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Thread: Exxon 2008 profit: A record $45 billion

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    Exxon 2008 profit: A record $45 billion

    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
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    Re: Exxon 2008 profit: A record $45 billion

    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.
    "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
    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 !

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    Re: Exxon 2008 profit: A record $45 billion

    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.
    Affiant further sayeth not.

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Arch Enemy View Post
    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.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Indy View Post
    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.
    "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 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
    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.
    Last edited by Rodney; 02-06-09 at 02:14 PM.

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Harry Guerrilla View Post
    Yea I totally forgot that it was the Exxon Mobile Charity Gas Corp.
    I don`t see anyone asking for charity here ,Harry...get real,your whine sucks.

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    Re: Exxon 2008 profit: A record $45 billion

    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 was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Exxon 2008 profit: A record $45 billion

    Quote Originally Posted by Rodney View Post
    I don`t see anyone asking for charity here ,Harry...get real,your whine sucks.
    They made money. Everyone should ****ing get over it. Thats what their in business for.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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