Exxon Mobil Posts Record Profits

[dquan97]

Summer 2008 prediction: wave of refinery shutdowns for "mandatory" repairs and upgrades.

 

[dainthomas]

Originally posted by: Modeps
I thought they were raising prices because Oil costs were going up... boy am I naive!

They also pump the oil, so they don't buy it from anyone. Unless you count the peanuts they pay for drilling rights. It would be like you digging up a chunk of gold and selling it to someone. You'll make way more money now than ten years ago, for no extra work.

 

[Ktulu]

Originally posted by: loup garou

Originally posted by: M0R0NI
I really wish one of those companies would invest some of those profits into alternative fuels. But I know they just want to shower in it instead.

Shell and BP sure do.
Exxon, they're just in it for the here and now profit, though. Evidenced by this news.

Exxon develops new battery technology for hybrid use.

 

[DrPizza]

Originally posted by: Beev
Supply and demand. As much as it pisses me off to see gas at $3, I would do the same thing if I were the oil companies.

It's not supply and demand.

1. It's not a free market.
2. The demand function isn't <oh, what's the word I'm trying to think of...>

edit: And the supply side of things isn't working the way it's supposed to work in supply and demand. As prices/profits go up, more people are supposed to enter the market selling that good to also make a profit; increasing the supply. A) You think a company can just enter this market? B) I don't see any new refineries being built, do you?

It's an oligopoly, and each oil company knows what the other is doing. If one builds a new refinery, they know that the other would build a new refinery. Thus, they both know it will hurt their own profits in the end, and they both know they don't have to worry about a new company entering the market to build the needed refinery. It's sort of a mutual "let's screw the customers over; they don't have any choice but to buy our fuel."

 

[Queasy]

Originally posted by: dquan97
Summer 2008 prediction: wave of refinery shutdowns for "mandatory" repairs and upgrades.

Actually, this happens prior to every summer because the refineries have to retool to begin production of the couple of dozen different 'summer blends' of gas that are mandated by different states.

 

[Throckmorton]

Originally posted by: dainthomas

Originally posted by: Modeps
I thought they were raising prices because Oil costs were going up... boy am I naive!

They also pump the oil, so they don't buy it from anyone. Unless you count the peanuts they pay for drilling rights. It would be like you digging up a chunk of gold and selling it to someone. You'll make way more money now than ten years ago, for no extra work.

Oil drilling on public land is corporate welfare.

 

[Demon-Xanth]

To put these numbers in perspective:
$40B is North Korea's GDP.
$300B is Sweden's GDP.

http://en.wikipedia.org/wiki/L...countries_by_GDP_(PPP)

 

[jpeyton]

Originally posted by: dquan97
Summer 2008 prediction: wave of refinery shutdowns for "mandatory" repairs and upgrades.

Followed by refinery shut downs in the winter, to spike heating oil prices.

Don't forget the increase in prices as refineries switch to their "summer blend". And the increase every winter for the "winter blend".

 

[RightIsWrong]

Originally posted by: Modeps
I thought they were raising prices because Oil costs were going up... boy am I naive!

This was my first thought also.

Oil Exec: "We are only charging the consumer their first born because our expenses are out of the world. If we could lower the prices to offset the economic concerns of the average consumer we would yesterday"

Broke-ass consumer: "But you are posting record profits so you obviously are able to lower the prices to ease the strain on the working class and help bolster the economy as a whole by keeping all other prices in check or maybe even reducing those also"

Oil Exec: "Get that fvck out of here and confiscate any tapes of that exchange."

Oil Exec: "Okay....we rolling again? Good. Hi, I'm here on my brand new 110' yacht to show you how we at Exxon are working hard to get the price of crude down so that you are not effected by our only recourse of raping you at the pumps."

 

[Homerboy]

Originally posted by: jpeyton

Originally posted by: dquan97
Summer 2008 prediction: wave of refinery shutdowns for "mandatory" repairs and upgrades.

Followed by refinery shut downs in the winter, to spike heating oil prices.

Don't forget the increase in prices as refineries switch to their "summer blend". And the increase every winter for the "winter blend".

You guys make it sound like these companies are making up these ideas to help increase profits to record highs or something!

 

[dug777]

Originally posted by: dainthomas

Originally posted by: Modeps
I thought they were raising prices because Oil costs were going up... boy am I naive!

They also pump the oil, so they don't buy it from anyone. Unless you count the peanuts they pay for drilling rights. It would be like you digging up a chunk of gold and selling it to someone. You'll make way more money now than ten years ago, for no extra work.

You clearly don't work in the industry

Have you any idea how much raw material and labour costs have risen recently?

Remember that they also pay royalties on that oil/gas.

I'm not going to pretend that they've hit hard times, but these projects require mindfscking amounts of investment and ongoing operating costs....

 

[slsmnaz]

Originally posted by: Homerboy

Originally posted by: jpeyton

Originally posted by: dquan97
Summer 2008 prediction: wave of refinery shutdowns for "mandatory" repairs and upgrades.

Followed by refinery shut downs in the winter, to spike heating oil prices.

Don't forget the increase in prices as refineries switch to their "summer blend". And the increase every winter for the "winter blend".

You guys make it sound like these companies are making up these ideas to help increase profits to record highs or something!

and you're trying to make it sound like they're raping the consumer

 

[jpeyton]

Originally posted by: dug777
Have you any idea how much raw material and labour costs have risen recently?

Nowhere near as fast as their profits have risen?

That's my guess, anyway.

 

[LegendKiller]

Originally posted by: slsmnaz
Has their GP% increased as well? The big numbers are scary until you dig a little deeper. Prices are higher and they are selling more so the profit dollars are bound to increase. As long as their % stays the same this is a non-issue.

