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Thread: Exxon 2008 profit: A record $45 billion

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by RightinNYC View Post
    They probably produced tens of billions of dollars of revenue for the federal government, which kind of elates me.
    Ah

    Good point. Good point.
    "I do not underestimate the ability of fanatical groups of terrorists to kill and destroy, but they do not threaten the life of the nation. Whether we would survive Hitler hung in the balance, but there is no doubt that we shall survive al-Qa'ida." -- Lord Hoffmann

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Arch Enemy View Post
    Ah

    Good point. Good point.
    Here's another one - think of all of those teachers and nurse and pipefitters and machinests whose pensions funds are more stable now because Exxon returned to them a healthy return.

    Who do people imagine are the largest investors in America? It's Pension and Mutual Funds.

    Secondly, it took (depending on the current stock price) a hundred or two hundred billion dollars in capital to earn that money. Risk capital, I might add.

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Harry Guerrilla View Post
    How do I know you don't price gouge? Did you come out with positive income last year? If so, then OMG PRICE GOUGE!!!!11!!!one!
    Harry ,I just don`t do it...not even a little bit. I`m a fool for doing it, but I gouge myself, to a fault, to avoid any risk of overcharge to the customer. The most common gouge out there,(in manufactured goods) is low quality. I kill myself in providing incomperable quality. The US auto industry killed itself with planned obsolesence...the gouge of the money whore,and his mindset is ,"don`t give them anything that will last to long"... and ,"profit at all cost, F**k thy neighbor".

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by RiverDad View Post
    Here's another one - think of all of those teachers and nurse and pipefitters and machinests whose pensions funds are more stable now because Exxon returned to them a healthy return.

    .
    Did it outway the cash they had to put into their gastanks, heating oil, etc.?

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Harry Guerrilla View Post
    I hate when people go on about price gouging, hoarding and/or greed. The first two terms a seriously subjective and the third is what everyone does.
    Only a money whore harry,...only a money whore thinks that way.

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Arch Enemy View Post
    But I don't own any part of Exxon, so I am not elated by their profits.
    I heard on CNBC that a hefty percentage of pension funds are oil reliant. Exact numbers are ranging by source.
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by scourge99 View Post
    Last time I checked Exxon had PLENTY of competition in the US.

    Thus, if anyone is so upset with Exxon's profits then you can buy gasoline from their competitors like Shell.
    LOL...yeah, how's that working out? Other than sending your money to Europe?...
    Royal Dutch Shell Plc (RDSa.L)...full-year profits to $31.4 billion, a record for a European company and up from $27.6 billion in 2007.

    Shell Q4 profits fall, but will raise Q1 dividend | Reuters

    BP and Royal Dutch Shell, Europe's largest oil companies, delivered record profits for the first quarter of 2008. Anglo-Dutch firm Shell netted $7.78 billion in the first three months of this year, up 12% over the same period in 2007. Profits at rival BP, meanwhile, swelled by almost half to $6.59 billion.

    BP and Shell Downplay Record Profits - TIME

    On a side note...
    The United Steelworkers union on Tuesday said it reached a tentative agreement with a unit of Royal Dutch Shell, a move that averts a possible strike at facilities that handle the bulk of the U.S.'s crude oil refining capacity.


    Refinery workers settle contract dispute with oil majors - MarketWatch
    Oh my, that has to be a conservatives nightmare, a company making record profits with union membership...

    Oil/chemical workers make comparable wages and benefits as autoworkers.
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

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    Re: Exxon 2008 profit: A record $45 billion

    Good for Exxon. You don't like their profit, don't shop/buy gas from Exxon.

    there is a SIMPLE solution to your outrage.

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by EgoffTib View Post
    http://money.cnn.com/2009/01/30/news...ex.htm?cnn=yes

    Oil company beats estimates despite income decline in latest period due to falling prices.

    NEW YORK (CNNMoney.com) -- Exxon Mobil reported the largest annual profit in U.S. history Friday, making $45.22 billion on the back of record oil prices.


    But Exxon's quarterly profit fell over 33%, as crude prices dropped precipitously in the last quarter as recession spread through the globe.

    Exxon (XOM, Fortune 500), the world's largest publicly traded oil company, made $7.82 billion in the fourth quarter on revenue of $84.7 billion. On a per share basis, the company made $1.55, beating analysts' estimates of $1.45 a share.

    Exxon shares rose 1% in pre-market trading.

    Exxon's annual profit beat the previous record - $40.61 billion - set by the company in 2007.

    Oil prices, the driving force behind oil company profits, swung widely in 2008. Crude hit a record $147.27 in July, as surging global demand and wide investor interest pushed up commodity prices across the board.

    But as the credit crisis spread and cracks emerged in the global economy, money fled the oil market. By December crude traded in the $30s.

    Although stocks in general and oil stocks in particular have fallen sharply in the last few months, Exxon's share price has held up quite well. Exxon shares are down 9% in the last 6 months, compared to a drop of over 30% in the broad Standard & Poor's 500 index.

    Analysts have credited the company for a shrewd management style, avoiding lots of spending on expensive projects to find and develop oil when prices were high.

    "ExxonMobil's financial strength continued to support its disciplined capital investment approach in the midst of a growing global economic slowdown," Exxon chief Rex Tillerson said in a statement.

    The recent drop in oil prices recently has also muted calls for a special windfall profits tax - popular during the summer months when crude traded over $100 a barrel.

    During his campaign, President Obama called for a special tax on oil profits whenever crude went above $80 barrel. But with oil prices currently trading around $40 a barrel, and an unprecedented financial crisis to deal with, legislation targeting oil companies has been on the back burner. To top of page
    Due to the heartles closed mindedness of the MONEY WHORE, I`m going to just go all the way on this one,...Total federal control of these economy crushers...money whores. "PRICE FREEZE", price control wont do it. If industries can freeze our wages WE THE PEOPLE/government should be able to freeze their price gougeing ways....TOTAL PRICE CONTROL...I mean freeze.

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    Re: Exxon 2008 profit: A record $45 billion

    They made $45 billion in profit. That doesn't tell us much. What was their profit margin? Would you be outraged if you knew it was about 10 percent? The biggest corporation earns the most profits. Imagine that!

    Microsoft earns about 35 percent profit. There is nothing particularly profitable about selling gas.

    I'm glad somebody is making money for all the retirees who invested.

    3 months from now there will be more articles about Exxon reporting a record profit, and then 3 months after that.

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