• There seems to be an uptick in Political comments in recent months. Those of us who are long time members of the site know that Political and Religious content has been banned for years. Nothing has changed. Please leave all political and religious comments out of the forums.

    If you recently joined the forums you were not presented with this restriction in the terms of service. This was due to a conversion error when we went from vBulletin to Xenforo. We have updated our terms of service to reflect these corrections.

    Please note any post refering to a politician will be considered political even if it is intended to be humor. Our experience is these topics have a way of dividing the forums and causing deep resentment among members. It is a poison to the community. We appreciate compliance with the rules.

    The Staff of SOH

  • Server side Maintenance is done. We still have an update to the forum software to run but that one will have to wait for a better time.

Exxon Mobil posts largest U.S. profit

H

hey_moe

Retired SOH Administrator
HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company, reported on Thursday that it earned $14.83 billion in the third quarter. That shattered its own record for the biggest profit from operations by a U.S. corporation.

Yet, numbers contained within the company's most recent financial report revealed production numbers that continue to sag.

Its shares closed at $75.05 on Thursday, up 40 cents.

The Irving, Texas-based company has reported unprecedented back-to-back quarters, the end of the most recent coinciding with a rapid plunge in crude prices.



<!-- google ads --><IFRAME marginWidth=0 marginHeight=0 src="/common/includes/google-adsense-content.html?client=ca-tribune_news3_html&channel_content=dailypress_business_fallback&channel_section=dailypress_section&type=wide&page_url=http://www.dailypress.com/business/dp-biz_mmexxon_1031oct31,0,7588696,print.story" frameBorder=0 width=290 scrolling=no height=12 SuperAdBlocker_Frame="0"></IFRAME><!-- END google ads -->
<!-- END rail -->Oil prices have tumbled from summer highs.

Benchmark crude prices fell $2.91 to $64.59 on Thursday on the New York Mercantile Exchange.

That's about 56 percent off record highs in July.

Exxon said net income jumped nearly 58 percent to $2.86 a share in the July-September period.

That compares with $9.41 billion, or $1.70 a share, a year ago.

The previous record for U.S. corporate profit was set in the second quarter, when Exxon Mobil earned $11.68 billion.

Third-quarter revenue rose 35 percent to $137.7 billion.

On average, analysts expected the company to earn $2.39 a share in the latest quarter on revenue of $131.4 billion.

Exxon Mobil's results got a boost of $1.62 billion in the most-recent quarter from the sale of a natural gas transportation business in Germany.

It also took a special after-tax charge of $170 million for a punitive-damages award related to the 1989 Exxon Valdez oil spill.

Excluding those items, third-quarter earnings amounted to $13.38 billion — nearly 15 percent above its previous profit record from the second quarter.

As expected, Exxon Mobil reaped huge earnings from its exploration and production — or "upstream" — arm, where net income rose 48 percent to $9.35 billion.

Higher oil and natural gas prices propelled results, even though production was down from the third quarter a year ago.

Oil producers are coming off a quarter during which crude prices reached a record high of $147.27 — and their profits have reflected it.

Royal Dutch Shell PLC, Europe's largest oil company, said Thursday that its third-quarter net profit jumped 22 percent from a year ago, also despite falling production.

The global economic malaise has raised questions about energy demand at least into 2009.
 
I filled up at WaWa this morning.... 2.17 for Regular. I've heard that down in Texas and a couple of other southern states regular is below the 2 dollar mark.

It's about time.... but hang on, after the election I have a bad feeling prices will climb sky high again. Please let me be wrong.
 
GT182 said:
I filled up at WaWa this morning.... 2.17 for Regular. I've heard that down in Texas and a couple of other southern states regular is below the 2 dollar mark.

It's about time.... but hang on, after the election I have a bad feeling prices will climb sky high again. Please let me be wrong.
Click to expand...


I think you're right on the money on that one GT. It always does.. arrghh..

:banghead:



Bill
 
As far as I know WaWa's gas doesn't come from Exxon. There are Exxon stations here that are charging more.. but I won't buy gas at them because of the prohit they've raped from us.
 
Only gas station in town is Exxon and the nearest Wally World is 35 miles away.

One thing that hasn't been mentioned is how much more of the cost of gas goes for taxes than is made in profit for the oil company.
 
Willy said:
One thing that hasn't been mentioned is how much more of the cost of gas goes for taxes than is made in profit for the oil company.
Click to expand...

Still, in the end after all the taxes and all else is paid, they end up with the big absurd profit. Our esteemed leaders won't give up or lower their gas taxes.

Prices are dropping and I bet they'll still make billions in profit for the next quarter. Remember I said this and see what happens. ;)
 
Someone has to invent a car that can run off of blood. That way its better for your health.
 
The press always makes a big deal on how much a company makes, rather than how much they pay in taxes. Well mostly, depends on the politics....:isadizzy:
 
My brother-in-law predicted in July that the gas prices would drop drastically shortly before the election and shoot up right after. So far, he looks like Kreskin. Don't know if he has "powers" or not, but I'm definitely getting a fill-up on Monday. :d
 
I keep hearing that claim that the reason the price of gas has dropped so dramatically is because of the election.

Apparently oil being bought on speculation and the fact that the market lost 6,000 points has nothing to do with it.
 
Your friendly bank made 3x the profit of the oil companies.

Look at Coke - nobody is pissed about paying more per gallon for sugar water. Try seeing how far you can push your car drinking a gallon of Coke.

Oil_Profits.jpg

Profits3rdQ2005.gif
 
your graphs show data that is 3 years old. doesn't make much of a point against the current claim that the oil industries profits are the highest in history.


i'll never understand why people are so keen on sticking up for them. like i said in a similar thread in the outhouse, crack addicts do the same thing.

for the record, i'm not calling you a crackhead i'm just noticing that they also complain about the cost of the item they are addicted to, while on their way to get more.
 
cheezyflier said:
your graphs show data that is 3 years old. doesn't make much of a point against the current claim that the oil industries profits are the highest in history.


i'll never understand why people are so keen on sticking up for them.
Click to expand...

I'm not sticking up for anybody. I'm just a guy who has started, owned and operated 3 different businesses (all successful!). Maybe I have a different perspective of business.

Getting excited about a single number (15B) is meaningless. You need to consider the magnitude of scale of the oil business. Another big factor is the value of money continues to decrease, so this years 'record profits' will be trumped next year purely due to the devaluation of the dollar.

If that is your attitude, how can you defend Coke making a higher percentage profit?
The vast majority of their business is different kinds food products (a lot of junk foods IE: bad for your health).
 
VF15_gray said:
I'm not sticking up for anybody. I'm just a guy who has started, owned and operated 3 different businesses (all successful!). Maybe I have a different perspective of business.

Getting excited about a single number (15B) is meaningless. You need to consider the magnitude of scale of the oil business. Another big factor is the value of money continues to decrease, so this years 'record profits' will be trumped next year purely due to the devaluation of the dollar.

If that is your attitude, how can you defend Coke making a higher percentage profit?
The vast majority of their business is different kinds food products (a lot of junk foods IE: bad for your health).
Click to expand...

i don't defend coke at all, i'm a pepsi drinker :costumes:
no, actually, what's worse is bottled water. 600% mark up for what is essentially new york city tap water? no thank you! there are lots of companies out there making obscene profits. i myself try to minimize using them to the best of my ability
 
You must log in or register to reply here.
Back
Top