posted
I would like to see how PMS explains this away:
Exxon Reports Another Record Profit Reutersposted: 8 HOURS 16 MINUTES AGOcomments: 1924PrintSharefiled under: Earnings, Investing, Crude Oil PricesText SizeAAANEW YORK (July 31) -
Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.
AP
Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year. Exxon -- the world's largest publicly traded company -- previously set the high-water mark for quarterly earnings in the fourth quarter of last year, when it brought in $11.66 billion. Despite the new record, Exxon's results lagged behind analyst expectations. The company posted operating earnings of $2.27 a share in the quarter, which exclude a $290 million charge related to the recent Supreme Court ruling in the Exxon Valdez case. Analysts, on average, had expected the company to earn $2.53 a share, according to Reuters Estimates. Revenue in the quarter rose about 40 percent to $138.07 billion. Exxon both produces oil and refines it to make gasoline, and profit margins for gasoline were weak during the quarter, holding back earnings slightly. The company said earnings from its exploration and production business rose about 68 percent to $10.01 billion. But its refining and marketing earnings fell about 54 percent to $1.56 billion. U.S. oil prices averaged slightly less than $125 a barrel in the quarter, nearly double prices from a year earlier. Gasoline prices only rose 25 percent during that same period, resulting in weak profit margins for the fuel. Shares of Exxon Mobil fell 2.2 percent in pre-market trade after its earnings were announced. Through Wednesday's close, they were down about 10 percent this year, underperforming the Chicago Board Options Exchange's oil index, which has fallen about 5.2 percent over the same period.
Reporting by Michael Erman, editing by Dave Zimmerman Copyright 2008, Reuters 2008-07-30 15:04:29
-------------------- Let the world change you... And you can change the world.
Ernesto "Che" Guevara de la Serna Posts: 4669 | Registered: Mar 2004
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posted
You know...I dont get why people get all butt hurt over a company that makes profit.
The feds make double what oil companies make on TAXING your gallon of gas so why dont more people cry foul about the government? Its always "the big bad oil man" in this capitalist society thats business and they happen to have a product people need.
Yeah so what they make a profit...isnt that what you would want if you built a company and it grew?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
What side of the bed did you wake up on today? You cant just make some small liberal comment and expect everyone to read your mind
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
ocean is water, water is ocean.....get it? air is oxygen, oxygen is air...get it?
dirt is soil, soil is dirt...get it?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
Jordan I can tell you are very anti-natural resources. What gives?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
Government is NOT oil and oil is NOT government - otherwise you lefties WOULD LOVE IT! BTW, that's the reason that the socialist Maxine Waters wants to socialize it!
This is a great illustration of the thought process of the wacko left. They complain about jobs going overseas, but they don't want companies to make a profit. Instead of applauding American companies being successful and American jobs staying here, they complain that anyone would dare make a PROFIT (a dirty word for the left).
posted
EXACTLY property manager...they cry foul about jobs going overseas, but when a local company posts profits its the "big bad businessman" or "corporate giant"
Some people will never be happy and live doomsday day to day.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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quote:Originally posted by Propertymanager: Government is NOT oil and oil is NOT government - otherwise you lefties WOULD LOVE IT! BTW, that's the reason that the socialist Maxine Waters wants to socialize it!
This is a great illustration of the thought process of the wacko left. They complain about jobs going overseas, but they don't want companies to make a profit. Instead of applauding American companies being successful and American jobs staying here, they complain that anyone would dare make a PROFIT (a dirty word for the left).
RIDICULOUS!
this guy is ccccrazy!...who wants to align themselves with this guy?...I feel sorry for all you conservatives out there, if he is in anyway a spokesman ....youre in big trouble. He reminds me of David Duke...