LOGIC!?!?!? OMG!

<PHORAM BLOWZ UPZ!>

 

[dug777]

Originally posted by: jpeyton

Originally posted by: dug777
Have you any idea how much raw material and labour costs have risen recently?

Nowhere near as fast as their profits have risen?

That's my guess, anyway.

Not a question that I could answer

 

[DrPizza]

Originally posted by: dug777

Originally posted by: jpeyton

Originally posted by: dug777
Have you any idea how much raw material and labour costs have risen recently?

Nowhere near as fast as their profits have risen?

That's my guess, anyway.

Not a question that I could answer

Don't forget - the cost of their raw material and has increased because the price of gas is so high! It takes fuel to transport those raw materials.

Exxon: "we have to pay 20% more for our raw materials"
Raw material supplier: "our costs went up by 20% because we have to pay Exxon 20% more."

 

[Chadder007]

Originally posted by: Homerboy

Originally posted by: Beev
Supply and demand. As much as it pisses me off to see gas at $3, I would do the same thing if I were the oil companies.

I agree every company has the right to turn a profit. But would you say the same thing if your power/heat company raked in mind blowing profits in a year? People often just think of the gasoline prices but don't think any deeper that the cost in a barrel of crude hits you in every way possible. From the cost of food, water, clothes ANYTHING you buy has to be planed, trained or trucked to you and that all takes oil.

Its amazing that these companies are not more tightly gov't regulated. $41B stolen in my opinion.

Im still surprised they haven't gone after them for "Price Fixing" to which they know the charge of "Price Gouging" won't stick.

 

[Xavier434]

Originally posted by: RightIsWrong

Originally posted by: Modeps
I thought they were raising prices because Oil costs were going up... boy am I naive!

This was my first thought also.

Oil Exec: "We are only charging the consumer their first born because our expenses are out of the world. If we could lower the prices to offset the economic concerns of the average consumer we would yesterday"

Broke-ass consumer: "But you are posting record profits so you obviously are able to lower the prices to ease the strain on the working class and help bolster the economy as a whole by keeping all other prices in check or maybe even reducing those also"

Oil Exec: "Get that fvck out of here and confiscate any tapes of that exchange."

Oil Exec: "Okay....we rolling again? Good. Hi, I'm here on my brand new 110' yacht to show you how we at Exxon are working hard to get the price of crude down so that you are not effected by our only recourse of raping you at the pumps."

:laugh:

 

[spidey07]

Gee, every company normally posts higher profits than the previous year.

That's the ENTIRE purpose. To make money and make more of it year over year. shocking. HOW DARE THEY! Those evil corporations being all corporationy.

 

[Specop 007]

Everyone loves a free market, until they think they're getting screwed then they want .gov intervention.

Not that our market is really free anymore, but it is what it is.

Thankfully, no one is forcing you to use oil. Which really makes all the bitching so amusing. Ultimately, you CHOOSE to pay the price they ask for the product they produce. They certainly dont force you to use it.

 

[Xavier434]

Originally posted by: spidey07
Gee, every company normally posts higher profits than the previous year.

That's the ENTIRE purpose. To make money and make more of it year over year. shocking. HOW DARE THEY! Those evil corporations being all corporationy.

This wouldn't be so bad if there were alternate fuel sources for our cars but there isn't.

 

[OrByte]

Originally posted by: spidey07
Gee, every company normally posts higher profits than the previous year.

That's the ENTIRE purpose. To make money and make more of it year over year. shocking. HOW DARE THEY! Those evil corporations being all corporationy.

posting increasing profits in TODAYS economy is getting harder and harder to do for these corporations.

But funny how the oil companies seem to be doing juuust fine in TODAYS economy.

isgust;

 

[slsmnaz]

Originally posted by: Chadder007

Originally posted by: Homerboy

Originally posted by: Beev
Supply and demand. As much as it pisses me off to see gas at $3, I would do the same thing if I were the oil companies.

I agree every company has the right to turn a profit. But would you say the same thing if your power/heat company raked in mind blowing profits in a year? People often just think of the gasoline prices but don't think any deeper that the cost in a barrel of crude hits you in every way possible. From the cost of food, water, clothes ANYTHING you buy has to be planed, trained or trucked to you and that all takes oil.

Its amazing that these companies are not more tightly gov't regulated. $41B stolen in my opinion.

Im still surprised they haven't gone after them for "Price Fixing" to which they know the charge of "Price Gouging" won't stick.

maybe cause there is no gouging :shocked:

 

[OrByte]

Originally posted by: Specop 007
Everyone loves a free market, until they think they're getting screwed then they want .gov intervention.

Not that our market is really free anymore, but it is what it is.

Thankfully, no one is forcing you to use oil. Which really makes all the bitching so amusing. Ultimately, you CHOOSE to pay the price they ask for the product they produce. They certainly dont force you to use it.

that is a cop out.

if you don't use oil then you die. This isn't a free market, you said so yourself.

 

[spidey07]

Originally posted by: Xavier434

Originally posted by: spidey07
Gee, every company normally posts higher profits than the previous year.

That's the ENTIRE purpose. To make money and make more of it year over year. shocking. HOW DARE THEY! Those evil corporations being all corporationy.

This wouldn't be so bad if there were alternate fuel sources for our cars but there isn't.

Their profit margins are normal for any business. Any company would be stupid to willfully lose money. People just get caught up in the numbers and then mob mentality and paranoia takes over. It's sad really that this is so complicated for most people.

Business is in the business to make money.