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quote:

Originally posted by inconspicuous two acronyms: FIFO, LIFO. please learn what they mean before talking about oil accounting.

Oil companies have had tremendous profits since the Rockefeller-Standard oil days.

Their immense digits are of no surprise to me. I'm actually very impressed from a capitalist free-bullish market aficionado point of view.

Selling the first inventory item purchased versus selling the last one purchased.

quote:

Originally posted by inconspicuous talking about accounting (especially that of oil companies) without knowing the difference and which the industry in question uses is like critiquing music without knowing what 'key' is.

Well, i agree to this entirely. Although, we never questioned or debated their accounting

We were just comparing UK taxing and US taxing.

x2 ninja edits

quote:

Originally posted by Zild Selling the first inventory item purchased versus selling the last one purchased.

which does what to the numbers labeled as 'profit.'

Yes, you, there, in the jake suit!

maximize

They make less on the dollar invested than most companies

fucking crooks. thank you neo-cons!

using FIFO will result in the following: lower cost of inventory = lower cost of goods sold = higher net income = higher profit margin = higher earning per share = higher taxes payable = no tax advantage.

point being it makes numbers look like what they typically wouldn't.

but that's too hard for most people to figure out, so we get this kind of idiocy:

quote:

Originally posted by Max Thomson fucking crooks. thank you neo-cons!

quote:

Originally posted by inconspicuous which does what to the numbers labeled as 'profit.' Yes, you, there, in the jake suit!

The first good put into inventory are probably the cheapest so if you sell them first you have a higher profit and pay higher taxes. If you sell the last good that comes in then you reduce taxes incurred. It seems like inflation would cause the profit for someone using FIFO to seem higher than they really are.

and the oil industry uses fifo.

now back to the ignorance, please.

That makes a lot of sense then because I'm sure they still have inventory from when a barrel of oil was quite a bit cheaper.

Exxon Mobil are idiots. They run these commercials about how they care so much about the environment, and they are researching green technology. All BULLSHIT. They even had the nerve to come before Congress and brag about their $100 MILLION of research & development of alternative energy projects. I'm sorry, but Exxon spent more on the "green" commercials than their research! The CEO gets paid more than their "green" research! Green my ass. They don't care about the new wave of green technology. They are focused on opening up drilling in ANWAR and the Gulf of Mexico. That'll sure help our addiction to oil!

quote:

Originally posted by Krypton ANWAR and the Gulf of Mexico. That'll sure help our addiction to oil!

and Mc-flip flop is feeding into it.

quote:

Originally posted by inconspicuous point being it makes numbers look like what they typically wouldn't.

Wrong, numbers never lie and even if the prices have been inflated by FIFO procedures their profits are still bigger than ever.

You can't argue that the big Oil Companies aren't really taking advantage of this oil crisis. As a capitalist, I really think it's a great money making enterprise. Does it benefit the people? No, but with so much capital there is so much that can be done and in reality, very little has. Those beneath the poverty line are suffering...

I mean, what do I know? I'm sitting comfortably on my leather chair, wearing nice clothes, driving a car to school and paying twice as much than what regular Americans pay for education. Not only that, but there are other factors that are better left unsaid.

quote:

Originally posted by Krypton Exxon Mobil are idiots.

They're getting away with whatever they're doing and they have a proverbial fuckload of money to show for it. That's the opposite of idiocy.

quote:

Originally posted by idoru They're getting away with whatever they're doing and they have a proverbial fuckload of money to show for it. That's the opposite of idiocy.

Exactly.


And to back up my previous statement with more substantial evidence, let me remind you that of world proven oil reserves (1,148 billion barrels) approximately 77% of these are under the control of National Oil Companies (NOC) and 11% are owned by the Western World.

case study from Rice University (No, I didn't read it all).

http://www.rice.edu/energy/publications/nocs.html

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