

It was the biggest annual profit declared by any publicly listed company in the world, coming on the back of crude's triple-digit price for most of the year, rocketing to a record peak above 147 dollars a barrel in July.

The Irving, Texas-based company shattered its own annual profit record of 40.6 billion dollars posted in 2007 even as fourth-quarter income declined to 7.82 billion dollars.

The fourth-quarter profit drop was the biggest since 2001 as oil prices collapsed at the end of 2008 amid recession in the United States and most of the industrialized world following financial turmoil.

Its quarterly profit was equivalent to 1.55 dollars per share compared to analysts expectations of 1.45 dollars.

AFP: Exxon notches record 2008 profit of 45.22 billion dlrs

 

[Toro]

Good for Exxon.

I can guarantee you it won't be anywhere near that level this quarter.

 

[tigerbob]

Good for Exxon.

I can guarantee you it won't be anywhere near that level this quarter.

How do you figure good for Exxon?

Essentially, what the story means is that while we were all paying a fortune for gas, they were making higher profits than ever. I thought their profits were supposed to come from efficiency of operation, not via benefiting from gas at $140 a barrel. Does this mean that as the price of gas increased, they were adding a small % for themselves (i.e. every time a barrel went up $1.00, they were passing that on to the consumer at an extra $1.01 or $1.02?

I know most of the rise was attributable to banks and other investors speculating on commodities futures, but something doesn't ring true here.

Or am I viewing it too simplistically? I confess I know very little about oil.

 

[sealybobo]

Time for Obama to start spreading the wealth.

 

[Meister]

I just don't understand it. Exxon is a public company...right? Exxon shares are in almost all, if not all 401K's...right? Why do people act like all the profits are taken to the employee's exclusively? Almost all of Americans that have 401K's benefit from the profits. Also, alot of the profits go back to R/D, which literally is a hit and miss. Exxon makes about a 10% profit off a gallon of gas. That profit is on the low end of most major companies in America. Just because they are in a sector of business that everyone needs, lets not punish them for it. We all beneifit from it. Exxon didn't drive up the price of oil when it was at 147.00 a barrel. They were still making their 10% profit. Every goverment investigation concluded that there was no price gouging. Every goverment investigation.
Since when in America should a successful company get punished for making a fair profit? This is what America is all about. I get tired of hearing and reading that a company with excellent profits, employs thousands of people get bashed at every turn. Then the liberals what to punish them for success with a windfall tax. Our Founding Fathers are turning in their graves...I just know they are.
Side note: I don't work for, nor have I ever worked for a oil company.

 

[Skull Pilot]

this is such a nonissue.

why aren't you all complaining that basketball players get paid millions for wearing sneakers or that actors get paid millions for playing make believe or that Tiger Woods got paid 40 million in one year for playing fucking pasture pool.

oil companies provide you with a commodity that makes your life better and you begrudge them a profit.

 

[Chris]

"Record profits for Exxon"

When Bush and Cheney read this, they thought, "MISSION ACCOMPLISHED."

 

[Modbert]

this is such a nonissue.

why aren't you all complaining that basketball players get paid millions for wearing sneakers or that actors get paid millions for playing make believe or that Tiger Woods got paid 40 million in one year for playing fucking pasture pool.

oil companies provide you with a commodity that makes your life better and you begrudge them a profit.

We're not forced to pay for basketball players and Tiger Woods salary.

Insert another quarter and try again though.

 

[RodISHI]

Sure makes me feel like heading down and filling the gas tank, not.

 

[Skull Pilot]

this is such a nonissue.

why aren't you all complaining that basketball players get paid millions for wearing sneakers or that actors get paid millions for playing make believe or that Tiger Woods got paid 40 million in one year for playing fucking pasture pool.

oil companies provide you with a commodity that makes your life better and you begrudge them a profit.

We're not forced to pay for basketball players and Tiger Woods salary.

Insert another quarter and try again though.

you could heat your home with wood, you could ride a motorcycle to work to save fuel. you could convert your car to electric, you could make your own biodiesel.

Ain't no one "forcing " you to buy gas from Exxon.

And if I follow your line of reasoning every time you buy a pair of Nikes you are being forced to pay for some rich basketball players endorsement. So where's your outrage there?

