Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company’s revenue by 12 percent to a level just short of a quarterly record. Its shares rose to a new high in morning trading.
But the company isn’t alone. Royal Dutch Shell PLC said Thursday that second-quarter earnings jumped 40 percent to $7.32 billion as high oil prices offset production difficulties in Nigeria and the Gulf of Mexico.
Other oil companies reported big numbers for the quarter this week as well. BP PLC reported its quarterly profit rose 30 percent to $7.3 billion and ConocoPhillips said its earnings rose 65 percent to $5.18 billion.
Chevron Corp. will round the field of five majors when it reports its second-quarter performance Friday.
These five were expected to earn an estimated $33.6 billion, or a 32 percent boost, according to analysts surveyed by Thomson Financial. Already the first four have reported earning $30.16 billion.
Exxon Mobil, the world’s largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
The results topped Wall Street expectations but came in behind Exxon Mobil’s record profit of $10.71 billion set in the fourth quarter of 2005.
Is this really an example of why even capitolism needs some regulation and how big businesses can stick togather to artifically inflate a price and gouge an entire market in remarkably similar way to a centralist government, the only difference is the money has no way to EVER get back to the people, which it would in a central government, the no tax on dividend thing looks even more pathetic now... but I digress
The first duty of a patriot is to question the government
Pherr the Dorf wrote:
Is this really an example of why even capitolism needs some regulation and how big businesses can stick togather to artifically inflate a price and gouge an entire market in remarkably similar way to a centralist government, the only difference is the money has no way to EVER get back to the people, which it would in a central government, the no tax on dividend thing looks even more pathetic now... but I digress
Government regulation on the prices charged or the amount of profit that could be made would almost certainly make things worse than they currently are. You can't regulate away the basics of supply and demand.
even more so, you can't regulate a speculative market. of course profits are up. the cost of operating existing wells hasn't really gone up, so they're making $20/bbl more than they were a year ago. crude peaked at an all time high this monthl. and when the price bottoms out, they'll be back to making $20/bbl again and profits will be down.
Actually... and don't get me wrong, the initially numbers and reading these articles pisses me off, they didn't do nearly as well as it seems...
Sure 10Billion is a shitload of cash but that is a 10Billion profit off of 100Billion in sales. Hell if I only brought in a 10% margin overall my company would fire me and our investors would sell in droves.
The other interesting thing is that they spent 5billon on research and development... 5% of revenue on R&D is a lot... they also spent 8% on getting more out but only got a 6% increase... so they are negative 2% on that... you can't sustain that for long.
Of course in many ways they have a captive audience right... and in some ways they are captive too in regards to some of the oil that comes out of the gound.
Bottom line I guess is yea they made a bunch of money but really didn't do any better percentage wise than they did when gas was $1.50 a gallon. So while it still tends to irk me, the rest of the numbers show a scary picture for the company in the coming years...
However a 10% return on your investment dollars isn't a bad thing... not necessarly what most businesses strive for but good money either way.
We average 6% in the car sales industry(sales not service), food sales was 6% if you were very god, many many businesses do just fine making under 10% ROI
The first duty of a patriot is to question the government
5% profit on the gallon, triple the unit price, and drastically increase the demand for the item.
Poof! there's your billions of dollars of profits. They didn't really rachet anything up. They just kept the same profit margin and cashed in on the surge in demand.
I wouldnt think that even a clownishly naive flagwaving texan retard would defend these oil companies. I'm contintually amazed at how naive I am when it comes to partisan stupidity though.
Nick wrote:LOL LETS JUSTIFY HOW COOL AND PERFECTLY ACCEPTABLE IT IS FOR A COMPANY TO FUCK EVERYONE OVER BECAUSE THATS CAPITALISM
Fucking moron.
Get a 2nd job and STFU!!! My god stop your bitching communism failed get over it. Is it fair NO!!! but oh well since when is life fair. Mass Transit has been set up use it if you dont want to pay for gas.
I'd love to know of one time I ever stated that I would prefer communism above democracy.
Just because you think it's scandalous that the worlds biggest cartel make 10 billion dollars profit every 3 months doesn't make you a communist you fucking idiot.
I'd love to know of one time I ever stated that I would prefer communism above democracy.
Just because you think it's scandalous that the worlds biggest cartel make 10 billion dollars profit every 3 months doesn't make you a communist you fucking idiot.
It has nothing to do with the oil companies its the 3 years of post about singing around the fire singing Kumbiyaaa ( SP)
I'd love to know of one time I ever stated that I would prefer communism above democracy.
Just because you think it's scandalous that the worlds biggest cartel make 10 billion dollars profit every 3 months doesn't make you a communist you fucking idiot.
It has nothing to do with the oil companies its the 3 years of post about singing around the fire singing Kumbiyaaa ( SP)
Shut the fuck up you fucking cretin.
