Exxon Mobil Record profits again - Pontiac GTO Forum
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post #1 of 14 (permalink) Old 07-31-2008, 10:03 AM Thread Starter
 
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Exxon Mobil Record profits again

This article came out this morning. Once again Exxon Mobil sets record profit for a U.S. owed company. This explains why they have gas prices so high. God for bid some day they do not have a record profit. The C.F.O might get fired!! It is sad when all these airlines are going out of business and having record loses and the auto industry is losing millions and thousands of employees are getting laid off the oil companies can do what ever they want and no one in Washington D.C. cares.

Exxon Mobil has biggest profit ever at $11.68B - Road Runner

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post #2 of 14 (permalink) Old 07-31-2008, 06:44 PM
 
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Okay, I'm not typically in the business of defending huge multi-national behemoths like the oil companies, but the argument that these profits are outrageous always bothers me. Sure, the raw numbers seem astronomical, but they need to be examined in relation to the amount of revenue they were earned on. Income numbers usually come in around 10% of the total revenue, which is a decent rate of return, but nothing that should prompt calls for the delivering the heads of the oil executives on a stick or the implementation of a windfall profits tax. For example, ExxonMobil is one of the world's largest publicly-owned corporation based on revenues (approx. $390 billion for 2007); it logically follows that they are going to be making record profits (approx. $40 billion, or 10.25% of gross revenues, for 2007) too. Most people wouldn't consider starting a business without the expectation of at least a similar 10% rate of return.
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post #3 of 14 (permalink) Old 07-31-2008, 09:05 PM
 
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I only have to say a few things about the oil companies.

1. Good for them, this is America, and there should be no limitation on how much money you can make, capping salaries is a form of Marxism.

2. We are the ones making them rich. Tired of oil companies making the big bucks? Then quit buying oil, or shut up, and any of us buying GTOs, sure are not ones helping lower oil consumption.

3. You too can share in the profits of the oil companies. Buy stock, and lots of it. That is what I did back in 2000. Best move I ever made, I have made 100 Grand.

4. There are several, several reason airlines and automakers are going out of business. They have several other nails in the coffin that stem way before high oil prices. Oil may be the last nail in the coffin, but you sure cannot blame GM, Ford, or Chryslers financial crisis on oil.

5. And do not start all the BS about the oil companies being in cahoots with one another because it is not in their interest. If any oil company could come in and sell oil for a lower price they would to stimulate there sales.

I am so tired of all this whining, especially on a muscle car forum. If you do not like buying gas, sell your GTO and get Prius. Otherwise, no whining.

I really do not care if gas costs 10.00 a gallon. I will still be able to buy it. I do not care if we start off-shore drilling, even though I know it will lower prices. It does not matter to me anymore, I have given up on fighting the supply and demand ignorant liberals out there.

Lastly, if there is such a thing as "alternative energy" that was practical, oil would be practically worthless, and they would be begging us to buy it. However the fact is, there is no widely available practical energy form out there.

I am tired of all the liberal nonsense out there. SO sick of it, that gas can cost 10 or 20 dollars a gallon, and I wont blink an eye anymore.
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post #4 of 14 (permalink) Old 08-01-2008, 09:49 AM Thread Starter
 
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I need your paycheck if you do not care if gas cost $10-20 dollars a gallon. If that happened the U.S. ecomony would come to a complete hault. Everyone keeps saying use alternative forms of energy. Ok where are they? Nothing is out there yet except walking and biking. I hybrid does not solve the problem. They are in limited production. Oh maybe I will by a electric car. Oh wait the Tesla cost 100,000.00. The Chevy Volt will be out in 2010so that does not help today. Not much to choose from. People laugh at muscle car owners whining about gas prices but most of us bought these cars when gas cost 1/2 of what it does now. I agree if someone went out today and bought a 2009 Viper and complained that would be different. Every airline that has gone out of business in the last 12 months sighted rising gas prices did them in. If gas prices continue to rise there will be no airlines left except maybe one Goverment owned one and I cannot wait to buy my round trip ticked from Los Angeles to Seattle for $1500.00. I am totally for a free market so let it freely destory itself!!

