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Exxon Posts Record Annual Profit

Well, a drunk friend may have raised some eyebrows (Don't believe him), but I think you should hear me out.

quote:

HOUSTON - Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company � $39.5 billion � even as earnings for the last quarter of 2006 declined 4 percent. The 2006 profit topped Exxon Mobil�s own previous record of $36.13 billion set in 2005. Revenue at the world�s largest publicly traded oil company rose to $377.64 billion for the year, surpassing the record $370.68 billion Exxon posted in 2005. �Exxon Mobil continued to leverage its globally diverse resource base to bring additional crude oil and natural gas to market,� Rex W. Tillerson, chairman of the Irvin, Texas-based company, said in a statement. Exxon Mobil�s record annual earnings followed a year of extraordinarily high energy prices as crude oil topped $78 a barrel in the summer � driving up average gasoline prices in the United States to more than $3 a gallon. Prices retreated later in the year. The fourth-quarter decline reflects lower profits from Exxon�s refining and marketing operations and a sharp drop-off in natural gas prices. Results for the October-December period mimicked those of U.S. competitor ConocoPhillips, which last week said its fourth-quarter profit fell 13 percent � also primarily because of lower natural gas prices and refining margins. But hefty earnings earlier in the year helped Houston-based ConocoPhillips record its most profitable year on record, earning $15.55 billion. ConocoPhillips is the nation�s third-largest integrated oil company behind Exxon Mobil and Chevron Corp., which is scheduled to report 2006 results Friday. Also Thursday, Royal Dutch Shell PLC reported a 21 percent rise in fourth-quarter earnings, buoyed in part by high energy prices and the sale of some operations. Net profit came to $5.28 billion, up from $4.37 billion. But excluding divestitures and other one-time items, Shell�s earnings from oil production fell 3 percent, while fourth-quarter sales were flat at $75.5 billion. The Anglo-Dutch company also said it had taken important steps to bulk up its proven reserves, which were revealed to have been inflated in a 2004 accounting scandal. At Exxon Mobil, profit for the fourth quarter of 2006 declined to $10.25 billion from the $10.71 billion Exxon earned in the 2005 quarter � a record quarterly profit for any U.S. public company. That best-ever profit came when the price of both natural gas and crude oil skyrocketed in the wake of hurricanes Katrina and Rita, which damaged wells, pipelines and refineries in the key energy-producing Gulf of Mexico. Analysts largely have predicted declines in fourth-quarter earnings for the big U.S. oil companies because of the moderation in prices. Exxon Mobil�s per-share earnings in the fourth quarter rose to $1.76 from $1.71 as the company reduced the number of shares outstanding. Wall Street analysts polled by Thomson Financial had forecast earnings of $1.51 a share. Excluding special items, Exxon Mobil earned $9.84 billion, or $1.69 a share, in the final three months of 2006. Quarterly revenue fell to $90 billion from $99 billion in the year-ago period. For the year, Exxon earned $6.62 per share in 2006 versus $5.71 per share in 2005.

SOURCE

Now, this should piss everyone off. Especially those who commute to school, work, or have long-distance relationships. This is clearly a crime.

I've been talking to some fellow students, professors, as well as a few people in Trenton, and I feel we can get something done. I'm talking about "Teddy Roosevelt: beat the shit out of the companies" kind of action. You can't see me right now, but I can assure you I am outraged.

Discuss your feelings about the rape that has been accepted for too long.

(And please don't move this to the PDD. There are always more down to earth people in the c0r that don't browse the PDD.)

They justify their profits by pointing out how much in fixed costs are required to locate and successfully bring new production sources on line. I don't know how legitimate that argument is, as I am not a geologist. However, I'm sure it costs more than I made last year.

Gotta love shit with an inelastic demand curve.

Iraq.

quote:

Originally posted by Zoso They justify their profits by pointing out how much in fixed costs are required to locate and successfully bring new production sources on line. I don't know how legitimate that argument is, as I am not a geologist. However, I'm sure it costs more than I made last year. Gotta love shit with an inelastic demand curve.

If it costs so much money to locate more oil, they shouldn't be making as much profit. I don't have to be an economist to figure that out.

quote:

Originally posted by paranoik0 Iraq.

