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Exxon 2008 profit: A record $45 billion

First Thought

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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
 
We can't really do much about that right now, as Exxon has America by the metaphorical penis and is twisting it right-round-baby-right-round-like-a-record-player-baby-right-round.

We have to pull some Dickens philosophy and pray that one day these men will find it in their hearts to stop being such greedy asses.
 
We can't really do much about that right now, as Exxon has America by the metaphorical penis and is twisting it right-round-baby-right-round-like-a-record-player-baby-right-round.

We have to pull some Dickens philosophy and pray that one day these men will find it in their hearts to stop being such greedy asses.

MONEY WHORES ...baby...MONEY WHORES !
 
I never thought I'd say this but I give the oil industry credit. If they can manage to still make a profit in this economy while most everyone else is suffering then they TRULY have the best and the brightest working for them, unlike wallstreet.

Anybody notice how the oil industry hasn't come hat-in-hand to the front steps of the capital building? THAT'S why they aren't subject to any executive pay restrictions imposed on them by the government. That's how it works, you do your job and the gov't leaves you alone.
 
We can't really do much about that right now, as Exxon has America by the metaphorical penis and is twisting it right-round-baby-right-round-like-a-record-player-baby-right-round.

We have to pull some Dickens philosophy and pray that one day these men will find it in their hearts to stop being such greedy asses.

Yea I totally forgot that it was the Exxon Mobile Charity Gas Corp. :roll:
 
I never thought I'd say this but I give the oil industry credit. If they can manage to still make a profit in this economy while most everyone else is suffering then they TRULY have the best and the brightest working for them, unlike wallstreet.

Anybody notice how the oil industry hasn't come hat-in-hand to the front steps of the capital building? THAT'S why they aren't subject to any executive pay restrictions imposed on them by the government. That's how it works, you do your job and the gov't leaves you alone.

It wasn't a difficult move on their part. America depends on gasoline.
 
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

Thank you from the bottom of my heart. WARNING: There will be many money whore types who want to kick your butt for this thread and they will be both LEFT handed and RIGHT handed posters. These are the kind of people who feel that "profits at all cost", is a good moral, ethical way to liveand ,"f**k the little labor class whinerts of America...we can improve conciderably on our paltry 45 B profit margin". Stimulus isn`t the end all....New laws to protect the whole from the few money whores will be needed for a long term healthy economy. The cycle will only end if we make money whoreing a crime. The actions of these people must be identified ,and they need to be closely watched and regulated if the know no limits to their excesses.
 
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I'll just add that all this popular demonizing is for stupid. If they lost money no one in here would be crying to give them monetary help.

Their whole existence is primarily for making money by selling their specific products and services. While I understand they do have some government friends that favor them, It isn't the only reason that they can make money.

I'm sure if you owned a part of Exxon you would be elated by the profits.
 
I'll just add that all this popular demonizing is for stupid. If they lost money no one in here would be crying to give them monetary help.

Their whole existence is primarily for making money by selling their specific products and services. While I understand they do have some government friends that favor them, It isn't the only reason that they can make money.

I'm sure if you owned a part of Exxon you would be elated by the profits.

If they lost money ,youd be asking for the tax payer to stimulate their failures. We`re going to lose with you no matter what.
 
I'll just add that all this popular demonizing is for stupid. If they lost money no one in here would be crying to give them monetary help.

Their whole existence is primarily for making money by selling their specific products and services. While I understand they do have some government friends that favor them, It isn't the only reason that they can make money.

I'm sure if you owned a part of Exxon you would be elated by the profits.

But I don't own any part of Exxon, so I am not elated by their profits.
 
They made money. Everyone should ****ing get over it. Thats what their in business for.

How many hundreds of billions in profits amongst all the big oil money whores was the result of price gouging in esentialy the worst of economic time. You still suck Harry. We`ll always be wrong either way in your eyes because you know everything about money and you know none of US will work for it.
 
If they lost money ,youd be asking for the tax payer to stimulate their failures. We`re going to lose with you no matter what.

Wrong. I don't believe in handing out tax payer moneys to private corporations.

I just hate when people get all bent out of shape because someone else has more money than they do or when a corporation does what its supposed to do like make money.

Arch Enemy said:
But I don't own any part of Exxon, so I am not elated by their profits.

Buy some shares and get some dividends or be outraged that a corporation did exactly what it was supposed to do.
 
How many hundreds of billions in profits amongst all the big oil money whores was the result of price gouging in esentialy the worst of economic time. You still suck Harry. We`ll always be wrong either way in your eyes because you know everything about money and you know none of US will work for it.

