Exxon makes record profit

[CrimsonWolf]

The largest company in the country also made the largest profit? Holy fucking shit. They must be evil.

 

[Fern]

Originally posted by: techs

Originally posted by: heyheybooboo

Originally posted by: winnar111
They paid $33 billion in taxes on $137 billion in revenues. A lot more than 10%.

That's bullshit.

Originally posted by: T2T III
Last quarter, they paid more in taxes than they made in profits. The annual report should reflect this when it gets published.

More bullshit.


In the last 12 months Exxon has nearly $500 in total revenues, gross profit of nearly $200 billion and paid $35 billion in income taxes.

Exxon pays nearly as much repurchasing their stock as they pay in income taxes each year plus an additional $10 billion annually in dividends (which is less than they make in investment earnings each year).

Exxon capital investment is one-third of the combined stock repurchase, dividends and investment earnings each year. As a matter of fact if Exxon continues at their current rate of stock repurchase by the early 2020s they will have taken the company private. They are currently sitting on $40 billion in cash.

And where is that capital investment? (Hint: It's not in the USA ...)

heyheybooboo is the man when it comes to economics:thumbsup:

No he's not, and you guys don't know what "gross profit" is.

Nobody pays taxes on gross profit.

Gross profit is a term of art that helps financial professionals anaylize business operations.

Gross profit != (net) profit.

Gross profit only accounts for a very limited category of (deductible) expenses.

Fern

 

[JD50]

Originally posted by: Fern

Originally posted by: techs

Originally posted by: heyheybooboo

Originally posted by: winnar111
They paid $33 billion in taxes on $137 billion in revenues. A lot more than 10%.

That's bullshit.

Originally posted by: T2T III
Last quarter, they paid more in taxes than they made in profits. The annual report should reflect this when it gets published.

More bullshit.


In the last 12 months Exxon has nearly $500 in total revenues, gross profit of nearly $200 billion and paid $35 billion in income taxes.

Exxon pays nearly as much repurchasing their stock as they pay in income taxes each year plus an additional $10 billion annually in dividends (which is less than they make in investment earnings each year).

Exxon capital investment is one-third of the combined stock repurchase, dividends and investment earnings each year. As a matter of fact if Exxon continues at their current rate of stock repurchase by the early 2020s they will have taken the company private. They are currently sitting on $40 billion in cash.

And where is that capital investment? (Hint: It's not in the USA ...)

heyheybooboo is the man when it comes to economics:thumbsup:

No he's not, and you guys don't know what "gross profit" is.

Nobody pays taxes on gross profit.

Gross profit is a term of art that helps financial professionals anaylize business operations.

Gross profit != (net) profit.

Gross profit only accounts for a very limited category of (deductible) expenses.

Fern

Looks like HeyHeyBooBoo and Techs have been pwned by Fern. Sorry BooBoo, you FAIL!

 

[JD50]

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: JD50
OP, what was their profit margin and what is an acceptable profit margin to you?

They certainly don't need tax relief. That's my point.

If you can't find the answer to the first part of my question, can you at least answer the second part?

All of the other anti-corporation folks are more than welcome to answer this question as well.

Has anyone from the "OIL COMPANIEZ R EVUL!!" crowd ever answered this question?

 

[JohnOfSheffield]

Originally posted by: CPA

Originally posted by: JohnOfSheffield

Originally posted by: winnar111

Originally posted by: Dari
Incredible that McCain has no problem cutting the taxes of these guys when they're raking in all this cash.

They already pay record amounts of taxes. Enough is enough.

They really don't.

After the inventories are included they pay about 10% in taxes for their profits, well, not really because they usually have deductable loans so it's closer to 0% than to 1% when all is said and done, besides, they can deduct most spendings to even bring the profit down enouch that they really don't pay any tax.

CPA can tell you all about that, he's a republican and knows far more about it than i do but if he's hones he'll admit that big companies generally don't pay taxes on profit.

I can't speak for Exxon, but I can speak for my company, which is a Fortune 150 company. I can guarantee you that we pay taxes. Our effective rate is currently a little over 38%.

I think we're talking over each other rather than at each other here, there is nada to tax is my point, and i may be wrong.

You know this a shitload better than me, i'm just a Captain and you are involved.

So tell me to shut up if i am wrong and that's ok.

 

[retrospooty]

Originally posted by: winnar111

Originally posted by: Xavier434

Originally posted by: JD50
OP, what was their profit margin and what is an acceptable profit margin to you?

How about one that is not tremendously based on speculation, preferably has nothing to do with corporate welfare, and is completely absent of any kind of influence on the suppressing of alternative technologies and sources of fuel/energy?

Why is that too much to ask?

They put billions INTO the US treasury. Where's the welfare?

Of course they paid record taxes, they made record profits...What of it?