 

[RodISHI]

What a load of BS some people spout.

 

[Skull Pilot]

What a load of BS some people spout.

Yes that's right we're ALL victims of giant corporations that force us to spend more than we make that steal our wages and are responsible for everything evil in this world oh woe is me, woe is me

We are ALL so incapable of taking care of ourselves that we need the benevolent government to dictate what we can and can't earn, how much we can save oh dear how will we ever live without our loving protectors the Politicians. I can't imagine where we would be without them

 

[Modbert]

you could heat your home with wood, you could ride a motorcycle to work to save fuel. you could convert your car to electric, you could make your own biodiesel.

Ain't no one "forcing " you to buy gas from Exxon.

And if I follow your line of reasoning every time you buy a pair of Nikes you are being forced to pay for some rich basketball players endorsement. So where's your outrage there?

When you're in the city, this is quite difficult; especially with the price of a cord of wood. I remember Care4All stating how it costed her a arm and a leg. I actually have rode a motorcycle a couple times. I wouldn't use a motorcycle daily to ride with the way people are on the road.

We'd have electric cars that get hundreds of miles to the gallon by now if not for those same companies you defend. Or do you forget the first electric car was made in 1911 if not technically before that? Or do you not forget the oil companies have bought out any product that would get you hundreds of miles to the gallon and destroyed it because it would destory their profits?

And for your Nike example, they obviously overcharge since they most likely make their shoes in sweatshops. That's called greed and sure I'm outraged by it.

However, you don't see Nike making record profits in a crisis like this do you?

 

[sealybobo]

this is such a nonissue.

why aren't you all complaining that basketball players get paid millions for wearing sneakers or that actors get paid millions for playing make believe or that Tiger Woods got paid 40 million in one year for playing fucking pasture pool.

oil companies provide you with a commodity that makes your life better and you begrudge them a profit.

We're not forced to pay for basketball players and Tiger Woods salary.

Insert another quarter and try again though.

you could heat your home with wood, you could ride a motorcycle to work to save fuel. you could convert your car to electric, you could make your own biodiesel.

Ain't no one "forcing " you to buy gas from Exxon.

And if I follow your line of reasoning every time you buy a pair of Nikes you are being forced to pay for some rich basketball players endorsement. So where's your outrage there?

That just reminded me of something I heard in Freedom to Fascism. The government should only tax things that I can avoid. I can choose to walk instead of pay the gas tax or I can choose to not buy a shirt and pay the sales tax.

But I can't just not work to avoid paying the income tax.

 

[Modbert]

But I can't just not work to avoid paying the income tax.

Great movie, but you miss the concept that's it nearly impossible for many people in the city to walk to work and back each day while getting home at a responsible hour.

 

[sealybobo]

this is such a nonissue.

why aren't you all complaining that basketball players get paid millions for wearing sneakers or that actors get paid millions for playing make believe or that Tiger Woods got paid 40 million in one year for playing fucking pasture pool.

oil companies provide you with a commodity that makes your life better and you begrudge them a profit.

Remember back when you were defending and campaigning for the GOP? Idiot! Remember I told you this stuff was going on? Why aren't you complaining about this still? Still you haven't woken up? Geez!!!

Angry Obama: $18B Wall Street Bonuses 'Outrageous'
President Calls Financial District Big Shots "Shameful"; Says Americans Are Motivated And Fed Up With Greed

Angry President Obama Blasts $18 Billion Wall Street Bonuses - wcbstv.com

If you are one of them, please leave or at least let us know you are a multi millionaire.

"At a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that, if they don't provide help, that the entire system could come down on top of our heads, that is the height of irresponsibility. It is shameful," Obama said.

It was a stern scolding from President Obama after he learned that in the midst of a recession, the ailing financial sector handed out more than $18 billion in bonuses in 2008.

 

[Skull Pilot]

you could heat your home with wood, you could ride a motorcycle to work to save fuel. you could convert your car to electric, you could make your own biodiesel.

Ain't no one "forcing " you to buy gas from Exxon.

And if I follow your line of reasoning every time you buy a pair of Nikes you are being forced to pay for some rich basketball players endorsement. So where's your outrage there?

