Welcome to ASFN Fan Forums! We're glad to have you here. Please feel free to browse the forum. We'd like to invite you to join our community; doing so will enable you to view additional forums and post with our other members.
Registered Members don't see these ads. Register now it's free!
Exxon Mobil posts biggest US quarterly profit ever
With every 10 gallon purchase you get a 10 % off coupon for a tube of Vaseline.
Quote:
Exxon Mobil posts biggest US quarterly profit ever
Oct 30, 9:48 AM (ET)
By JOHN PORRETTO
HOUSTON (AP) - Exxon Mobil Corp. (XOM) (XOM), the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.
Bolstered by this summer's record crude prices, the Irving, Texas-based company 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 last quarter, when Exxon Mobil earned $11.68 billion.
Revenue rose 35 percent to $137.7 billion.
On average, analysts expected the company to earn $2.39 per share in the latest quarter on revenue of $131.4 billion.
Company shares fell 69 cents to $73.96 at the open of trade.
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 related to 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 posted massive earnings at 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 an all-time high of $147.27 - and their profits have reflected it. Crude prices, however, have quickly fallen 50 percent from the summer's highs, and the global economic malaise has raised questions about energy demand at least into 2009.
Some companies, especially smaller producers, are scaling back spending on new exploration and production projects because of the uncertainty, though analysts say that its less likely to happen at the well-heeled giants like Exxon Mobil.
Registered Members don't see these ads. Register now it's free!
__________________
In politics, nothing happens by accident. If it happens, you can bet it was planned that way.
Franklin D. Roosevelt
"Those who can make you believe absurdities can make you commit atrocities." --Voltaire
Prices WAY down as well, so consumers save while corporate America profits. Pretty sweet, eh?
Well, it's all relative. Let's see, oil at it's heigth was about $145 a barrel and about $4.50/gallon at the pump. Now it $65 a barrel and about $2.95/gallon. Based on that:
price per barrel: down -55%
price per gallon: down -34%
Well, it's all relative. Let's see, oil at it's heigth was about $145 a barrel and about $4.50/gallon at the pump. Now it $65 a barrel and about $2.95/gallon. Based on that:
price per barrel: down -55%
price per gallon: down -34%
$4.50?? Whoa.... never saw it that high... The most I ever paid was $4.08. And just filled up yesterday and paid $2.54!
Exxon's profit is from the 3rd quarter. The crude oil/petro market is ahead of the Exxon/Mobile corporate earnings release. So what you're seeing is the profits from July through Sept. and has nothing to do with the current price of gas. If crude barrels stay low Exxon will not continue to make record profits.
Quote:
Originally Posted by Kolo
Prices WAY down as well, so consumers save while corporate America profits. Pretty sweet, eh?
As long as we're on a slide down like we are now. Of course you have to make the painful climb up in order to slide down, don't you?
I see nothing wrong with this. if i had a product that you were waying to pay anything for because you need it so bad trust me I would mak eyou pay through the nose.
__________________
Goal for 2008: Half as many penalties.
I see nothing wrong with this. if i had a product that you were waying to pay anything for because you need it so bad trust me I would mak eyou pay through the nose.
Pffft. I am glad you dont control food, medicine, electricity, etc.
South Florida's, Flicker Plunder & Loot, a k a FPL, electric provider just announced they were going to raise the cost of a KW. Bases that increase on the past price of oil they locked into, not today's price. Their stupidity? Nah. It's a lie , of sorts, since only 8 % of their fuel use is oil. Hang onto your short and curlies if you've still got them.
BTW, our governor announced that Florida storage tanks have a 150,000,000 gallon of gasoline surplus sitting in facilities with no local demand. It is now being reshipped....... overseas. Anyone still think offshore drilling is for our consumption. Hah!
Any wonder as to why the price of consumer goods is not coming down? They told us shipping and delivery costs drove those prices up. See a pattern here?
Professional prevaricators is what I see.
__________________
In politics, nothing happens by accident. If it happens, you can bet it was planned that way.
Franklin D. Roosevelt
"Those who can make you believe absurdities can make you commit atrocities." --Voltaire
South Florida's, Flicker Plunder & Loot, a k a FPL, electric provider just announced they were going to raise the cost of a KW. Bases that increase on the past price of oil they locked into, not today's price. Their stupidity? Nah. It's a lie , of sorts, since only 8 % of their fuel use is oil. Hang onto your short and curlies if you've still got them.
BTW, our governor announced that Florida storage tanks have a 150,000,000 gallon of gasoline surplus sitting in facilities with no local demand. It is now being reshipped....... overseas. Anyone still think offshore drilling is for our consumption. Hah!
Any wonder as to why the price of consumer goods is not coming down? They told us shipping and delivery costs drove those prices up. See a pattern here?
Professional prevaricators is what I see.
Offshore drilling is primarily about decreasing our oil purchases from OPEC... It's not so much about need/demand, but about independance...
Of course, so is the entire alternative energy issue... I can't stand the Drill Baby Drill mantra, however, we do need to drill more. AND, we do need to move much more quickly toward developing alternative fuel sources that can be put into mass production and consumption...
Pffft. I am glad you dont control food, medicine, electricity, etc.
But if I had a food company and made outragious prices someone else 9Walmart) would just come by and take all my customers and off food at much lower prices.
See.
__________________
Goal for 2008: Half as many penalties.
if everyone ate 60 dolars worth of bannanas every week Then Dole would be making the quarterly record profits. Put that in perspective. You hate Exxon because it makes more sales than anyone else?
microsoft makes a heck of a lot more per sale than Exxon does. Its just that Exxon makes thousands of sales every minute.
So lay huge taxes on Microsoft or any of the other thousands of companies that make a larger net profit per sale.
__________________
Goal for 2008: Half as many penalties.
Linear Mode
