Mobil Gas Breaks Records In Profit

[Willtallica]

By JOHN PORRETTO, AP Business Writer
3 HOURS AGO

HOUSTON - Lifted by record crude prices, Exxon Mobil says its second-quarter earnings rose nearly 14 percent to $11.68 billion, the biggest quarterly profit ever by any U.S. corporation.

The world's largest publicly traded oil company said Thursday its net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Excluding an aftertax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.

Analyst on average expected Exxon Mobil to earn $2.52 a share on revenue of $144 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

The last time I made a thread exploiting corporate profits as nothing more than the riches' gain I was chased out of here, and called a communist, had very little chance to argue as I was spoken over, but while hundreds of corporations are breaking records be certain that one company's compassion doesn't make up for the hundreds that are price gouging us.

Constantly now corporations are still breaking profit records, and as they're breaking these records more people are being buried in slums. Don't be easily manipulated by company's excuses for their competition, and competing profits, because this is america. We live better than the stupid retarded people that subject them selves to their 3rd world living conditions in their 3rd world countries while the rich get richer for a reason. Corporations are suppose to be making less money than over the sea corporation as they're paying more for their employees to live prosperously. Plus we together back in the day had a great reputation for not taking that kind of obvious outargues bullshizz.

Sure we're not looking at an average daily salary of 2$ a day, and have just 8th grade educations coming out of our public schoolings yet, but many corporations sure as hell do support places that do, and I'm sure the evil army of lobbyist are just dwelling on how to change that. Just so you know the CEOs whom are sponsoring the Olympics in china use this logic as an excuse for supporting people being kicked out of their homes to make way for it: Oh. Well it's the government's job to stop us, and they know what they're doing. Meanwhile billions of dollars are being spent on lobbying. I don't see the patriotism in america anymore, and I don't see what tyranny has to fear other than a tiny few divided as it looks like most people of my generation are 'zomified by MTV. In this case perhaps maybe the common folk deserve the dish they are serving, but simple moral conscience is just contradicting.

What a worthless rant. Oh well I mind of well post this seeing I took the time to write it. I'm sorry. Good thing I'll probably be to busy working to ever follow up. In a way I guess I'll enjoy seeing things just continue to get worse as the next two most likely presidential candidates are just clown shoes. They mine as well put advertisement patches on their jackets like nascar drivers have on their cars. I feel they're nothing more than mass advertisement.

[Evolution]

Yes. They are making crazy profits. The government is going to penalize the oil company's. They don't care what their profits are.

[nijwnfi]

Not defending them but "Evil big oil" is not the only one who profits here
http://www.factcheck.org/askfactchec...e_more_in.html
Finding is not 100% clear, but oil companies and Gov are running close to even.

[Pector55]

It's so easy to look at corporate profits and make them the bad guy. It doesn't work that way at all. The corporation has a primary social responsibility of returning a profit on the capital received by shareholders. That's what oil companies do.

It's a shame that people are too damn preoccupied with oil companies to realize that oil company profit margins are nothing compared to pharmaceuticals and banks. Maybe oil companies should take a loss, then lay off thousands and tell America to piss off so people would have something else to cry their ignorance about.

[knight0334]

You're gonna make record profits when you have record sales.

Per the price of a gallon of gas that we pay for, not much is profit of the entire cost per gallon. I think something like 5-15 cents per gallon goes to the gas station. The rest of that near $4 per gallon is: $.58+/- of federal taxes, $.32+/- of PA state tax(on gas, double that on diesel), the oil refinery and purchaser/shipper(Mobile, Exxon, etc) makes a little too. What hurts the most is the price that the initial seller is charging for the oil. ...$130 for a 45gal barrel, when it was half that just a couple years ago.

You cant really blame the oil companies for making money. Per the price of a gallon, their cut isn't much. It just adds up when millions/billions of gallons are sold.

If you want to blame someone for your cost of gas - blame the initial seller of the oil(Saudi, Mexico, Canada, USA, Venezuela, etc), those driving up the prices(speculators and paper sales), and demand itself(you, me and everyone using it)

[Willtallica]

You don't see what the point is, because I'm not just talking about oil companies. I'm talkn' bout corporations. Like the ones who started the civil war, and split up the country not to long ago over free labor, and there wasn't much achieved from defeating the corporations there, because it's dead of slaves they have low people that risk their lives to come here and work for 3 - $4/hr.

The association isn't profits, and corporations, but rich, and only the elitist rich.
The focus here isn't on oil companies. It's on the war against the middle class.

[knight0334]

You don't see what the point is, because I'm not just talking about oil companies. I'm talkn' bout corporations. Like the ones who started the civil war, and split up the country not to long ago over free labor, and there wasn't much achieved from defeating the corporations there, because it's dead of slaves they have low people that risk their lives to come here and work for 3 - $4/hr.

The association isn't profits, and corporations, but rich, and only the elitist rich.
The focus here isn't on oil companies. It's on the war against the middle class.

ahhh... I see.. My apologies..

Yeah, the barrier between the rich and the lessor is a problematic issue. The corporations have a right to make profits, even big ones. But the working Joe should get even better pay when the profits are huge.

However what many of those profit reports dont show is much of that "profit" goes back into the hands of the share holders. ...you, me, their own employees with stock options, or anyone that invests in stocks at Wall Street.

The scary thing is how much power these big corporations have in political action. Not so much at election time, but after a person is in office and gets a call from the CEO of a big company. Our elected representatives seem to side with the corps before the will of their individual constituents.

[sengie]

That just breaks my balls.

[tourrider]

This is good news I am a proud big oil stock holder.


They make money because they are in the petro business, and we just keep buying the stuff up as if it were combustible or something.

It's easy to penalize the evil oil. stop buying their product. But let me know before you do, I'll want to change my retirement portfolio, and trade my oil interests to drug companies.

[LastManOut]

If you believe oil companies profits are high, then buy stock in them.

What is frequently missed in these discussions is the fact than your dollar is quickly becoming worth less (or worthless). It was not that long ago that i thought $100,000 per year salary was a pretty good income (hell, I remember when $10k was a good salary).

~~~~~~~~~
What really burns me are these convenience stores/gas stations that post that they will not accept $50 or $100 bills. A fifty is less than a twenty was only a decade or so back. I'll pump or start to drink my Coke and offer to pay with a $50 inside, sign or no sign. If they do not take it, it isn't my problem. I attempted to pay. I have only done this a couple times , once a customer changed the bill for me, once the clerk took it.
~~~~~~~~~~~~~

Back on point, our gasoline is still cheaper than it was in the early to mid seventies.