Exxon Mobil posts record $45.2 billion profit

[Deadly Sushi]

Yup! I wonder if they are hiring! :glare:


HOUSTON - Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago. The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.
The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.





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http://www.msnbc.msn.com/id/28931011

[joec]

Make me king for a single day, just one day.

[Maverick2272]

All that profit, and they couldn't give the consumer even a little break on the price!!!!
As Micheal Douglas said in Wall Street, "Greed is good!!". Seems Wall street has returned to that policy again. Didn't they just hand out huge bonuses in companies that had posted losses and took bailout money?
These people have no morals, no conscience, and no sense of right and wrong. I think we should kidnap them all and make them work at McDonalds for a year and live off those wages alone...

[Luckytrim]

I'm gonna love this site !

I got booted off ORB a few years back for railing against corporate greed........Brainy said I was a political agitator.........who / ME ?
PS. for those of you familiar with "Our Recipe Box", I heard that they folded up, and Brainy nd Pammi are no longer a couple.

[PanchoHambre]

. Didn't they just hand out huge bonuses in companies that had posted losses and took bailout money?
These people have no morals, no conscience, and no sense of right and wrong. I think we should kidnap them all and make them work at McDonalds for a year and live off those wages alone...

This makes me CRAZY bonuses are for doing good.... you make your company a ton of money... sure you should get that big check and you buy yourself a yaght.... but to get a bonus when you lost MILLIONS? Insanity.

Exxon.... your welcome... damn I need to get a Prius

And yes Mav I agree.... I grew up surrounded by wall st money many of these people are so amazingly dis-connected from the average persons financial reality

[Luckytrim]

talk about your disconnect......... They were interviewing Football players from the two SuperBowl squads and asking them "reality" type questions
Q; What's the price of a gallon of gasoline where you live ?
A; I don't know- I have somebody to gas up my cars
Q; take a guess.....
A; I dunno- $20 ??


Q; What do you think about the Detroit Bailout ?
A; I haven't heard about it, but, hell, if My team went o-16, I'd Bail the hell out too.......

[JoeV]

...but do think these people are truly happy? C'mon, I'll bet they wrack their brains trying to figure out just what that void is that they are feeling deep inside their soul, and are really envious of peeps like us who can find solace and satisfaction in such simple activities like cooking, baking and breaking bread with good friends. Let's have pity on these wretched souls, mired in the filth of their money and lust for power.



NOT!

Screw them thieving dogs!

:yum::yum::yum::yum::yum:

[Luckytrim]

...but do think these people are truly happy?



..............Statistically, The suicide rate among the rich is much higher than among the poor.......................

[JoeV]

..............Statistically, The suicide rate among the rich is much higher than among the poor....................... I've heard that, but I have no rich friends to verify it with (epecially after this past year! Whew.).

[waybomb]

Sushi - Once again:

EM makes about $1,200 per second profit
EM pays about $4,200 per secong taxes - that YOU get some level of benefit from
EM pays about $17,000 per second in operating expenses.

Get over it. They are in busines to make money for their owners, the shareholders, which, almost anybody in America that has a 401(k) alsp has some EM stock buried in the portfolo.

You just can't stand somebody making a 3% profit, can you. Most businesmen would get out of business at that level and invest their money in a company that makes a decent percentage, like above 10% or so.

[PanchoHambre]

...but do think these people are truly happy?



I grew up surrounded by these people... HS classmates parents were CEOs CFOs of a number of the corporations you hear about on the news...or thier lawyers and no the rich folks were not necessarily happier than anyone else BUT money does make it easier to be miserable.

Some of them were good people who hit a nice career streak some were disgusting miserable human beings... Even the cool ones though were somewhat disconnected from the day to day reality of even a fairly comfortable middle class family like mine.

Growing up in such a skewed sheltered place I had no idea how insanely over-privileged I was until I left.... I never looked back either.

[Luckytrim]

Get over it. They are in busines to make money for their owners, teh shareholders, which, almost anybody in America that has a 401(k) alos has some EM stock buried in the portfolo.

You just can't stand somebody making a 3% profit, can you. Most businesmen would get out of business at that level and invest their money in a company that makes a decent percentage, like above 10% or so.
__________________


wow!
VENOM !
Now, THAT's refreshing !!
Couldn't have seen that at the "Other" site !:thumb:

[waybomb]

How is it venom - it is true fact? What Sush is insinuating is venom - profit is bad. How socialist can you get?

[Luckytrim]

...I guess it's that old "eye of the beholder" thingy- I don't have an opinion one way or the other.......
anyway, my point, which you decided to not get, is that this site ALLOWS such exchanges between members without going off on us...................

BTW verbally attacking an "entity" doesn't constitute venom... that would be editorial opinion..... attacking a poster is venom, not good not bad (again, that's opinion) but venom none-the-less. have a nice day!

[buzzard767]

You just can't stand somebody making a 3% profit, can you. Most businesmen would get out of business at that level and invest their money in a company that makes a decent percentage, like above 10% or so.

Absolutely true. In any case, the oil companies are going to make profits whether their cost of oil is $30 or $200 a barrel, and the consumer will pay for it. Long term, much higher prices are unavoidable with finite resources and expanding population. The answer is to find another energy source. Eventually it will probably be hydrogen but you never know what will show up.

