Here we go again with the oil companies ...

[Guest]

Just saw this ... when are they gonna get a handle on this?

Exxon Mobil 2Q profit jumps 36 percent

By STEVE QUINN, AP Business Writer 12 minutes ago

Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.

The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company's revenue by 12 percent to a level just short of a quarterly record.

Exxon Mobil's report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion in the quarter and at a time when many drivers in the U.S. are paying $3 for a gallon of gas — increasing the likelihood of further political backlash in Washington.

Exxon Mobil, the world's largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.

The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.

Analysts polled by Thomson Financial expected the company to earn $1.64 per share.

Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion — which also stands as record revenue generated by any U.S. public company ever in a single quarter.

Its shares rose 85 cents to $67.45 in premarket trading. That would top its 52-week high of $67.18.

Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.

By segment, exploration and production earnings rose sharply to $7.13 billion, up $2.23 billion from the second quarter of last year, a reflection of higher crude and natural gas prices. Production increased 6 percent from a year ago and 9 percent if the impact of divestments and entitlements are excluded.

The company's refining and marketing segment reported a $264 million earnings increase to $2.48 billion, the result of stronger refining margins, slightly offset by weaker marketing margins.

Exxon's chemical business saw earnings rise $26 million to $840 million.

Mo,

 

[genkisan]

These evil malignant profit mongering parasites should all be Krazy-Glued to a rusty skateboard, dosed on bad acid and sent careening down a steep hill covered in broken, dogshit-smeared bio-hazard bottles.

They suck mega-profits out of the society they have addicted to their petro-poisons, and totally neglect investing in any alternative....dooming our children to inheriting a ruined, fouled and toxic wasteland........KILLKILLKILLKILLKILL!!!!!

 

[Chronic Newfie]

all this profit? Is it before or after all expenses? Including employee wages. I hope those guys out on oils rigs risking theirs lives are making a good coin.

 

[sproutco]

That sounds like good business to me. Reaping the benefits of supply and demand. This is the way our country works. Should we limit their profits? If they were losing money would we bail them out?

 

[genkisan]

Ok, so you folks do not see anything wrong with a small group of profit-mongers making an entire society totally dependant on a product, running the supply out, gouging the fuck out of the world now addicted to your product, and not coming up with an alternative by investing some of the mega-profits that benefit only a very very small group??


You do not see the problem with a society driven soley by the profit motive, with no thought for the future of the species???


No wonder this planet has become a festering shithole that probably won't support human life 500 years from now.....the evil Corpo-Nazis seem to have free rein to do what they want...and no-one gives a flying fuck, as long as they have their TV, SUV's and anti-depressants.

 

[Guest]

It is one thing for a company to make a lot of money. But when a company makes a lot of money but returns very little of it back into the economy there is only one outcome. I wouldn't care if they were making such a profit if their research budget was a lot more than it is. Why aren't these companies who we give a nice chunk of our earnings researching to ensure we don't run into an energy crisis? Why are people getting mad? Why not just get even.... boycott the fucking company or is everyone afraid to lose their way of life? Now for me I could care less as I see world war 3 beginning as we complain about life. And at my age I am a very good candidate for the military and I don't expect to live through this conflict.

 

[BenitoCereno]

all this profit? Is it before or after all expenses?

Yup, it's all profit.

 

[Guest]

I think they will reel them in once we have a new President. I think it is all working just the way Cheney planned for it to happen. Why would they change it when they can set back for a few more months then run and count all thier new money. Also the big oil companies know that they are setting pretty with this Administration, so thier thinking is typical of the greedy already have more money than they can ever spend type of people. Get it while you can is all they can see, or I'm gonna get mine.

I am sorry that you are in the age group for a draft if there happens to be one Tokinafaty420. Yea we are on the verge of a full melt down in the Middle East. I think GW just said we are actually about to send more troops to Iraq, Imagine that

The Republicans used to call the Democrats "A bunch of Whores" I think they should call themselfs fucking "Pimps" cause what they are doing is selling out America.

They know they will not have to answer to anyone as long as GW and crew are in office. Why would GW and crew say anything they just made a few more million from the stocks they own.

Sad Times we are living in.

Mo,

 

[Guest]

All we have to do is all boycott 1 major oil provider ie Shell or whoever. If we all did it the price would drop.

 

[Guest]

That sounds like good business to me. Reaping the benefits of supply and demand. This is the way our country works. Should we limit their profits? If they were losing money would we bail them out?

Bush owns an American oil co. Do you know that America produces 75% of the gas/oil used in the USA. They are stockpiling the oil and charging a inflated price. That's called price Gouging!! This would not have happend under Clintons watch. Bush should be impeached....don't use a pay phone.lol

 

[bluebublelove]

weigh my options....do somthing crazy. or bend over and take it....its amazing they claim there balls to be against the wall but they make an 10 billion profiot increase

 

[supermanlives]

all this profit? Is it before or after all expenses? Including employee wages. I hope those guys out on oils rigs risking theirs lives are making a good coin.

they are, my friend works on a rig.he works 2 weeks on then 2 weeks off.

 

[Chiefsmokingbud]

What gets me is all the so called analysts say to cut back on consumption and prices would drop. I see it like this: Since the record number of cigarette smokers has dropped the last few years cigarette prices have steadily gone up.Why? Because these companies will, no matter what keep their inflated profit margin by imposing higher prices on everyone else to make up the difference. Same thing with the oil companies

 

[Fat Albert]

By the tone of this discussion, I take it that everybody is ready to nail Big Oil to the cross. My question is: are they getting light sweet crude for free, and then refining/selling the product? No. They have to deal with a cartel (OPEC). And OPEC pretty much has carte blanche when it comes to setting a price for its oil. Profits like these don't last, as the increased cost of the raw material finally works its way through the cycle.

IMHO the Achilles heel of the US petroleum industry is the lack of refining capability. No new refineries have been built in the US in over 20 years. They're the ultimate NIMBY issue, yet we can't tank up with crude. Transporting refined petroleum products adds exponentially to their final cost.

Fat A

 

[Guest]

explain why they are seeing record profits by such amazingly huge margins

 

[Fat Albert]

explain why they are seeing record profits by such amazingly huge margins

Profits are currently amazingly huge because the oil companies are selling oil they bought for $50/barrel at today's market price of $70+/barrel. If the reverse were true, they'd have to eat the loss, because nobody would pay that much. As the cost of their reserves approaches the current market price, profits will decrease at least somewhat....

Fat A

 

[sproutco]

http://en.wikipedia.org/wiki/Supply_and_demand