This in no way means they deserve a tax break. They are reaping the benefits of being American alot more than the average Joe... They should pay more.

 

[JohnOfSheffield]

Originally posted by: winnar111

Originally posted by: Xavier434

Originally posted by: winnar111

Originally posted by: Xavier434

Originally posted by: ElFenix

Originally posted by: Xavier434
Making profit is fine. Making profit that relies on stunting the advancement of crucial technology in America is not.

evidence that exxon is stunting the advancement of crucial technology in america?

If you are looking for the kind of proof that goes beyond the shadow of a doubt then you won't find it because it is not available. What I am referring to is an influence and not a direct cause which is why it pretty much cannot be proven. That influence works hand in hand with the lobbyists that leads to suppressing of the advancement of this technology.

Do you believe that we would be closer, farther, or in the same position that we are now in regards to advancement of this technology if they had zero negative influence or control?

What technology? Our next President wants to increase ridiculous ethanol subsidies so his corporate farmer buddies in Illinois reap windfall profits at the expense of the taxpayer.

How about electric cars and the infrastructure to support them?

What about them? They're ugly, expensive, and slow, and in any case, not going to receive much funding in an Obama administration.

Are you really this stupid? The US car industry is going downhill so fast that a swoosh is an understatment. There are six billion people in this world and most of them aren't retarded like you, they want a car with good mileage, they care about the environment and they would by a Chevy or a Ford if it had those qualities.

Ethanol is a renewable fuel, it's not perfect, far from it, in Europe we have always been prone to diesel and pretty my any oil can substitute it.

 

[Alistar7]

McCain wants to lower taxes for ALL businesses, not just oil companies. Yes, even the company that pays your salary.


Let Obama raise them, we already have the highest corporate tax rate in the world. They won't take their companies where it is cheaper to operate, and easier to keep a greater % of their profit. They will stay here is the US to pay even more in taxes, then with their diminishing profits they will raise wages, increase benefits, and lower prices.

Is that really what you think YOUR company is going to do when their taxes get raised? What do you think they are going to do when they also have to kick in more $ for your health care?

Once he is done taking us another trillion dollars into debt our dollar will rise in value, the trade deficit will swing to our favor, and our standard of living will increase. Why didn't anyone think of this before.....

 

[sactoking]

Originally posted by: heyheybooboo

Originally posted by: winnar111
They paid $33 billion in taxes on $137 billion in revenues. A lot more than 10%.

That's bullshit.

Damn right that's bullshit. Just not the way YOU think it is. The latest statement available from Exxon Mobile is the 6/30/08 10Q which can be found here.

For the 6 months ended June 30, EM had Revenue and Income of $254,926 million. Their EBIT was $42,398 million. Income Tax Expense was $19,828 million. Net Income was $22,570 million.

Exxon Mobile had an AVERAGE tax rate of 47%.

Originally posted by: heyheybooboo
Exxon pays nearly as much repurchasing their stock as they pay in income taxes each year plus an additional $10 billion annually in dividends (which is less than they make in investment earnings each year).

Treasury Stock as of 12/31/07 was $113,678 million. Treasury Stock as of 6/30/08 was $131,036 million. Net increase of Treasury Stock for the 6 months ended 6/30/08: $17,358 million.

So, they do have Treasury Stock expenditures that come close to Tax Expense (if you consider $2 BILLION to be close), but Treasury Stock expenditures are NOT an Income Statement expense! Treasury Stock expenditures do not affect Tax Expense and vice versa.

On June 30, EM had 5,194,003,020 shares of common stock issued and outstanding. They paid dividends per share of $0.75. Total dividends paid as of 6/30 were $3,895 million.

I don't know where you get that "investment earnings" is >= $10 billion. Their 'Other Income', which you'd have to be generous to account 100% to "investment earnings", was $2,135 million. That's a far cry from $10,000 million.

Originally posted by: heyheybooboo
Exxon capital investment is one-third of the combined stock repurchase, dividends and investment earnings each year. As a matter of fact if Exxon continues at their current rate of stock repurchase by the early 2020s they will have taken the company private. They are currently sitting on $40 billion in cash.

And where is that capital investment? (Hint: It's not in the USA ...)

So? What's your point? That Exxon Mobile, as a company in the stable portion of its life cycle, SHOULDN'T be using their extra cash flow to strengthen their financials?

Originally posted by: Fern
No he's not, and you guys don't know what "gross profit" is.

Nobody pays taxes on gross profit.

Gross profit is a term of art that helps financial professionals anaylize business operations.

Gross profit != (net) profit.

Gross profit only accounts for a very limited category of (deductible) expenses.

Fern

And, accounting != economics.

 

[Dari]

Originally posted by: JD50

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: JD50
OP, what was their profit margin and what is an acceptable profit margin to you?