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post #5 of 14 (permalink) Old 08-01-2008, 09:51 PM
 
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[QUOTE=GOATTEE;157840]I need your paycheck if you do not care if gas cost $10-20 dollars a gallon. If that happened the U.S. ecomony would come to a complete hault. Everyone keeps saying use alternative forms of energy. Ok where are they? Nothing is out there yet except walking and biking. I hybrid does not solve the problem. They are in limited production. Oh maybe I will by a electric car. Oh wait the Tesla cost 100,000.00. The Chevy Volt will be out in 2010so that does not help today. Not much to choose from. People laugh at muscle car owners whining about gas prices but most of us bought these cars when gas cost 1/2 of what it does now. I agree if someone went out today and bought a 2009 Viper and complained that would be different. Every airline that has gone out of business in the last 12 months sighted rising gas prices did them in. If gas prices continue to rise there will be no airlines left except maybe one Goverment owned one and I cannot wait to buy my round trip ticked from Los Angeles to Seattle for $1500.00. I am totally for a free market so let it freely destory itself!![/QUOTE

You should read my post a little more in detail there, chief. The reason why I do not care anymore about high gas prices is because I do not care to fight liberals anymore on this matter. They have opposed drilling and refining for years. It is no surprise to me, and the high gas prices are here, and what did Obama "the messiah" say about them? He said he thought they came too fast. The good news to me about high gas prices is that it will keep minorities, and other liberal voters out of the way for me, less traffic. I can afford them, no matter what they cost. I have fought the conservative battle against liberals and environmentalists for years, and for me, I am finally letting them have a world without oil. They can now figure out how to feed their families, and pay all of their bills, while still using gasoline.

If you read my post more carefully you would also see that I said that there is no current form of "alternative energy." I agree 100% with you, there is no form of alternative energy

If you want to know more about how I feel, read on. I am sick of that worthless pile of horse crap named "Al Gore." I wish I could take that retard and... Well I wish he would quit talking. He has been promoting global warming scam. I will tell you why it is a scam.

The scientific method has never been applied in any of the research conducted. They simply have jumped from hypothesis to conclusion. Please read on, "look CO2 is in the air." "Temperatures have been rising for years." Which are two observations.

Then comes a hypothesis, "Temperatures on the earth are rising, and it is due to increased levels of CO2."

Then KaBaam here comes the magical conclusion (which is equal to the hypothesis) "Temperatures on the earth are rising, and it is due to increased levels of CO2."

This is what Al "the retard" Gore has been preaching for years. He flies in a private jet complaining about you and I using gasoline in a small car be it a civic or a GTO.

Here I am now a little older and a little wiser. I have fought this issue long enough. I am not going to fight the basic laws of supply and demand such as increased supply reduces the price battles with liberals anymoreLiberals do not understand the laws of supply and demand, and they never will. Congress is now on vacation for 6 weeks, and they left us high and dry on off-shore drilling.

Anyways, let me cut to the chase. I am a big time conservative who understands the laws of supply and demand. I am tired of all these Obama, Reid, and Pelosi lovers who actually believe they are going to solve this problem. Want some relief at the pump, vote McCain, because off-shore drilling will immediately, immediately, immediately reduce oil prices like nothing in our lifetimes, it will introduce a huge competitor to OPEC.

So if you don't like high gas prices, and tell me you are going to vote Obama, or any democrats into the house, I am not going to call anyone a reatrd and argue them anymore. I am just going to take 150, or 200 bucks with me to the gas tank, and watch all the liberals ride around on horses with Obama tatoos. I just do not care anymore.
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post #6 of 14 (permalink) Old 08-02-2008, 08:44 AM
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From what I`ve been told, the reason we don`t do more drilling and pumping of wells we have capped off here for "National security" reasons is because they feel the Arab countries are close to running out of oil. And once they do then the USA will be sitting on the largest oil reserve in the world and will then dictate prices to the rest of the world.
Problem is, by the time that time comes, we will have moved on to other alternative fuels and the oil may be worthless.
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post #7 of 14 (permalink) Old 08-02-2008, 02:54 PM
 
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Originally Posted by Dark_Blue View Post
You should read my post a little more in detail there, chief. The reason why I do not care anymore about high gas prices is because I do not care to fight liberals anymore on this matter. They have opposed drilling and refining for years. It is no surprise to me, and the high gas prices are here, and what did Obama "the messiah" say about them? He said he thought they came too fast. The good news to me about high gas prices is that it will keep minorities, and other liberal voters out of the way for me, less traffic. I can afford them, no matter what they cost. I have fought the conservative battle against liberals and environmentalists for years, and for me, I am finally letting them have a world without oil. They can now figure out how to feed their families, and pay all of their bills, while still using gasoline.