Price gouging is one of those loaded emotional terms, Like hoarding or greed.

Except when your the one doing it, its not bad.

I'll let you in on a little secret, I'm a poor ass individual. I make less than 30.000 a year but I educated myself about why its wrong to decide who gets to play with other peoples money.
 
Price gouging is one of those loaded emotional terms, Like hoarding or greed.

Except when your the one doing it, its not bad.

I'll let you in on a little secret, I'm a poor ass individual. I make less than 30.000 a year but I educated myself about why its wrong to decide who gets to play with other peoples money.

OK harry....OK. By the way, I DON`T DO IT. I truely am just to god damned moral to over charge ,or price gouge. Could be part of my poverty,but I still wont go there.
 
Wrong. I don't believe in handing out tax payer moneys to private corporations.

I just hate when people get all bent out of shape because someone else has more money than they do or when a corporation does what its supposed to do like make money.



Buy some shares and get some dividends or be outraged that a corporation did exactly what it was supposed to do.

I`m not out of shape because someone made money. I`m out of shape because families are liveing in the streets. AS prices topped $4.00 a gallon and delivered gooods went up 10,..20...30%, More people lost their homes and moved into the street. Their kids are eating out of jars. Thats not emotion,thats fact.
 
Price gouging is one of those loaded emotional terms, Like hoarding or greed.

Except when your the one doing it, its not bad.

I'll let you in on a little secret, I'm a poor ass individual. I make less than 30.000 a year but I educated myself about why its wrong to decide who gets to play with other peoples money.

I know a guy who makes around 135 K ,he`s under paid. Profit is a great thing. It strengthens your business. Money whoreing on the other hand is robbery and destabilizes entire world economies. I love the term because it does say a lot more.... Wealth and luxury are fine and dandy...That other word...NOT;) HARRY, I hope you make 40 ,or 50 k next year.
 
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We can't really do much about that right now, as Exxon has America by the metaphorical penis and is twisting it right-round-baby-right-round-like-a-record-player-baby-right-round.

We have to pull some Dickens philosophy and pray that one day these men will find it in their hearts to stop being such greedy asses.

What a fascinating argument considering that we Americans pay less at the pump than almost any other free nation.

But of course, it is equally ironic watching Liberals who apparently are angered that a company would actually make huge profits, which is a GOOD thing in that they employ thousands and will pay HUGE taxes, also rail about how bad the unemployment figures in the country are and want more jobs.

Yep, in order to have a Liberal philosophy, you have to willingly avoid reality and wallow in denial. :roll:
 
Thank you from the bottom of my heart. WARNING: There will be many money whore types who want to kick your butt for this thread and they will be both LEFT handed and RIGHT handed posters. These are the kind of people who feel that "profits at all cost", is a good moral, ethical way to liveand ,"f**k the little labor class whinerts of America...we can improve conciderably on our paltry 45 B profit margin". Stimulus isn`t the end all....New laws to protect the whole from the few money whores will be needed for a long term healthy economy. The cycle will only end if we make money whoreing a crime. The actions of these people must be identified ,and they need to be closely watched and regulated if the know no limits to their excesses.

:rofl :rofl :rofl

Oh my, this truly was an amusing trite little rant. Do you feel better now?
 
If they lost money ,youd be asking for the tax payer to stimulate their failures. We`re going to lose with you no matter what.

Who is this "we" you refer to? Is it the millions of uninformed Americans like you who are economically clueless and love to go on inane populist rants that cannot be supported by reality or facts?
 
OK harry....OK. By the way, I DON`T DO IT. I truely am just to god damned moral to over charge ,or price gouge. Could be part of my poverty,but I still wont go there.

What a fascinating, yet ignorant, argument. Oil Companies make about ten cents on every gallon of gas they sell.

How much do you think the Federal Government takes for doing absolutely nothing?

How much do you think State Governments take for doing absolutely nothing?

How much do you think local Governments take for doing absolutely nothing?

Do you ever actually think before you go on your populist rants?
 
Boo-hoo! ExxonMobil made a profit. WTF is a corporation supposed to do? Oh, I know...make a profit up to the point that such profit offends the delicate sensibilities of individuals whose envy causes them to be distressed by the success of others.:rofl

What is the hard-on for Big Oil? They develop and exploit a commodity that our massively successful economy requires. What? Because of that need then oil firms should suspend making the very profits that allow them to invest in new exploration, new capital projects, new employees, etc.

That makes as much sense as arguing that Obama was ever a candidate of hope and change.
 
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