When you're in the city, this is quite difficult; especially with the price of a cord of wood. I remember Care4All stating how it costed her a arm and a leg. I actually have rode a motorcycle a couple times. I wouldn't use a motorcycle daily to ride with the way people are on the road.

We'd have electric cars that get hundreds of miles to the gallon by now if not for those same companies you defend. Or do you forget the first electric car was made in 1911 if not technically before that? Or do you not forget the oil companies have bought out any product that would get you hundreds of miles to the gallon and destroyed it because it would destory their profits?

And for your Nike example, they obviously overcharge since they most likely make their shoes in sweatshops. That's called greed and sure I'm outraged by it.

However, you don't see Nike making record profits in a crisis like this do you?

so nike is not as well run as exxon. Hey here's an idea. you want your share of Exxon's profit?

BUY STOCK IN EXXON and quit whining.

and you can buy kits to make electric cars or convert your own car you know.

http://www.huffingtonpost.com/2008/06/02/convert-your-car-to-elect_n_104758.html

or buy a diesel and run it on vegetable oil

http://www.greasecar.com/

where there's a will there's a way

 

[sealybobo]

But I can't just not work to avoid paying the income tax.

Great movie, but you miss the concept that's it nearly impossible for many people in the city to walk to work and back each day while getting home at a responsible hour.

I drive an hour each way. What is that, 30 miles? I walk 5 miles an hour. That's 6 hours each way. If I work 8 hours, I can still get in 4 hours sleep.

 

[sealybobo]

you could heat your home with wood, you could ride a motorcycle to work to save fuel. you could convert your car to electric, you could make your own biodiesel.

Ain't no one "forcing " you to buy gas from Exxon.

And if I follow your line of reasoning every time you buy a pair of Nikes you are being forced to pay for some rich basketball players endorsement. So where's your outrage there?

When you're in the city, this is quite difficult; especially with the price of a cord of wood. I remember Care4All stating how it costed her a arm and a leg. I actually have rode a motorcycle a couple times. I wouldn't use a motorcycle daily to ride with the way people are on the road.

We'd have electric cars that get hundreds of miles to the gallon by now if not for those same companies you defend. Or do you forget the first electric car was made in 1911 if not technically before that? Or do you not forget the oil companies have bought out any product that would get you hundreds of miles to the gallon and destroyed it because it would destory their profits?

And for your Nike example, they obviously overcharge since they most likely make their shoes in sweatshops. That's called greed and sure I'm outraged by it.

However, you don't see Nike making record profits in a crisis like this do you?

so nike is not as well run as exxon. Hey here's an idea. you want your share of Exxon's profit?

BUY STOCK IN EXXON and quit whining.

The Associated Press reported on August 4, 2007, that the president of Nike, Mark Parker, “raked in $3.6 million [in compensation] in ‘07.” That’s $13,846 per weekday, $69,230 a week. And yet it would still keep him just below the top 70% tax rate if this were the pre-Reagan era. We had a social consensus that somebody earning around $3 million a year was fine, but above that was really more than anybody needs to live in America.

 

[RodISHI]

What a load of BS some people spout.

Yes that's right we're ALL victims of giant corporations that force us to spend more than we make that steal our wages and are responsible for everything evil in this world oh woe is me, woe is me

We are ALL so incapable of taking care of ourselves that we need the benevolent government to dictate what we can and can't earn, how much we can save oh dear how will we ever live without our loving protectors the Politicians. I can't imagine where we would be without them

Fact is many of us are victims of corporate gangsters asshole.

Not everyone has a woodstove or the capability of getting firewood, growing a garden nor have they been taught to can their own food. The majority of people living in certain metro areas have no means to to heat their homes without some sort of fuel.

Those in rural areas must buy fuel to get to work wether they farm or work for someone else.

Sure let's give it all up to the big boys and say, "Wonderful I got screwed and you got rich."

There is no such thing as equal protection under the law provided by our government when it comes to some national corporation. They are allowed to do whatever in the name of what's best for them because they hold control via corporate sharing.

If you are in that top two percent great, if not remeber you're fair game for slaughter at their will.