Exxon Mobil shatters US record for annual profit

[Jeanette in FL]

Source: Associated Press

http://www.iht.com/articles/ap/2009/01/30/business/NA-US-Earns-Exxon-Mobil.php

Exxon Mobil shatters US record for annual profit

The Associated Press
Friday, January 30, 2009

HOUSTON: Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.

The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.

The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer.

With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday's results show no one is completely insulated from the ongoing malaise.

I guess some companies are doing well in this recession. Perhaps, Exxon Mobile will see that some of its profits go to our crumbling infrastructure. :sarcasm:


Read more: http://www.iht.com/articles/ap/2009/01/30/business/NA-US-Earns-Exxon-Mobil.php

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I guess some companies are doing well in this recession. Perhaps, Exxon Mobile will see that some of its profits go to our crumbling infrastructure.

:sarcasm:

[lunatica]

1. What a surprise what with the highest gasoline prices in history being in 2008

So when will they announce they're returning that money in the form of creating new jobs?

:nuke:

[Jeanette in FL]

2. I am sure that they are talking to Pres. Obama right now

"How can we help" I am sure was the first thing their CEO said to Pres. Obama.

:sarcasm:

[Baby Snooks]

8. And sending the checks....

No doubt Exxon-Mobil is sending lots of checks. Oil and gas companies are notoriously "non-partisan." Meaning they don't care which party is in power because they bought both parties a long time ago.

Many still engage in "hedging their bets" the way Oscar Wyatt used to do. $100,000 for RNC. $100,000 for DNC.

In the old days, despite the "tax the bastards" outcry by even some Republicans, the reality was that the oil and gas industry was good for our economy. The really did "share the wealth" and created stable jobs and contributed to local economies because of those jobs but also supported communities through sometimes very generous donations to non-profit organizations.

In the new days, they aren't creating so many stable jobs and aren't as generous. Even when oil was $140+ a barrel. So, well, maybe it's time to finally "tax the bastards" along with the rest of the corporations who really do not pay their fare share of taxes when compared to the smaller businesses in our country that are being taxed out of existence which is really a modern form of "monopolization" because it "gets rid of the competition" and that of course is the foundation of oligarchy. The few control it all. And the few at this point appear to control it all.

[Prometheus Bound]

3. I'm impressed.

Imagine if oil prices had remained at 150 per barrel. 100 billion a year in profits?

[joshcryer]

4. I thought the lack of demand and low prices would hurt these companies?

What happened?

[Robb]

5. The house always wins. nt

[joshcryer]

7. Yep.

[Kahuna]

10. This is their ANNUAL profit. Remember in the summer, $4 a gallon gas?

How soon we forget.

[SpiralHawk]

6. "Hip Hip Hoooray!" - Republicon Homelander fatcat corporate cronies

"Too bad about you little people. SMIRK." - Republicon Homelander fatcats

[Mr. Sparkle]

9. Time for a Windfall profits Tax, me thinks. Say around 95% .

The country is a bit short on cash at the moment and we all know that the true patriots down in Texas will do all they can to help out.

[democrank]

11. Aren`t they something?

All that $$$$$$$$$$$$$$ while folks I know couldn`t afford to fill their gas tanks.

[mikelgb]

12. OMG! we should bail them out!

[progressoid]

13. But but but...Exxon Mobil Profit Falls 33%,

Poor babies aren't making as much as last quarter.

http://www.bloomberg.com/apps/news?pid=20601087&sid=auzcKcHLZMts&refer=home

Fourth-quarter net income tumbled 33 percent to $7.82 billion, or $1.55 a share, from $11.7 billion, or $2.13, a year earlier, the Irving, Texas-based company said today in a statement. Per-share profit was 8 cents higher than the average of 12 analyst estimates compiled by Bloomberg.

Refining profit climbed more than 6 percent to $2.41 billion as widening margins in overseas markets made up for a loss from U.S. plants. Chief Executive Officer Rex Tillerson plans to boost capital spending by as much as $5 billion this year to expand operations, including the world’s largest collection of refineries, while rivals retrench.

[jasmeel]

14. Sounds like they need some tax breaks!

:sarcasm:

[Pacifist Patriot]

15. And here I thought all the financial reportings were going to be dismal. Whew!

Do I really need the sarcasm emoticon?

[Jeanette in FL]

27. No, you don't need it at all

I thought about not using the sarcasm emoticon my OP, but thought that maybe someone would misinterpret my thoughts on a company doing well in this recession.

[tinrobot]

16. Maybe they should foot the bill for the war.

[cliffordu]

17. Are they going to get a bailout, too???

[uppityperson]

18. k&r for getting what you want while everyone else hurts. nt

[w4rma]

19. Time for Obama to bring back his windfall tax campaign promise. (nt)

[rocktivity]

20. And how much of it do they pay in taxes?

Maybe it's time to haul them back into Congress and MAKE them testify under oath!

:mad:
rocktivity

[liberal N proud]

21. I guess we know where all the money everyone else has lost went

These fat fuckers have it all.

[Juan_de_la_Dem]

22. Drill Baby, Drill

[file83]

23. Exxon drinks our milkshake.

[L. Coyote]

24. $$ 45.8 BILLION $$ That's enough to harm the economy!! Like D'OH, huge d'oh here!!!

[Piewhacket]

25. And they were DOWN (about) 33%. WTF? Where's my F* Army!

[RadiationTherapy]

26. Anyone can achieve these profits if they work hard enough.

It is pure capitalism! Honest money for honest hard work. Congratulations on their success!!

**this is sarcasm, but is it not the unspoken, fundamental myth of our nation? If capitalism and profits like this are a result of anything other than honest hard work, then we need to change the system.**

[aquart]

28. And if we'd instituted that windfall profits tax, we would have some cash on hand.

But nooooooooooooooooooooooooooooooooo.

[OneBlueSky]

29. does the phrase "Windfall Profits Tax" ring a bell? . . . n/t

.