If you read my post more carefully you would also see that I said that there is no current form of "alternative energy." I agree 100% with you, there is no form of alternative energy

If you want to know more about how I feel, read on. I am sick of that worthless pile of horse crap named "Al Gore." I wish I could take that retard and... Well I wish he would quit talking. He has been promoting global warming scam. I will tell you why it is a scam.

The scientific method has never been applied in any of the research conducted. They simply have jumped from hypothesis to conclusion. Please read on, "look CO2 is in the air." "Temperatures have been rising for years." Which are two observations.

Then comes a hypothesis, "Temperatures on the earth are rising, and it is due to increased levels of CO2."

Then KaBaam here comes the magical conclusion (which is equal to the hypothesis) "Temperatures on the earth are rising, and it is due to increased levels of CO2."

This is what Al "the retard" Gore has been preaching for years. He flies in a private jet complaining about you and I using gasoline in a small car be it a civic or a GTO.

Here I am now a little older and a little wiser. I have fought this issue long enough. I am not going to fight the basic laws of supply and demand such as increased supply reduces the price battles with liberals anymoreLiberals do not understand the laws of supply and demand, and they never will. Congress is now on vacation for 6 weeks, and they left us high and dry on off-shore drilling.

Anyways, let me cut to the chase. I am a big time conservative who understands the laws of supply and demand. I am tired of all these Obama, Reid, and Pelosi lovers who actually believe they are going to solve this problem. Want some relief at the pump, vote McCain, because off-shore drilling will immediately, immediately, immediately reduce oil prices like nothing in our lifetimes, it will introduce a huge competitor to OPEC.

So if you don't like high gas prices, and tell me you are going to vote Obama, or any democrats into the house, I am not going to call anyone a reatrd and argue them anymore. I am just going to take 150, or 200 bucks with me to the gas tank, and watch all the liberals ride around on horses with Obama tatoos. I just do not care anymore.

You should run for office, but you're too right to get elected.
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post #8 of 14 (permalink) Old 08-03-2008, 08:47 AM
 
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Rukee,
I have always thought this would be our intention...use up the other country's reserves and then be sitting on what we have...although painful for us, we still pay less than many in the world...
as for Exxon/Mobil...aren't they the biggest company in the world now???...I believe their profit margins are lower than many other companies so I disagree with the "blame the oil companies" mentality...the chickens are coming home to roost...we told them they can't drill or have any new refineries...now we pay for that.
Bill

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post #9 of 14 (permalink) Old 08-03-2008, 10:50 AM
 
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Offshore drilling, McCain, and Dark Blue FTW.
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post #10 of 14 (permalink) Old 08-03-2008, 11:54 AM
 
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Exxon profit big, but far less than taxes

This past quarter, ExxonMobil's "fat profit" is anything but – about 8.5 cents per dollar of sales. But the company DID pay a fat tax bill. Actually, customers paid that bill.

On a worldwide basis, in the 2nd 2008 quarter, ExxonMobil paid over $10 billion in corporate income taxes in the second quarter alone, $9.5 billion in sales taxes, and over $12 billion in other taxes.

In other words, ExxonMobil paid (or at least collected) $32.361 billion in taxes in the second quarter. Or to look at it another way - Exxon paid (or collected) almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion).

That means that for every dollar in Exxon sales – not profits, SALES -- 23.4 cents is for taxes. And that is averaged over all types of sales – not just gasoline.

If the government chooses to nationalize Exxon (and the other oil companies) and take all their profit (reducing the stocks to zero value -- devastating pension funds nationwide), and if we make the outlandish assumption that a government oil company will run as efficiently as Exxon runs now, the price of $4 gas would drop all of 34 cents a gallon. Meantime, government taxes exceed 94 cents a gallon.

For those who wish to verify Exxon taxes, here's a URL for the company's quarterly earnings statement:
http://tinyurl.com/5rnmyc
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