Exxon: It was a very good year....

Posted: 7/31/08 at 10:04am

Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

That profit works out to $1,485.55 a second.

That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007. But Exxon (XOM, Fortune 500) profit fell short of Wall Street estimates. Analysts predicted the company, the world's largest publicly traded oil firm, would make $12.1 billion in profit on $144.4 billion in revenue, according to Thomson Reuters.

Exxon shares fell about 2% in early trading on the New York Stock Exchange.


CNN Money

Posted: 7/31/08 at 10:06am

That profit works out to $1,485.55 a second.

$1,4855.55 per second, 24 hours a day, 7 days a week for 3 months.


AND

Even though they had the best quarter by any company ever in history, "Analysts" expected more, so their share price dropped.

[papalovesmambo]

Posted: 7/31/08 at 10:18am

i don't get it. they should not profit?

[kelzama]

Posted: 7/31/08 at 10:22am

fantastic news for shareholders.

[papalovesmambo]

Posted: 7/31/08 at 10:28am

not to mention all of the pension funds, mutual funds, 401ks that hold exxon stock.

but no, seriously, it's actually just good for like three really rich white guys somewhere who are chuckling as they read this thread.

[Roscoe]

Posted: 7/31/08 at 10:48am

Capitalism in action, boys and girls. Is anyone surprised?

[madbrian]

Posted: 7/31/08 at 10:58am

Nothing wrong with profits, Papa, however it's hard to sell McCain's corp tax breaks when they're so high. I have a much bigger problem with the growing disparity between upper mgmt salaries compared to their employees. Used to be about 20x, now it's more like 200x.

[Roscoe]

Posted: 7/31/08 at 10:59am

^^Commie.

[madbrian]

Posted: 7/31/08 at 11:02am

Anything but.

[Roscoe]

Posted: 7/31/08 at 11:14am

Yeah, it is hard not to get annoyed over that record profit thing. These bastards will shake us all down to line their disgusting pockets with money.

What's even more annoying is that this news will be met with a shrug by most of the people who should be bloody outraged by it. This news should be prompting outrage and firebombings of Exxon's offices. Instead we just take our bites of the excrement sandwich.

[madbrian]

Posted: 7/31/08 at 11:16am

I'm with you on the outrage, but I'll hold off on firebombings. The best course of action would be to drive less, drive slower, and buy more fuel efficient cars.

Posted: 7/31/08 at 11:29am

Profit is good. I wish I could afford to hold a big chuck of Exxon Stock. But, oddly enough, a good friend of mine is loaded and he's been disappointed at the lackluster return on his Exxon portfolio. They issued a 40 cent a share dividend last quarter which is about 1/2 of one percent.

I just like to see stories like this because when you see coverage of the absurdly high gas prices you see things mentioned like rising world demand, OPEC cutting production or (My favorite) the summer-formulation gas causing a spike in prices. It's hard to find a story on record high gas prices that mentions that the gas companies are reading record profits, too.

[papalovesmambo]

Posted: 7/31/08 at 11:47am

yeah, windfall profits, huh?

let's go after those dirty bums!
perspective

[Roscoe]

Posted: 7/31/08 at 11:54am

You're right, Papa. We should lay off poor friendless Exxon because there are other companies that make more money.

[papalovesmambo]

Posted: 7/31/08 at 12:06pm

i don't think the government ought to be taxing profits anyway. hell, 20% of the cost at the pump is already taxes. so hey, let's tax 'em some more.

Posted: 7/31/08 at 12:07pm

No one makes more money than Exxon- those guys have a bigger MARGIN than Exxon.

And Papa I'll be outraged by the money Google makes when their prices double in the next couple years.

[kelzama]

Posted: 7/31/08 at 12:14pm

Google's on their way. 19% increase in ad fees for one sector's advertising rates so far this year.
Google's Ad Rates Push Profit Toward $17.07 a Share

[papalovesmambo]

Posted: 7/31/08 at 12:22pm

because exxon sets the price, huh? opec and the speculators and the status of the dollar have nothing to do with it. nope it's just exxon.

this is one of the stupidest things i've ever listened to. it's like blaming fire for being hot or the sun for being bright. are they manipulating the market? have they got a monopoly? no. how dare they make money! how dare they be profitable!

i could understand attacking them for ceo compensation or hiring prctices, but for managing a moderatre return on their investment? and that's what it is. a moderate return.

yer outrage makes me look at you and think, "they're just trying to piss me off, right? they're not really that utterly and unfathomably dense. are they?"

Posted: 7/31/08 at 12:30pm

HIGH FIVE!!!

the company is only making a modest profit on their investment. they are practically giving away their products to us for nothing. still the whinny corporations-are-bad liberals want something for FREE! exxon's returns are MODERATE. they should be charging MORE.

Grow up liberal corporate haters! corporations are the smartest man made institutions ever and we are LUCKY they are here to organize and run the country for us.

if you don't like the price of oil. WALK or GO DIG DRILL SOME YOURSELF.


God Bless Exxon and America




Updated On: 7/31/08 at 12:30 PM

[Jonny boy]

Posted: 7/31/08 at 1:04pm

abowlerhat2..... your an idiot!!!! Ive never seen anyone twist the facts like you can.......

Posted: 7/31/08 at 1:09pm

Wait...fire is hot? I bet that's gasoline's fault, too!