Meanwhile, I have two cars I'm gonna dump later this year and pick up a 2010 Honda Insight Hybrid or a Toyota Prius. I'd like to get the 2010 Ford Fusion Hybrid but as usual Detroit has been out done in the fuel economy department. I am in the process of positioning myself for a worst case scenario, world economic depression. The banking fiasco is far from over as evidenced by the tens of thousands of job cuts announced last week which will in turn create many more real estate foreclosures.

Although it might sound like it, I am not an alarmist. Facts are facts and that totally inept Barney Frank guy is going to make things worse, not better.

[AllenOK]

NOT!

Screw them thieving dogs!

:yum::yum::yum::yum::yum:


Here here!

Last winter, Dec. '07, Oklahoma had the worst ice storm in history. I personally was out of electricity for 9 days. Try keeping 5 very active kids warm, fed, and entertained in situations like that.

Shortly after everything was put back (THANK YOU TO ALL THE OUT-OF-STATE LINEMEN THAT HELPED), PSO-AEP and OG&E decided to try to raise their rates to recoup the losses they incurred when a bunch of folks weren't receiving service. That has yet to pass.

I say everyone needs to start buying windmill turbines, either the traditional type, or Vertical-Axis machines. Generate your own power! Flip the bird at the utilities!

[Maverick2272]

Sushi - Once again:

EM makes about $1,200 per second profit
EM pays about $4,200 per secong taxes - that YOU get some level of benefit from
EM pays about $17,000 per second in operating expenses.

Get over it. They are in busines to make money for their owners, the shareholders, which, almost anybody in America that has a 401(k) alsp has some EM stock buried in the portfolo.

You just can't stand somebody making a 3% profit, can you. Most businesmen would get out of business at that level and invest their money in a company that makes a decent percentage, like above 10% or so.

UM, maybe that is new math, but according to those figures they make $1,200 in profit per second but then $21,200 in losses per second. So that is a deficit of $20,000 per second.

So if that is the case, how can they make record profits? Or am I missing something here?

[buzzard767]

UM, maybe that is new math, but according to those figures they make $1,200 in profit per second but then $21,200 in losses per second. So that is a deficit of $20,000 per second.

So if that is the case, how can they make record profits? Or am I missing something here?

You left revenue out of the equation.

[Luckytrim]

I was a resident of N.Y.C. in 1967 when, in the aftermath of the big blackout, the local electricity monopoly, CON-ED, went on a huge media campaign to get us all to "cut back" or "re-assign" our energy usage. They had a little mascot, a lightning bolt with a light bulb for a head, asking us to do various things, such as turn off our air when we weren't home (reasonable request) or do our laundry in the off-peak hours (reasonable request) on their theory that not only would we save power, but we would save on our bill as well................... Within two years, they were begging for a rate increase, usage was down 17%, revenue was down by the same amount, and they were "Poor-mouth".
Bottom line; they got their increase! We were using 17% less, but paying slightly more for our trouble.

[Maverick2272]

You left revenue out of the equation.

Ah, OK I didn't see revenue listed... but isn't that covered by profit? Or is revenue something that gets listed separately?

[buzzard767]

Ah, OK I didn't see revenue listed... but isn't that covered by profit? Or is revenue something that gets listed separately?

Basically, revenue - expenses = profit = huge retirement packages for senior management

[Luckytrim]

While we are at it...... where do Government subsidies fit into the mix ?

[Luckytrim]

huge retirement packages for senior management


Hey ! they are factored out BEFORE the bottom (profit) line..........

[buzzard767]

While we are at it...... where do Government subsidies fit into the mix ?

Subsidies to oil companies come in the form of tax breaks.

[buzzard767]

Hey ! they are factored out BEFORE the bottom (profit) line..........

it was a joke, just a joke. get it?

[Maverick2272]

Basically, revenue - expenses = profit = huge retirement packages for senior management

LOL on the retirement packages.

Now I see how it works. Thanks!

[Luckytrim]

it was a joke, just a joke. get it?


...and I was being Facecious (SP ?) but those bonuses DO get factored out before earnings are reported; fact of life!
........used to work at a brokerage........ bonuses to top staff were a sure-fire way to keep profits down for tax purposes........... you give 5 million to your CEO, that's an EXPENSE !

[buzzard767]

...and I was being Facecious (SP ?) but those bonuses DO get factored out before earnings are reported; fact of life!
........used to work at a brokerage........ bonuses to top staff were a sure-fire way to keep profits down for tax purposes........... you give 5 million to your CEO, that's an EXPENSE !

Basic accounting. But nobody's counting, except Rush.

[Luckytrim]

Are you talking abou Rush "all those junkies belong in prison" (oh, my back hurts! again! for the eighteenth time today!)" Limbaugh ??

[buzzard767]

Barney counts too. Count on it. Like last year when he counted Fannie and Frannie among financially sound institutions. I could puke every time I see that fat slobbering ignorant dumbass face.

[waybomb]

WHO owns 95% of ALL the oil in the world?

Governments.

WHO rakes in the vast majority of the money generated by this energy source? Governments. And then they add 18 to 27 cents per gallon tax on after that.

When one of you can run a business, particularly a multiple hundred billion dollar global business succesfully, and you pay yourself only a living wage, then you can complain. Running even a small business is not as easy as it sounds.

[Maverick2272]

My wife runs a small business, it is a lot of hard work and long hours.

[buzzard767]

My wife runs a small business, it is a lot of hard work and long hours.

Ain't it the truth. I had one for a three year "hobby" after I retired. The book keeping chores, licensing, accounting fees, insurance premiums, overly fussy customers.... what a pain in the behinder.