-------------------- jordan Posts: 5812 | From: st paul,mn | Registered: Feb 2004
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posted
hmmmm... i suppose the point here is that the economy is dying.
you have people trying to downplay the profitabilty of Exxon while they make more money than ANY company ever before, and you have "conservatives" in Washington screaming that they need to make more?
they have admitted to manipulating the gasoline supply publicly which forces the price of oil up, and you expect people to be happy?
i dunno...
i have no problem getting the gas i need... but i would sortof like to see the economy not fall apart....
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
Jordan....David Duke? Are you serious? How on earth do you come up with David Duke in this thread unless its something you commonly use to throw out there to dramatize your position? Seriously....
Glass...yes I would say once a company gets as large as Exxon there are problems. ANY industry has that problem....the justice department, the entertainment industry, etc
There are a lot of John no name farmers out there in the heartland that own many acres for cattle and have oil wells on them. They make a profit too by providing energy for all of us. Thats what im talking about to support.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
There are a lot of John no name farmers out there in the heartland that own many acres for cattle and have oil wells on them. They make a profit too by providing energy for all of us. Thats what im talking about to support.
i agree about drilling where we can, heck, NW Louisianna is having a major nat gas boom right now...
but this offshore oil political scam is just crazy...
GM just lost 15 billion cuz oil went up too fast...
at 4$ a gallon? gasoline isn't all that expensive if you don't drive an SUV... but the price increase was too fast to work thru the sytem without a lot of pain, and it makes people suspicious...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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quote:Jordan....David Duke? Are you serious? How on earth do you come up with David Duke in this thread unless its something you commonly use to throw out there to dramatize your position? Seriously....
Straight out of the Left's play book. When you don't have anything intelligent to say, play the race card (even if it doesn't make sense)!
quote:but this offshore oil political scam is just crazy...
This is no scam. We need more oil to reduce prices and to become less dependent on our enemies for oil. Some of the best drilling locations are off limits because of the congressional ban. The Republicans and a lot of Democrats want to drill in these areas. The Wacko Socialist Left including Nancy Pelosi and Harry Reed are preventing a vote on the issue.
This is no scam - it is an OUTRAGE!
Posts: 1577 | From: Ohio | Registered: Oct 2007
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posted
yes..David Duke!..has nothing to do with any playbook...I have never,ever followed any political agenda. I dont know what a Dem or Rep is,and dont care...I look at the person and what and how they speak..that is all..after hearing PMS speak on this board for a few months, he sounds like a white,extremist,goose-stepping,red-neck, who has no tolerance for anyone that doesnt have his POV...reminds me of David Duke...even sounds like Duke!...I have no political mind..I'm not cut from that cloth.I only try to figure out, for myself, what sounds logical and what would be the correct way to conduct ourselves as a people...
enjoy your day....shot a 74 last nite!
-------------------- jordan Posts: 5812 | From: st paul,mn | Registered: Feb 2004
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posted
Well we can talk about this and that all day long but we NEED oil...as much of it right now as we can produce. Im sure everyone agrees there needs to be a balance here with fossil fuels and the switch to cleaner forms of energy.
We need to produce more oil while becoming less dependent on it. Its simple in thought really. Drill offshore and get those massive reserves pumping like there is no tomorrow. Use the taxes generated on THAT production and funnel a lot of it towards wind farms, and the expansion of wind farms.
Also use the tax revenue to offer federal monetary incentives towards the purchase of eco-friendly or high MPG vehicles...and im talking about highly generous offers combined with tax breaks.
Anti oil people say "we cant drill our way out of this" Well no s%%%! We CAN however drill our way to relief and to the future.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
Have any of you who are for lifting the ban on offshore drilling looked into where or why the ban is in place? Or are you just taking it on faith that Bush Jr. and the oil companies have told you there is oil there?
What about all the other leases that the gov has granted that have never been acted on? Why don't they give them up? Could it be that they won't be satisfied until they have obtained the mineral rights under all federal land?
What are the oil companies doing with their record profits? Why have many of them announced that they are getting out of the retail gasoline business (or the refining business) because it is a drag on profits when they are making over 100k per minute? How is that helping America in a stressed economy?