They certainly don't need tax relief. That's my point.

If you can't find the answer to the first part of my question, can you at least answer the second part?

All of the other anti-corporation folks are more than welcome to answer this question as well.

Has anyone from the "OIL COMPANIEZ R EVUL!!" crowd ever answered this question?

Your second question was simply a waste of everyone's time. Your first question can be found anywhere. And your comment here is just plain asinine. I already made my point clear but if you want to start acting silly, you can do that by yourself.

 

[Alistar7]

Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

 

[JS80]

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

Mixture of A and B.

 

[JD50]

Originally posted by: Dari

Originally posted by: JD50

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: JD50
OP, what was their profit margin and what is an acceptable profit margin to you?

They certainly don't need tax relief. That's my point.

If you can't find the answer to the first part of my question, can you at least answer the second part?

All of the other anti-corporation folks are more than welcome to answer this question as well.

Has anyone from the "OIL COMPANIEZ R EVUL!!" crowd ever answered this question?

Your second question was simply a waste of everyone's time. Your first question can be found anywhere. And your comment here is just plain asinine. I already made my point clear but if you want to start acting silly, you can do that by yourself.

The title of YOUR OP is "Exxon makes record profit", so this is most certainly a relevant question. It's a simple question, and it should be a pretty simple answer. You're the one concerned about how much profit a company is making. What would you consider an acceptable profit margin for a public corporation?

 

[Dari]

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

 

[JD50]

Originally posted by: Dari

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

You haven't answered anyone's questions, saying someone's question is stupid or a waste of time is not an answer.

 

[Dari]

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: JD50

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: JD50
OP, what was their profit margin and what is an acceptable profit margin to you?

They certainly don't need tax relief. That's my point.

If you can't find the answer to the first part of my question, can you at least answer the second part?

All of the other anti-corporation folks are more than welcome to answer this question as well.

Has anyone from the "OIL COMPANIEZ R EVUL!!" crowd ever answered this question?

Your second question was simply a waste of everyone's time. Your first question can be found anywhere. And your comment here is just plain asinine. I already made my point clear but if you want to start acting silly, you can do that by yourself.

The title of YOUR OP is "Exxon makes record profit", so this is most certainly a relevant question. It's a simple question, and it should be a pretty simple answer. You're the one concerned about how much profit a company is making. What would you consider an acceptable profit margin for a public corporation?

Did you read the entire OP? My main point was McCain's infatuation of giving massive tax cuts to companies like Exxon, in the fact of their massive profits. At the very least they don't need more tax breaks.

 

[Dari]

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

You haven't answered anyone's questions, saying someone's question is stupid or a waste of time is not an answer.

Let's battle it out in one thread, please.

 

[JD50]

Originally posted by: Dari

Did you read the entire OP? My main point was McCain's infatuation of giving massive tax cuts to companies like Exxon, in the fact of their massive profits. At the very least they don't need more tax breaks.

Yes I read the OP, that's why I asked you "What would you consider an acceptable profit margin for a public corporation?". Surely you're aware that stating raw numbers is completely misleading. That's like me starting a thread saying "Bill Gates paid $1 bn in taxes while John Doe only paid $10k in taxes, Bill Gates is getting screwed!". Raw numbers like you present in the OP are meaningless.

You're also being misleading about the tax breaks, you know that the tax breaks are for all companies, not targeted at oil companies. Anyways, why don't you just answer the question?

 

[JD50]

Originally posted by: Dari

Originally posted by: JD50

Originally posted by: Dari

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

You haven't answered anyone's questions, saying someone's question is stupid or a waste of time is not an answer.

Let's battle it out in one thread, please.

You're the one bringing up the other thread, not me. Alistar7 asked YOU his question in THIS thread. You're the one that decided to "address" it in another thread.

 

[Dari]

Originally posted by: JD50

Originally posted by: Dari

Did you read the entire OP? My main point was McCain's infatuation of giving massive tax cuts to companies like Exxon, in the fact of their massive profits. At the very least they don't need more tax breaks.

Yes I read the OP, that's why I asked you "What would you consider an acceptable profit margin for a public corporation?". Surely you're aware that stating raw numbers is completely misleading. That's like me starting a thread saying "Bill Gates paid $1 bn in taxes while John Doe only paid $10k in taxes, Bill Gates is getting screwed!". Raw numbers like you present in the OP are meaningless.

You're also being misleading about the tax breaks, you know that the tax breaks are for all companies, not targeted at oil companies. Anyways, why don't you just answer the question?

Obviously I don't believe in a fucking limit. But I don't see a need to just give everybody a god-damn tax break when the American economy is so fucking off-balance.