You internet tough-guy act may impress the newbs around here but the rest of us haven't forgotten what a useless excuse for a piece of shit you are.
I'd love to know of one time I ever stated that I would prefer communism above democracy.
Just because you think it's scandalous that the worlds biggest cartel make 10 billion dollars profit every 3 months doesn't make you a communist you fucking idiot.
It has nothing to do with the oil companies its the 3 years of post about singing around the fire singing Kumbiyaaa ( SP)
Shut the fuck up you fucking cretin.
You internet tough-guy act may impress the newbs around here but the rest of us haven't forgotten what a useless excuse for a piece of shit you are.
Ohh Pasty UK boy climbs out of the woodwork. Fuck off Pussy boy
Americans dug their own grave on this one. Oil companies are just taking advantage of market conditions. If morons would stop buying gas guzzling SUVs and encourage their elected leaders to actually put money into mass transit systems and alternative energy sources then we wouldn't be in this situation. It isn't just big oil fucking us either. The car companies played a huge role in this by refusing to sell electric vehicles. Contrary to popular belief, electric cars are a feasible option. The car companies just refuse to sell them because they can't make any money on them. A nice gas guzzling vehicle has all sorts of failure points and each of those failure points means future money for the auto industry.
Things won't get any better and they will probably get a hell of a lot worse. The days of $2/gallon gas are long gone and will never be back.
I'd love to know of one time I ever stated that I would prefer communism above democracy.
Just because you think it's scandalous that the worlds biggest cartel make 10 billion dollars profit every 3 months doesn't make you a communist you fucking idiot.
It has nothing to do with the oil companies its the 3 years of post about singing around the fire singing Kumbiyaaa ( SP)
Shut the fuck up you fucking cretin.
You internet tough-guy act may impress the newbs around here but the rest of us haven't forgotten what a useless excuse for a piece of shit you are.
Ohh Pasty UK boy climbs out of the woodwork. Fuck off Pussy boy
I'd love to know of one time I ever stated that I would prefer communism above democracy.
Just because you think it's scandalous that the worlds biggest cartel make 10 billion dollars profit every 3 months doesn't make you a communist you fucking idiot.
It has nothing to do with the oil companies its the 3 years of post about singing around the fire singing Kumbiyaaa ( SP)
Shut the fuck up you fucking cretin.
You internet tough-guy act may impress the newbs around here but the rest of us haven't forgotten what a useless excuse for a piece of shit you are.
Ohh Pasty UK boy climbs out of the woodwork. Fuck off Pussy boy
Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company’s revenue by 12 percent to a level just short of a quarterly record. Its shares rose to a new high in morning trading.
But the company isn’t alone. Royal Dutch Shell PLC said Thursday that second-quarter earnings jumped 40 percent to $7.32 billion as high oil prices offset production difficulties in Nigeria and the Gulf of Mexico.
Other oil companies reported big numbers for the quarter this week as well. BP PLC reported its quarterly profit rose 30 percent to $7.3 billion and ConocoPhillips said its earnings rose 65 percent to $5.18 billion.
Chevron Corp. will round the field of five majors when it reports its second-quarter performance Friday.
These five were expected to earn an estimated $33.6 billion, or a 32 percent boost, according to analysts surveyed by Thomson Financial. Already the first four have reported earning $30.16 billion.
Exxon Mobil, the world’s largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
The results topped Wall Street expectations but came in behind Exxon Mobil’s record profit of $10.71 billion set in the fourth quarter of 2005.
Is this really an example of why even capitolism needs some regulation and how big businesses can stick togather to artifically inflate a price and gouge an entire market in remarkably similar way to a centralist government, the only difference is the money has no way to EVER get back to the people, which it would in a central government, the no tax on dividend thing looks even more pathetic now... but I digress
In 2004 (the last year for which figures are available) Federal and State taxes on Petroleum were about $55B.
Exxon is making chump change compared to the skim the government is raking off.
Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company’s revenue by 12 percent to a level just short of a quarterly record. Its shares rose to a new high in morning trading.
But the company isn’t alone. Royal Dutch Shell PLC said Thursday that second-quarter earnings jumped 40 percent to $7.32 billion as high oil prices offset production difficulties in Nigeria and the Gulf of Mexico.
Other oil companies reported big numbers for the quarter this week as well. BP PLC reported its quarterly profit rose 30 percent to $7.3 billion and ConocoPhillips said its earnings rose 65 percent to $5.18 billion.
Chevron Corp. will round the field of five majors when it reports its second-quarter performance Friday.
These five were expected to earn an estimated $33.6 billion, or a 32 percent boost, according to analysts surveyed by Thomson Financial. Already the first four have reported earning $30.16 billion.
Exxon Mobil, the world’s largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
The results topped Wall Street expectations but came in behind Exxon Mobil’s record profit of $10.71 billion set in the fourth quarter of 2005.