Government subsidies are to grow businesses. Why are we subsidising businesses that are larger than most countries 'nationalized' industries while they are making record profits? If the point of subsidies is to grow business, exactly how big do we want these companies to get before we ask them to pay their own bills?
What about all that oil in Montana? Who is going after that? What about the new projections on the North Face in Alaska? Oil shale in the Dakota's? Why do the lawmakers and lobbyist consistently turn the conversation to areas where they can't drill when there are multiple options available to them where they can?
Can you honestly tell me that none of these questions make you pause for a moment and say...wait a minute now...?
-------------------- No longer eligible for government service due to lack of tax issues. Posts: 5178 | From: Up North | Registered: Dec 2005
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posted
Why are profits so bad? If a company becomes successful it is because it had consumers or products to put it there.
Bigfoot...I guess you dont know what is going on in Montanna. There is more drilling than you know of going on. If you would like to made a bid on some federal leases go call the BLM (Bureau of Land Management) office in Cheyenne Wyoming.
In June 2008 there were 456 new drilling permits issued in Wyoming. In Texas there was 1,955, and in Kansas 457. Alaska only had 18....yes 18. Why? Thanks to overbearing red-tape brought on by useless political crybabies.
If any of you here start a company, build it and become very very successful do I have the right to come here and blame you for my problems? Because thats what a few here seem to do. Should I come after you and demand I get a portion of your profits for having nothing to do with your business? Should we call for MORE taxes such as what the Democrats are doing on your business because its not fair how well you are doing?
Do we REALLY have to know exactly what an oil company does with its profits? The majors (biggest oil companies) have plenty of charitable donations going on and give back to the community.
In fact, I bet these terrible terrible oil companies have done more as far as giving back than 95% of Americans.
Im not saying they are perfect because you find corruption everywhere....even judges whom are sworn to uphold a just rule of law go under from time to time.
You pay 2 times as much in federal taxes on a gallon of gas than what an oil company makes in profit. So who is the real culprit here?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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quote:but this offshore oil political scam is just crazy...
This is no scam. We need more oil to reduce prices and to become less dependent on our enemies for oil. Some of the best drilling locations are off limits because of the congressional ban. The Republicans and a lot of Democrats want to drill in these areas. The Wacko Socialist Left including Nancy Pelosi and Harry Reed are preventing a vote on the issue.
This is no scam - it is an OUTRAGE! [/QB]
well i read the words, but i see no reason to think they are anything more than what rush limbaugh told you to say...
first off? the outrage is how exxon says they have such low profits, as if we are supposed to be happy they manage to get oil to the pump at any price...
just like gold? oil is where you find it... these claims that the "best" drilling locations are off-limits is stupid. it's about as stupid as any political myth ever contrived... and the goal is to confuse the avg consumer, and try to set up a divisive political campaign.
even if they opened up all the offshore tomorrow? the OIL CO's themselves can't get enough equipment to effectively get oil from proven finds RIGHT NOW...
construction of rigs is backlogged and the money is already there to build them..
this idea that the US has any possible hope of becoming self-sustaining on domestic oil by production alone must be drug induced.
we use 20 million BPD. cutting that in half is the only way we can become domestically independant even if we open up everything...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
So Cuba, with China's help (and the help of the Leftists in the USA), can drain the oil reserves WE don't ALLOW ourselves to drill, by drilling on the edge where our water rights end. The Commies win, we loose. Because we LET them.
Cant remember the source, but so true.
Posts: 1178 | From: Mobile, AL | Registered: Aug 2005
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quote:Originally posted by andrew: So Cuba, with China's help (and the help of the Leftists in the USA), can drain the oil reserves WE don't ALLOW ourselves to drill, by drilling on the edge where our water rights end. The Commies win, we loose. Because we LET them.
Cant remember the source, but so true.