People are living longer and demand better healthcare. We need to fix that right now. McCain's stupid health credit won't solve the problem and Bush's medicare bill made things worse. Worse, cutting taxes (especially for companies like Exxon) will fuck up the budget and make the deficit much worse.

 

[Darwin333]

Originally posted by: heyheybooboo


And where is that capital investment? (Hint: It's not in the USA ...)

Plenty of it in my area. Then again, we actually let them around here so that might have something to do with it.

 

[Alistar7]

Originally posted by: Dari

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

I looked but could not find your response to those questions, I apologize for my ignorance.
Why is my legitimate question "trash"? I am asking you what you think businesses will do when Obama raises their taxes? If you think there is another alternative other than what I have listed below I am all ears.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

 

[JD50]

Originally posted by: Dari

Originally posted by: JD50

Originally posted by: Dari

Did you read the entire OP? My main point was McCain's infatuation of giving massive tax cuts to companies like Exxon, in the fact of their massive profits. At the very least they don't need more tax breaks.

Yes I read the OP, that's why I asked you "What would you consider an acceptable profit margin for a public corporation?". Surely you're aware that stating raw numbers is completely misleading. That's like me starting a thread saying "Bill Gates paid $1 bn in taxes while John Doe only paid $10k in taxes, Bill Gates is getting screwed!". Raw numbers like you present in the OP are meaningless.

You're also being misleading about the tax breaks, you know that the tax breaks are for all companies, not targeted at oil companies. Anyways, why don't you just answer the question?

Obviously I don't believe in a fucking limit. But I don't see a need to just give everybody a god-damn tax break when the American economy is so fucking off-balance.

People are living longer and demand better healthcare. We need to fix that right now. McCain's stupid health credit won't solve the problem and Bush's medicare bill made things worse. Worse, cutting taxes (especially for companies like Exxon) will fuck up the budget and make the deficit much worse.

Isn't the best time to cut taxes in a down economy? Wouldn't this be the best time to cut the taxes of ALL corporations, so maybe they won't be cutting as many people?

Anyways, I guess you've just proven that this whole thread is just one giant knee-jerk brought about by seeing big numbers, and not really thinking about the actual profit margin of the company in question.

 

[Dari]

Originally posted by: Alistar7

Originally posted by: Dari

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

I looked but could not find your response to those questions, I apologize for my ignorance.
Why is my legitimate question "trash"? I am asking you what you think businesses will do when Obama raises their taxes? If you think there is another alternative other than what I have listed below I am all ears.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

First of all large businesses don't hire armies of tax lawyers and accountants so that they can pay the nominal tax rate.

Second of all, small businesses aren't going anywhere.

Third, the vast majority of the American economy is service based. Those that could go to third-world sweatshops already have. Our main competitor for jobs may be mexico and canada. If the government can fix healthcare cost so that Americans aren't paying retail price for medicine and hospital costs, the long-term savings is simply incalculable.

A 3% increase in taxes won't break the bank for any company. This is especially true considering Bush lowered the tax rate 3% and a lot of companies still went overseas. Hence, they certainly don't need any new excuses.

Finally, companies will always past costs towards the customers but I rather pay more knowing my money is going towards the betterment of the entire society rather than live in a country that treats its people like they do in China.

 

[JS80]

Originally posted by: Dari

Originally posted by: Alistar7

Originally posted by: Dari

Originally posted by: Alistar7
Answer mine then Dari.


What do you think businesses will do when their taxes are raised and they are forced to help cover even more of their employees health care cost? We alreay have the highest corporate tax rate in the world, medical costs lock in step.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

I just answered you in another thread. Don't litter the forum with your trash.

I looked but could not find your response to those questions, I apologize for my ignorance.
Why is my legitimate question "trash"? I am asking you what you think businesses will do when Obama raises their taxes? If you think there is another alternative other than what I have listed below I am all ears.

Move their company overseas for cheaper taxes, labor, benefits cost?

Stay here, pay more in taxes, offset that by trimming the payroll, cutting benefits, & raising prices?

Stay here, pay more in taxes, raise wages, increaes benefits, lower prices?

First of all large businesses don't hire armies of tax lawyers and accountants so that they can pay the nominal tax rate.

Second of all, small businesses aren't going anywhere.

Third, the vast majority of the American economy is service based. Those that could go to third-world sweatshops already have. Our main competitor for jobs may be mexico and canada. If the government can fix healthcare cost so that Americans aren't paying retail price for medicine and hospital costs, the long-term savings is simply incalculable.

A 3% increase in taxes won't break the bank for any company. This is especially true considering Bush lowered the tax rate 3% and a lot of companies still went overseas. Hence, they certainly don't need any new excuses.

Finally, companies will always past costs towards the customers but I rather pay more knowing my money is going towards the betterment of the entire society rather than live in a country that treats its people like they do in China.

Why not make it a 4% increase?