Is this really an example of why even capitolism needs some regulation and how big businesses can stick togather to artifically inflate a price and gouge an entire market in remarkably similar way to a centralist government, the only difference is the money has no way to EVER get back to the people, which it would in a central government, the no tax on dividend thing looks even more pathetic now... but I digress
In 2004 (the last year for which figures are available) Federal and State taxes on Petroleum were about $55B.
Exxon is making chump change compared to the skim the government is raking off.
Met do your own math... 1 company exxon stands to pull in over 40 bil this year... shell 28 bil, BP 25 billion, those figures were quarterly not annually like your 55bil number, top 4 oil companies will make more then 110 billion this year alone, and because of loopholes, not have to pay taxes on it.
The first duty of a patriot is to question the government
My family owns a shitload of Royal Dutch. Looks like my inheritance just went up!
"There is at least as much need to curb the cruel greed and arrogance of part of the world of capital, to curb the cruel greed and violence of part of the world of labor, as to check a cruel and unhealthy militarism in international relationships." -Theodore Roosevelt
Ah Kyo, I'm not trying to defend oil companies. They do what they do because the market allows them.
Personally I kinda like higher gas prices. I like it because it spurs people into innovation. There is tons of energy in our world. We just need to be creative in harnessing it. High fuel costs provide an incentive.
It's a challenge. You never get better if everything is easy. High fuel costs are a challege to improve our society towards something more sustainable and agreeable with the environment. There, that's not very republican is it?
OK, I admit it, this is one issue it's damn near impossible to stick to my Capitalist ideals. Every stop to the gas pump costs me over $60. It pisses me off.
It pisses me off that NIMBY pukes won't let drilling and exploration take place.
It pisses me off that ecofacsists won't let known reserves such as the ANWR be developed.
It pisses me off the same ecofacsists halted nuclear power expansion for 30 years.
It pisses me off the jet-setting liberal elites fly around in their Gulfstreams while preaching that us yokels should be happy to ride bicycles.
It pisses me off these same idiotic liberals are advocating windfall profits taxes on the oil industry. Who in the hell is going to travel to shithole places like Nigeria to get oil if you remove the profit incentive?
It pisses me off that madmen such as the head of Iran can hold the world hostage and the liberal do-gooders shudder at the thought of war to take him out.
It pisses me off the liberal biased mainstream media knows all these facts but refuses to level with the world.
It pisses me off that 75% of the people reading this post are part of the problem and enjoy it.
You blame the oil companies all you want, it's hard to feel much sympathy for them right now. But the knee jerk reaction to punish them is only going to punish us in the long run.
If I was running for office as a Republican I'd be damn scared of this situtation... unless I was willing to speak up for the truth.
only someone as fucking idiotic as you would post that in a thread about the obscene profits oil companies are raking in while the price of gas continues to go up.
you seriously need to have your right to vote taken away.
It's a Wildlife Reserve. Not an oil reserve. Oil fucks need to keep their paws away. Do you honestly think you'd be paying lower prices if it was opened up?
Actually I think you do believe that. So I agree with Kyoukan in saying your right to vote should be taken away. Because you'd use it to vote for something as idiotic and short-sighted as that.
Adex_Xeda wrote:Personally I kinda like higher gas prices. I like it because it spurs people into innovation. There is tons of energy in our world. We just need to be creative in harnessing it. High fuel costs provide an incentive.
It's a challenge. You never get better if everything is easy. High fuel costs are a challege to improve our society towards something more sustainable and agreeable with the environment.
I agree with Adex, and I think I've said it before in other threads here that I'd like to see gas jump up to $5 a gallon. Perhaps then all the idiots that buy 10-19 mpg tanks will get a clue and start helping the situation instead of supporting the auto industry that builds such inefficient motors.
A downside to this is that, at least for the short term, it will also affect those of us that drive efficient vehicles as it will raise the prices on pretty much everything else that involves shipping. But I'm willing to deal with that to be able to point my finger at asshats paying $100+ a tank for gas.
Deward wrote:Contrary to popular belief, electric cars are a feasible option. The car companies just refuse to sell them because they can't make any money on them.
Those two statements are kind of mutually exclusive, if you can't make any money on something, then it isn't feasible in the marketplace.
Deward wrote:Contrary to popular belief, electric cars are a feasible option. The car companies just refuse to sell them because they can't make any money on them.
Those two statements are kind of mutually exclusive, if you can't make any money on something, then it isn't feasible in the marketplace.
Nice observation Chmee. You are absolutely correct. Those whores in Detroit will sell anything if they think they can make a buck. I bet they would sell cars with the fabled 200mpg carburetor if one really existed.
That wouldn't fit Deward's conspiracy theorist view of the world. And he's talking about "popular belief" like he actually knows something about the world. That's rich!
