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$12-15 per gallon coming soon to a pump near you
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[QUOTE]Originally posted by glassman: [QB] [b]I believe that their profit margin was only 6.9%[/b] PM, i believe you use much less "sophisticated" accounting procedures to cacklack your margins.... before you begin squawking about why a publicly traded company would ever "cook" their books to look less profitable? here's the best motive there is: [i]Note 1 -- On August 1, 2000, the Corporation announced its intention to resume purchases of shares of its common stock for the treasury both to offset shares issued in conjunction with the Company's benefit plans and programs and to gradually reduce the number of shares outstanding. The announcement did not specify an amount or expiration date. The Corporation has continued to purchase shares since this announcement and to report purchased volumes in its quarterly earnings releases. In its most recent earnings release dated May 1, 2008, the Corporation stated that share purchases to reduce shares outstanding were increased to $8.0 billion in the first quarter of 2008. Purchases may be made in both the open market and through negotiated transactions, and purchases may be increased, decreased or discontinued at any time without prior notice.[/i] this statement indicates that they used about 85% of their NET income to buy back shares... now? if you keep looking thru the 10Q? you'll find that they also had to use about 17% of their NET income to pay dividends... 85% plus 17% is 102% so lets go back and check the figure on the share buyback exaclty: they purchased 109,574,196 shares at an average price of $86.63: that equals $9,501,075,599. there were 5,283,694,459 shares paid $0.35 each that is: $1,849,293,061 those total out to 11.35 billion dollars which is more than their net income, yet the company reports an increase of total assets and and shareholder equity of about 16 billion over last years quarter... are you beginning to get a glimmer of why some of US "socialistas" are so skeptikal? :D here's the 10Q if you wanna see for yourself: [URL=http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000034088%2D08%2D000057%2Etxt&FilePath=%5C2008%5C05%5C06%5C&CoName=EXXON+MOBIL+CORP&FormType=10%2DQ&RcvdDate=5%2F6%2F2008&pdf=]http://secfilings.nasdaq.com/filingFrameset.asp?FileName=0000034088%2D08%2D00005 7%2Etxt&FilePath=%5C2008%5C05%5C06%5C&CoName=EXXON+MOBIL+CORP&FormType=10%2DQ&Rc vdDate=5%2F6%2F2008&pdf=[/URL] [/QB][/QUOTE]
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