Exxon Mobil Sees Record Profit for U.S. Co.

[jlmadyson]

Text

IRVING, Texas - Exxon Mobil Corp. posted record profits for any U.S. company on Monday ? $10.71 billion for the fourth quarter and $36.13 billion for the year ? as the world's biggest publicly traded oil company benefited from high oil and gas prices and demand for refined products. The results exceeded Wall Street expectations and Exxon shares rose nearly 3 percent on premarket trading. The company's earnings amounted to $1.71 per share for the October-December quarter, up from $8.42 billion, or $1.30 per share, in the year ago quarter. The result topped the then-record quarterly profit of $9.92 billion Exxon posted in the third quarter of 2005. Exxon's profit for the year was also the largest annual reported net income in U.S. history, according to Howard Silverblatt, a stock market analyst for Standard & Poor's. He said the previous high was Exxon's $25.3 billion profit in 2004.

With this and Shell's record quarter oil companies are certainly not on hard times atm unlike many other US companies. This will probably spark the windfall profit tax discussion but I'm not completely sold on the idea. I mean if it comes back to the consumer themselves that is one thing, but to only be siphoned through the US government to see even part of the tax go into the government?s pocket would be a joke. Even it the tax were to completely be reimbursed to the consumer I?m still not sure on how much overall good it might provide. Worth taking a looking at though.

 

[13Gigatons]

Look at the picture, I wish gas prices were like that agian.

 

[jlmadyson]

Originally posted by: 13Gigatons
Look at the picture, I wish gas prices were like that agian.

I hear ya. I remember getting gas for 89 cents a gallon in 97-98. Seems like a lifetime away.

 

[GroundedSailor]

I remember buying gas for $0.75 in 1998. A tankful was under $15!! Don;t think we'll ever see those days again. I'd be happy if it stays around the $2 mark.


92% of responses in an MSNBC poll feel Big Oil is price gouging and taking advantage of consumers.

http://msnbc.msn.com/id/11098561/

 

[Engineer]

Gas was $0.49 per gallon late 1997/early 1998 in Corbin KY. Oil was in the low $11 per barrell range then.

 

[jlmadyson]

Originally posted by: Engineer
Gas was $0.49 per gallon late 1997/early 1998 in Corbin KY. Oil was in the low $11 per barrell range then.

Interesting, I lived in Murray, KY for most of my life until last year and lowest I remember was 79-89 cents I can't even imagine 49 cents.

 

[CaptnKirk]

I paid 9 cents a gallon for gas in 1968 in Lubbock, Texas during a 'Gas War'.

The Gas Wars are over - Gas won !

 

[DealMonkey]

We fought for oil and the oil won!

 

[Cooler]

they need to start cuting price of gas then if they make that much money.

 

[catnap1972]

Originally posted by: Cooler
they need to start cuting price of gas then if they make that much money.

(hey mods, where's the "ROTFLMAO" smiley?)

 

[JS80]

1) Exxon employs 105,000 people = good for economy
2) Millions of direct shareholders = benefits individuals, good for economy
3) Thousands of funds hold Exxon = Millions of indirect holders who's pensions, 401ks, etc benefit, good for economy

Conclusion: This is not necessarily a bad thing.

 

[Aisengard]

4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

 

[13Gigatons]

Originally posted by: Aisengard
4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

5. The Rich get richer and the poor get poorer.

 

[JS80]

Originally posted by: 13Gigatons

Originally posted by: Aisengard
4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

5. The Rich get richer and the poor get poorer.

Well I guess the "poor" should have made better decisions during their lifetime.

 

[KentState]

Originally posted by: Aisengard
4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

How do you get hundreds of millions of Amercians having their money taken away? Hundreds of millions pay higher prices, but that money is invested directly into many of their retirement plans, stocks, funds, 401ks. Yes, I'm paying more, but my 401k to begin with is doing very well because of companies like this. Heck, if it really bothers you, you could have invested your money directly into Exxon and would have made more than you lost by higher prices.

 

[Chadder007]

Originally posted by: jlmadyson

Originally posted by: 13Gigatons
Look at the picture, I wish gas prices were like that agian.

I hear ya. I remember getting gas for 89 cents a gallon in 97-98. Seems like a lifetime away.

It was down to 68 cents a gallon here.

 

[RichardE]

Originally posted by: JS80

Originally posted by: 13Gigatons

Originally posted by: Aisengard
4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

5. The Rich get richer and the poor get poorer.

Well I guess the "poor" should have made better decisions during their lifetime.

amen

 

[Meuge]

Originally posted by: JS80

Originally posted by: 13Gigatons

Originally posted by: Aisengard
4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

5. The Rich get richer and the poor get poorer.

Well I guess the "poor" should have made better decisions during their lifetime.

Zendari, is that you?

 

[Chadder007]

Originally posted by: JS80
1) Exxon employs 105,000 people = good for economy
2) Millions of direct shareholders = benefits individuals, good for economy
3) Thousands of funds hold Exxon = Millions of indirect holders who's pensions, 401ks, etc benefit, good for economy

Conclusion: This is not necessarily a bad thing.

WTFLogic. America's economy thrives off of low energy costs. Your not looking at the whole picture.
The fuel markets are not being competitive at all....I believe they should be investigated for market price fixing of gas prices.

 

[zephyrprime]

Originally posted by: JS80
1) Exxon employs 105,000 people = good for economy
2) Millions of direct shareholders = benefits individuals, good for economy
3) Thousands of funds hold Exxon = Millions of indirect holders who's pensions, 401ks, etc benefit, good for economy

Conclusion: This is not necessarily a bad thing.

Much of the money is going to the countries that produced the oil. Exxon was employing a lot of people even before oil prices became high. Investment gains in this industry are just instances of shuffling money from one person's hand to another; little real wealth creation is occuring since even oil majors don't believe it's possible to increase production by increasing exploration.

I've personnally profited from these high oil prices through my investments but I know that high oil prices are bad for the US economy.

 

[1EZduzit]

I guess more power to them..... and less to us if you know what I mean.

 

[Engineer]

Originally posted by: KentState

Originally posted by: Aisengard
4) Gas prices take away spending money from hundreds of millions of Americans = less money being spent in the economy, bad for economy

Conclusion: The bad outweighs the good

How do you get hundreds of millions of Amercians having their money taken away? Hundreds of millions pay higher prices, but that money is invested directly into many of their retirement plans, stocks, funds, 401ks. Yes, I'm paying more, but my 401k to begin with is doing very well because of companies like this. Heck, if it really bothers you, you could have invested your money directly into Exxon and would have made more than you lost by higher prices.

Just look at GDP numbers, higher inflation, negative savings rate, etc. and then ask youself that again. Everyone that works can't afford to place money into 401k plan. Many just make it month to month, much less worrying about future returns on something that they pay real money for today. Energy prices are the single largest killer of US GDP (well, imports might be doing a good job too).

 

[Antisocial Virge]

Biggest profits every but they don't want to pay the fines for the Valdez oil spill.

 

[techs]

We elected a President whose main support came from Texas oil companies.
What did you expect?
On tuesday when Bush gives his State of the Union we will probably hear some cockamamie plan that will really be p.r. to get the publics focus off of the high gas profits and promise us energy independence...in about 40 years.

 

[umbrella39]

Originally posted by: JS80
1) Exxon employs 105,000 people = good for economy
2) Millions of direct shareholders = benefits individuals, good for economy
3) Thousands of funds hold Exxon = Millions of indirect holders who's pensions, 401ks, etc benefit, good for economy

Conclusion: This is not necessarily a bad thing.

Sounds like Reaganomics. Good for the economy lol.