EDIT: And what the fuck does Iraq have to do with anything?

gas is my most expensive bill every month. wtf i want an electric car.

That is quite outrageous. If they gave, lets say, 20 billion back to everyone on the cost of gas, that would lower gas prices fairly nicely. On the flip side, by lowering the prices, they will get more business, thus their profits will still climb, which means they could lower the cost of gas more. Theres no reason for a company to be boasting so much money in profit - wtf are they gonna do with all that money.

Zoso, the meaning of profit is money left over after all expenses are paid for, for the year. Revenue - Expenses = Profit. They spent $280 billion on all that locating, drilling, etc... along with all the pay checks and stuff.

quote:

Originally posted by Vlad Zoso, the meaning of profit is money left over after all expenses are paid for, for the year. Revenue - Expenses = Profit. They spent $280 billion on all that locating, drilling, etc... along with all the pay checks and stuff.

Correct and agreed. I am, however, merely repeating what I have heard time and again from various media sources. They claim they need to make that much in order to fund future R&D, exploration, etc.

Than the question becomes, how did they manage R&D explorations when they were making a mere $15 or 20 billion per year in profits? Its all bullshit, the media is paid to say things like that. Its probably not written down in the books, but Im sure some of those expenses were to media companies.

quote:

Originally posted by wizniz gas is my most expensive bill every month. wtf i want an electric car.

my natural gas bill was higher than my car gas

omg conspiracy!

quote:

Originally posted by Marc Summers EDIT: And what the fuck does Iraq have to do with anything?

I don't know, but someone had to say it.

O M G Corporations are making a profit! Noooooooo

quote:

Originally posted by Ivand O M G Corporations are making a profit! Noooooooo

It's not about the profit, alone. It's about what we are shelling out to heat our homes and fill our cars.

Update:

Edison Synthetics Plant (exxonmobil chemical)
PO Box 3140
Edison, NJ 08818-3140, USA

Trying to get a permit to demonstrate... may take a while.

quote:

Originally posted by Marc Summers It's not about the profit, alone. It's about what we are shelling out to heat our homes and fill our cars. Update: Edison Synthetics Plant (exxonmobil chemical) PO Box 3140 Edison, NJ 08818-3140, USA Trying to get a permit to demonstrate... may take a while.

if the same number of ppl that use oil and its derivatives used lets say.. microsoft windows and microsoft posted those record profits, would you want microsoft to lower the price of its products too?

quote:

Originally posted by Ivand if the same number of ppl that use oil and its derivatives used lets say.. microsoft windows and microsoft posted those record profits, would you want microsoft to lower the price of its products too?

Microsoft Windows doesn't keep your family from dying of hypothermia.

quote:

Originally posted by Marc Summers EDIT: And what the fuck does Iraq have to do with anything?

Not a damn thing. Evidently, petroleum commodities are overpriced. The War on Terrorism is just an excuse to say there's limited oil production, to boost prices of oil. Yet, the last few years have recorded dramatic profits.

quote:

Originally posted by Halcyon+On+On Microsoft Windows doesn't keep your family from dying of hypothermia.

its a product with a lot of demand, making its price high, i dont see the problem there

Re: Exxon Posts Record Annual Profit

quote:

Originally posted by Marc Summers Now, this should piss everyone off.

No, it shouldn't. FIFO vs. LIFO accounting. Look into it. That is why the oil companies are posting record profits.

/thread

this is the same company that for 17 years has REFUSED to pay out the $5 billion in puntative damages a federal court ordered it to for negligence in causing the valdez, alaska oil spill, which virtually destroyed the entire ecosystem along prince william sound wiping out over 1200 miles of alaskan fishing industry. last year they finally got a judge to reduce that penalty by half down to $2.5 billion and 18 years after the fact they still haven't paid a penny out.

the ceo of exxon even looks like a bloated fatcat who draws champagne baths...



even though george bush reduced taxation on oil companies, these corporations have continued to lobby the republican congress to dodge taxes on their gulf of mexico operations. luckily the pelosi congress is forcing them to pay these illegal tax shelters back.

