Exxon: near record profits

[Homerboy]

http://money.cnn.com/2006/07/27/news/companies/exxon/index.htm?cnn=yes

While I overall don't have too big of an issue with gas prices being high, but to be high and for the companies to make that much money is criminal.

Something tells me Exxon has a lot of explaining to do.... again.

Edit: sorry for the premature post. I inadvertantly hit submit before I was done with post

 

[Spineshank]

Isnt in here evidently.

 

[j00fek]

or is this about the 10bln in profit for Q02 ?

 

[Feldenak]

I have no current financial interest in Exxon...who cares what their profits are.

 

[LordMorpheus]

If Exxon's up, good chance that Shell is to. w00t Shell!

 

[Vette73]

Originally posted by: LordMorpheus
If Exxon's up, good chance that Shell is to. w00t Shell!

All large oil/gas companies profits are up. But they have nothing to do with high gas prices and can;t bring them down either.

 

[Fenixgoon]

so you're complaining that these companies can spend billions in getting a product out of the ground (perhaps miles under), billions to refine it multiple times over, then refine it for a specific region, billions ship it to various parts of the US/world, and still get it to you cheaper than a gallon of milk?

as evil as oil corporations may be, i have a lot of respect for a process that's able to deliver a hard to reach product at minimal cost (think about it for a second).

 

[Queasy]

Originally posted by: Homerboy
http://money.cnn.com/2006/07/27/news/companies/exxon/index.htm?cnn=yes

While I overall don't have too big of an issue with gas prices being high, but to be high and for the companies to make that much money is criminal.

Exactly which law was broken?

 

[MoPHo]

ok so they reach almost record profits and gas is higher now than it was...so shouldn't they be breaking record profits if they are ripping us off that badly?

nothing new there...

 

[Linflas]

Why do I suspect there is an ignored statistic out there showing that there was a near record demand for petroleum based products over the same period?

 

[RallyMaster]

damn the price gouging.

 

[bennylong]

And why is this the oil companies fault? Exxon can't control consumption, or future traders, or OPEC.

Was anyone feeling sorry for them when oil was at $16?

 

[LordMorpheus]

Originally posted by: Marlin1975

Originally posted by: LordMorpheus
If Exxon's up, good chance that Shell is to. w00t Shell!

All large oil/gas companies profits are up. But they have nothing to do with high gas prices and can;t bring them down either.

It's supply and demand. None of the oil companies have a controlling market share, so all of them are subject to the market. Fortunately for them, the market takes a long time to react so when profits swing up they stay there for a while until the market adapts to the new situation.

It's not their fault they are making money. There isn't some evil cabal that is artificially keeping prices where they are. Supply has gone down, demand has gone up = they laugh all the way to the bank, but it's just capitalism, not some evil plot.


What is funny is that Shell's headquarters in the Hague is this ridiculous new 220 million dollar gold plated thing, but they are having trouble finding money to perform some maintainence this year, but next year we've got some giant turnarounds and the same work will cost so much more, and if it discovers anything that needs fixing it will cost so much more to get the work done because there will be less prep time.

haha, get a brain, morans!

 

[thirdeye]

Glad I own Exxon stock

That doesn't make it hurt any less though, when it's almost $50 to fill my cars with gas

 

[Ika]

Originally posted by: LordMorpheus

Originally posted by: Marlin1975

Originally posted by: LordMorpheus
If Exxon's up, good chance that Shell is to. w00t Shell!

All large oil/gas companies profits are up. But they have nothing to do with high gas prices and can;t bring them down either.

It's supply and demand. None of the oil companies have a controlling market share, so all of them are subject to the market. Fortunately for them, the market takes a long time to react so when profits swing up they stay there for a while until the market adapts to the new situation.

It's not their fault they are making money. There isn't some evil cabal that is artificially keeping prices where they are. Supply has gone down, demand has gone up = they laugh all the way to the bank, but it's just capitalism, not some evil plot.


What is funny is that Shell's headquarters in the Hague is this ridiculous new 220 million dollar gold plated thing, but they are having trouble finding money to perform some maintainence this year, but next year we've got some giant turnarounds and the same work will cost so much more, and if it discovers anything that needs fixing it will cost so much more to get the work done because there will be less prep time.

haha, get a brain, morans!

Go USA!

 

[Demon-Xanth]

Exxon's annual profits are about the same as North Korea's GDP

 

[loup garou]

Originally posted by: thirdeye
Glad I own Exxon stock

That doesn't make it hurt any less though, when it's almost $50 to fill my cars with gas

Glad I own Exxon stock, don't drive a car, and the MTA has announced no fare hikes for the next year!

However, I wish I hadn't sold most of my Exxon shares to pay for a year of school.

 

[torpid]

I am pretty sure a gallon of gas costs more than a gallon of milk.

 

[Queasy]

Originally posted by: torpid
I am pretty sure a gallon of gas costs more than a gallon of milk.

Gas is ~$2.90 here in Atlanta on the cheap side. Unless someone is running a 2 for $5.00 sale, milk is ~$3.22 and up.

 

[jlbenedict]

Originally posted by: Queasy

Originally posted by: torpid
I am pretty sure a gallon of gas costs more than a gallon of milk.

Gas is ~$2.90 here in Atlanta on the cheap side. Unless someone is running a 2 for $5.00 sale, milk is ~$3.22 and up.

damn.. you guys get gouged on milk

 

[bennylong]

Originally posted by: Queasy

Originally posted by: torpid
I am pretty sure a gallon of gas costs more than a gallon of milk.

Gas is ~$2.90 here in Atlanta on the cheap side. Unless someone is running a 2 for $5.00 sale, milk is ~$3.22 and up.

I remember when a gallon of milk was 99 cents when I was a kid! Damn those greedy farmer and jacking up the price of milk! They are criminals!!!!!!!!!!

 

[HomerJS]

I have a big problem with their record profits and Cheney giving the oil companies billions in tax breaks. Can we get that money back?

BTW - With all those profits I don't here of any new refineries being built since that is always the excuse. I vote for the 1st one to be placed off the coast of Palm Beach Florida. P&Ners will get the reference.

 

[Queasy]

Originally posted by: HomerJS
I have a big problem with their record profits and Cheney giving the oil companies billions in tax breaks. Can we get that money back?

Oil companies getting millions in tax breaks is giving money back to us. Where do you think the oil companies get the money to pay for their taxes?

 

[torpid]

Originally posted by: Queasy

Originally posted by: torpid
I am pretty sure a gallon of gas costs more than a gallon of milk.

Gas is ~$2.90 here in Atlanta on the cheap side. Unless someone is running a 2 for $5.00 sale, milk is ~$3.22 and up.

I don't even pay that much at walgreens here. At least I don't think I do. Definitely not at grocery stores. And gas is $0.10 more expensive here.

 

[Vette73]

Originally posted by: torpid

Originally posted by: Queasy

Originally posted by: torpid
I am pretty sure a gallon of gas costs more than a gallon of milk.

Gas is ~$2.90 here in Atlanta on the cheap side. Unless someone is running a 2 for $5.00 sale, milk is ~$3.22 and up.

I don't even pay that much at walgreens here. At least I don't think I do. Definitely not at grocery stores. And gas is $0.10 more expensive here.

Yep milk is cheaper here in the Cary/Raleigh NC area then gas for the most part.