Exxon Mobil posts record $45.2 billion profit

[Ozoned]

Link

The 5 Year Average Dividend Yield is below 2%. This company needs new management. If this is the best they can do, we need some new blood with enough balls to raise the price enough to see decent returns.
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HOUSTON - Exxon Mobil reported a profit of $45.2 billion for 2008 Friday, breaking its own record for full-year earnings by a public U.S. company, but fourth-quarter profits tumbled 33 percent.

The fourth-quarter decline is not a surprise with oil?s swift 60 percent plunge in the final three months of the year.

The previous record for annual profit was $40.6 billion, which Exxon Mobil set in 2007.


Crude prices began the year by passing the $100 mark and by July neared $150 per barrel. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

 

[StageLeft]

Apparently they don't need a bigger dividend!

 

[Budmantom]

Good for them.


I guess they won't need a bailout.

 

[Red Dawn]

Originally posted by: Budmantom
Good for them.


I guess they won't need a bailout.

No they already got it from us last summer.

 

[Ozoned]

Originally posted by: Red Dawn

Originally posted by: Budmantom
Good for them.


I guess they won't need a bailout.

No they already got it from us last summer.

This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

 

[masteryoda34]

Originally posted by: Ozoned
This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

Thank You for bringing this up. No one ever mentions the record taxes that Exxon pays on their record profits. Plus the fact that their taxes were higher than their profits is ridiculous.

 

[heyheybooboo]

Originally posted by: Ozoned

Originally posted by: Red Dawn

Originally posted by: Budmantom
Good for them.


I guess they won't need a bailout.

No they already got it from us last summer.

This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

That is amazingly disingenuous.

Spout talking points much?

Originally posted by: masteryoda34

Originally posted by: Ozoned
This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

Thank You for bringing this up. No one ever mentions the record taxes that Exxon pays on their record profits. Plus the fact that their taxes were higher than their profits is ridiculous.

Ditto.


Feel free in all your wisdom to reveal their stock repurchases and capital investment.

 

[Doc Savage Fan]

Originally posted by: masteryoda34

Originally posted by: Ozoned
This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

Thank You for bringing this up. No one ever mentions the record taxes that Exxon pays on their record profits. Plus the fact that their taxes were higher than their profits is ridiculous.

This is NOT their "fair share"...get with the program!

 

[GTKeeper]

Originally posted by: masteryoda34

Originally posted by: Ozoned
This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

Thank You for bringing this up. No one ever mentions the record taxes that Exxon pays on their record profits. Plus the fact that their taxes were higher than their profits is ridiculous.

LOL. Look at any manufacturing company with margins of 8-10%. They always pay more taxes than the profits they make. I don't get your whining about it here.

 

[jpeyton]

Awesome. This will almost ensure Obama cuts big-oil tax-breaks during his first 100 days.

 

[Genx87]

Originally posted by: jpeyton
Awesome. This will almost ensure Obama cuts big-oil tax-breaks during his first 100 days.

Makese sense doesnt it? I mean they pay a 50% rate. Clearly not enough!

 

[Doc Savage Fan]

Since the money isn't going to dividends, I hope they use it to invest in improving their infrastructure and we see more jobs created. Real jobs.

 

[MikeMike]

Originally posted by: Doc Savage Fan
Since the money isn't going to dividends, I hope they use it to invest in improving their infrastructure and we see more jobs created. Real jobs.

the profit is going to their cash supply. Exxon is famous for their current cash in hand... they are also rumored to possibly be purchasing other oil companies.

 

[CPA]

Good for them, the federal government who will collect billions in taxes, the tens of thousands of their employees, the tens of thousands retirees who rely on their funded pension, the hundreds of thousands of businesses and their employees that rely on Exxon's continued existance, and the millions of shareholders who invested in the company.

 

[CPA]

Originally posted by: MIKEMIKE

Originally posted by: Doc Savage Fan
Since the money isn't going to dividends, I hope they use it to invest in improving their infrastructure and we see more jobs created. Real jobs.

the profit is going to their cash supply. Exxon is famous for their current cash in hand... they are also rumored to possibly be purchasing other oil companies.

profit /= cash

 

[sactoking]

Originally posted by: Genx87

Originally posted by: jpeyton
Awesome. This will almost ensure Obama cuts big-oil tax-breaks during his first 100 days.

Makese sense doesnt it? I mean they pay a 50% rate. Clearly not enough!

Exxon's average tax rate for 2008 was 7.7%.

7.7 <<<< 50

 

[Genx87]

Originally posted by: sactoking

Originally posted by: Genx87

Originally posted by: jpeyton
Awesome. This will almost ensure Obama cuts big-oil tax-breaks during his first 100 days.

Makese sense doesnt it? I mean they pay a 50% rate. Clearly not enough!

Exxon's average tax rate for 2008 was 7.7%.

7.7 <<<< 50

Exxon Mobile had profits in 2007 before taxes of 71.5 billion. They paid 29.9 billion in income taxes.
Close enough.

 

[sactoking]

Originally posted by: Genx87

Originally posted by: sactoking

Originally posted by: Genx87

Originally posted by: jpeyton
Awesome. This will almost ensure Obama cuts big-oil tax-breaks during his first 100 days.

Makese sense doesnt it? I mean they pay a 50% rate. Clearly not enough!

Exxon's average tax rate for 2008 was 7.7%.

7.7 <<<< 50

Exxon Mobile had profits in 2007 before taxes of 71.5 billion. They paid 29.9 billion in income taxes.
Close enough.

Oh, we were talking about different years. Simple misunderstanding.