LOL more propaganda... don't you guys realise that if Obama is elected and your worst fears come true that it's because of all these stupid lies? people have lost their trust in the "conservatives" because over and over again they proven to be propagandists.
if we had trade with Cuba? Exxon or Chevorn could be exploring or even drilling there right now..
why isn't BP?
once again you have to remember that, just like gold, oil is only where you find it.
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
You are correct...SeekingFreedom.....China is not drilling off shore...BUT THEY CAN and WE CAN NOT.
Posts: 1178 | From: Mobile, AL | Registered: Aug 2005
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In U.S. controlled waters, thousands of oil platforms are either floating or attached to the ocean floor off the shores of Texas, Louisiana, Mississippi, Alabama and Florida. Many of these platforms are huge structures that house multiple drilling rigs and also house workers. Though some of the platforms can be moved, they are, for the most part, like self-sustaining steel islands, complete with helicopters pads. Once drilled, oil and gas are transported from the platforms through sub-sea pipelines to refineries located in the gulf states, especially in Texas and Louisiana.
i beleive they are correct, and you are just posting rumors andrew..
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
I am not posting rumors I never said we were not getting any oil from off shore....Congress has not approved any further drilling. More platforms ..more drilling = more oil.
This also comes from your source.
Posts: 1178 | From: Mobile, AL | Registered: Aug 2005
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there's a huge feild coming now, an dthey are building eqpt to get the feild up-n-running as fast as they can.
all of this crapola about offshore drilling is a diversion from the fact that Bush and Cheney are oil people and they have been in office overseeing/managing this financial crisis..
blaming the dems for the problem is actually pitiful... it's beyond pitiful, and anybody who beleives the propaganda when confronted with real facts is hopeless...
who aproved all the big oil mergers? cuz there so few people managing the supply of gasoline that they have total control over the price...
heck, i wouldn't be surprised if oil came down tomorrow if they opened all exploration today...
in other words? you/we would have been blackmailed...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
Dont hear much about Cheney these days. He liked to show his face all over the place before the war, and in the beginning when he went around parading the idea. Now...MANY years later he is very reclusive.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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quote:Originally posted by CashCowMoo: Dont hear much about Cheney these days. He liked to show his face all over the place before the war, and in the beginning when he went around parading the idea. Now...MANY years later he is very reclusive.
he''s the one that got this oil plan in place CCM...
i am not against drilling anywhere, i realise that i seem to be arguing against it, but waht i am aruing for is just a little bit of honesty and integrity...
the severe lack of that is what has allowed people to place Obama on his pedastal...
look at the crowds he draws by simply talking about change...
heck i don't beleive he's "the answer", he's just a dude that wants the brass ring... but at least he's asking for the ring and not stealing it...
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
d'oh, i just remebered that i am against drilling in places like the Chesapeake bay and the Currituck sound, or lake ponchartrin cuz they would be ruined no matter how careful we are..
-------------------- Don't envy the happiness of those who live in a fool's paradise. Posts: 36378 | From: USA | Registered: Sep 2003
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posted
These are the same people that think the laws of supply and demand no longer apply, yet they are the first ones to whine about high gas prices. The whacko point of view is that the oil companies are holdoing this magical technology that will solve our dependence on oil. The truth is no one can answer how many years it will take for these alternative energy sources to become viable, if ever. How much will a gallon of gasoline cost ten years from now when the liberals will still say we can't drill because it will take ten years to come on line!
Anyone who moveon.org supports to me is highly questionable...especailly when their words make me think of a anti-free market socialist.
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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posted
I hear you glass...im just glad the administration will be gone for good soon. They really did a number on our country and the world. What are we ....2 billion a day/month? or something like that for the iraq war?
-------------------- It isn't so much that liberals are ignorant. It's just that they know so many things that aren't so. Posts: 6949 | Registered: Apr 2004
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that it's because of all these stupid lies? people have lost their trust in the "conservatives" because over and over again they proven to be propagandists.