Re: Re: Exxon Posts Record Annual Profit

quote:

Originally posted by Inconspicuous No, it shouldn't. FIFO vs. LIFO accounting. Look into it. That is why the oil companies are posting record profits. /thread

2005 and 2006 both had record-breaking quarterly earnings, and high gas prices. Shoo! Back to the rock you crawled out from under!

Did you fucking forget that we were paying upwards of 3.00 per gallon gas last year? How can you be so dense? We are hurting, and they are profiting? That's greed... And that's what's real.

Update:
I've been getting the run-around from Edison Township.

here's another reason to love the company...

quote:

UCS Asserts That ExxonMobil is Clouding Understanding of Climate Change to Delay Action on the Issue A new report, Smoke, Mirrors & Hot Air, from the Union of Concerned Scientists asserts that ExxonMobil has adopted the tobacco industry's disinformation tactics, as well as some of the same organizations and personnel, to cloud the scientific understanding of climate change and delay action on the issue. According to the report, ExxonMobil has funneled nearly $16 million between 1998 and 2005 to a network of 43 advocacy organizations that seek to confuse the public on global warming science. "When one looks closely, ExxonMobil's underhanded strategy is as clear and indisputable as the scientific research it's meant to discredit," said Seth Shulman, an investigative journalist who wrote the UCS report. "The paper trail shows that, to serve its corporate interests, ExxonMobil has built a vast echo chamber of seemingly independent groups with the express purpose of spreading disinformation about global warming." The report details how the oil company, like the tobacco industry in previous decades, has raised doubts about even the most indisputable scientific evidence funded an array of front organizations to create the appearance of a broad platform for a tight-knit group of vocal climate change contrarians who misrepresent peer-reviewed scientific findings attempted to portray its opposition to action as a positive quest for "sound science" rather than business self-interest used its access to the Bush administration to block federal policies and shape government communications on global warming The report documents that, despite the scientific consensus about the fundamental understanding that global warming is caused by carbon dioxide and other heat-trapping emissions, Exxon- Mobil has funneled about $16 million between 1998 and 2005 to a network of ideological and advocacy organizations that manufacture uncertainty on the issue. Many of these organizations have an overlapping�sometimes identical� collection of spokespeople serving as staff, board members, and scientific advisors. By publishing and republishing the non-peer-reviewed works of a small group of scientific spokespeople, Exxon- Mobil-funded organizations have propped up and amplified work that has been discredited by reputable climate scientists. "ExxonMobil needs to be held accountable for its cynical disinformation campaign on global warming," said Alden Meyer, the Union of Concerned Scientists' Director of Strategy and Policy. "Consumers, shareholders and Congress should let the company know loud and clear that its behavior on this issue is unacceptable and must change."

they've spent $16 million setting up numerous fake scientific institutions operated by the same group of people, paying tobacco-industry scientists to confuse and pollute the issue of global warming by creating a sect of scientific doubt as to whether or not humans are contributing to it... similar to the tactics of tobacco industry responding to the surgeon general's warning about cigarettes causing cancer. this is why there are so many americans who doubt the human factor of global warming. 53% of mass media coverage in america represents skepticism from oil-payrolled 'experts'. 0% of peer-reviewed scientific journals present such a doubt.

quote:

Originally posted by EXTREMUM Not a damn thing. Evidently, petroleum commodities are overpriced. The War on Terrorism is just an excuse to say there's limited oil production, to boost prices of oil. Yet, the last few years have recorded dramatic profits.

Let's say the Iraq war was for oil, then why has LUKoil bought one of the largest oil fields in Iraq? Primarily a Russian company, and Conoco Philip's shares are mostly invested in the US gas stations that were bought by LUKoil in the Northeast.

Seems hardly beneficial to any US interest, IMO.

I wish I was a son of one of the owners of one of their major sharholders/boardmembers/executives






seriously though its pretty fucked up. Imagine if all that money that the oil companies made was reinvested into developing alternative energy. Hell it sounds counter productive, but the oil is going to run out sometime, so might as well use that money to make sure your company is ontop of whatever the new forms of energy.
(I sound sorta like a utopian economist/hippie )

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