Oh, and you're using tax rate as a rate of EBIT, whereas I'm using tax rate as a rate of gross receipts.

 

[Genx87]

Originally posted by: sactoking

Originally posted by: Genx87

Originally posted by: sactoking

Originally posted by: Genx87

Originally posted by: jpeyton
Awesome. This will almost ensure Obama cuts big-oil tax-breaks during his first 100 days.

Makese sense doesnt it? I mean they pay a 50% rate. Clearly not enough!

Exxon's average tax rate for 2008 was 7.7%.

7.7 <<<< 50

Exxon Mobile had profits in 2007 before taxes of 71.5 billion. They paid 29.9 billion in income taxes.
Close enough.

Oh, we were talking about different years. Simple misunderstanding.

Oh, and you're using tax rate as a rate of EBIT, whereas I'm using tax rate as a rate of gross receipts.

Well you dont measure income tax by gross revenue. You measure it by income. The govt doesnt tax you on how much revenue you bring in. I am going to suspect when 2008 numbers do roll out the % will be very close. Meaning with 45 billion in net income they probably paid about 32-33 billion in income taxes.

 

[TallBill]

Originally posted by: Genx87

Well you dont measure income tax by gross revenue. You measure it by income. The govt doesnt tax you on how much revenue you bring in. I am going to suspect when 2008 numbers do roll out the % will be very close. Meaning with 45 billion in net income they probably paid about 32-33 billion in income taxes.

 

[Ozoned]

Originally posted by: heyheybooboo

Originally posted by: Ozoned

Originally posted by: Red Dawn

Originally posted by: Budmantom
Good for them.


I guess they won't need a bailout.

No they already got it from us last summer.

This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

That is amazingly disingenuous.

Spout talking points much?

Originally posted by: masteryoda34

Originally posted by: Ozoned
This is after tax income. They contributed approx. 41 billion in the form of corporate income and other taxes towards the bailout.

Thank You for bringing this up. No one ever mentions the record taxes that Exxon pays on their record profits. Plus the fact that their taxes were higher than their profits is ridiculous.

Ditto.


Feel free in all your wisdom to reveal their stock repurchases and capital investment.

If my Exxon stock gains value, and I sell it, the government gets a cut of that in the form of taxes also.

I find it amazing how much money is redistributed by the government off the back of gasoline, and other fuel sales. Money that comes from everyone that uses fuel.

Want to know where some of it is going? (Concerning taxes on Exxons earnings) Look at the current proposed stimulus bill.


But I guess telling the truth is disingenuous. :roll:

Let's make Exxon pay more taxes, or simply stated, let's make everyone that uses fuel pay more taxes.

 

[sactoking]

Originally posted by: Genx87
Well you dont measure income tax by gross revenue. You measure it by income. The govt doesnt tax you on how much revenue you bring in. I am going to suspect when 2008 numbers do roll out the % will be very close. Meaning with 45 billion in net income they probably paid about 32-33 billion in income taxes.

And another flaw on my part; I used 'average rate' instead of 'effective rate'. The effective rate of tax on Exxon in 2008 was 7.7%. The average rate in 2008 was 44.7% ($36.5b on $81.8b). The marginal rate was 35%.

 

[Corn]

Originally posted by: sactoking

Originally posted by: Genx87
Well you dont measure income tax by gross revenue. You measure it by income. The govt doesnt tax you on how much revenue you bring in. I am going to suspect when 2008 numbers do roll out the % will be very close. Meaning with 45 billion in net income they probably paid about 32-33 billion in income taxes.

And another flaw on my part; I used 'average rate' instead of 'effective rate'. The effective rate of tax on Exxon in 2008 was 7.7%. The average rate in 2008 was 44.7% ($36.5b on $81.8b). The marginal rate was 35%.

The flaw on your part is you don't appear to have a clue about what you are talking about. The effective tax rate is defined thusly: Actual income tax paid divided by net taxable income before taxes, expressed as a percentage. More can be found here.

Income taxes are not based on gross receipts, but on net income. You trying to throw out a fictitious tax rate of 7.7% is nothing more than a typical liberal exercise in intellectual dishonesty.

 

[sactoking]

Originally posted by: Corn

Originally posted by: sactoking

Originally posted by: Genx87
Well you dont measure income tax by gross revenue. You measure it by income. The govt doesnt tax you on how much revenue you bring in. I am going to suspect when 2008 numbers do roll out the % will be very close. Meaning with 45 billion in net income they probably paid about 32-33 billion in income taxes.

And another flaw on my part; I used 'average rate' instead of 'effective rate'. The effective rate of tax on Exxon in 2008 was 7.7%. The average rate in 2008 was 44.7% ($36.5b on $81.8b). The marginal rate was 35%.

The flaw on your part is you don't appear to have a clue about what you are talking about. The effective tax rate is defined thusly: Actual income tax paid divided by net taxable income before taxes, expressed as a percentage. More can be found here.

Income taxes are not based on gross receipts, but on net income. You trying to throw out a fictitious tax rate of 7.7% is nothing more than a typical liberal exercise in intellectual dishonesty.

The flaw on your part is you don't appear to have a clue about what you are talking about.

 

[Fern]

Originally posted by: masteryoda34
-snip-
Plus the fact that their taxes were higher than their profits is ridiculous.

Originally posted by: GTKeeper
-snip-
LOL. Look at any manufacturing company with margins of 8-10%. They always pay more taxes than the profits they make. I don't get your whining about it here.

Taxes are not higher than profits; that would require a tax rate of 100% or better. The federal rate is 35%.

Fern