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Exxon Mobil Posts Biggest US Quarterly Profit Ever  
User currently offlineRevelation From United States of America, joined Feb 2005, 12356 posts, RR: 25
Posted (5 years 9 months 5 days 9 hours ago) and read 1446 times:

... Again! ....

http://news.yahoo.com/s/ap/20081030/ap_on_bi_ge/earns_exxon_mobil

Quote:
Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.



Quote:
The previous record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion.

In my opinon, the decision by the Bush Administration to let the Exxon/Mobil and Chevron/Texaco mergers go through was a huge mistake. There's next to no competitive forces in play to keep prices in check, and IMHO these obscene profits are the direct result.


Inspiration, move me brightly!
20 replies: All unread, jump to last
 
User currently offlineScbriml From United Kingdom, joined Jul 2003, 12397 posts, RR: 46
Reply 1, posted (5 years 9 months 5 days 9 hours ago) and read 1441 times:
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Same old argument, they're still only making just over 10% profit.

The oil company I work for is "struggling" to get profit margins over 7.5%.



Time flies like an arrow, but fruit flies like a banana!
User currently offlineNighthawk From UK - Scotland, joined Sep 2001, 5127 posts, RR: 34
Reply 2, posted (5 years 9 months 5 days 9 hours ago) and read 1429 times:



Quoting Revelation (Thread starter):
There's next to no competitive forces in play to keep prices in check,

Oil is a global market, they compete against BP, Shell and all other oil companies. The price of oil is set on the world market - having few companies based in the US has little effect on this. Blocking the merger would not have made any difference.



That'll teach you
User currently offlineLON-CHI From United States of America, joined Apr 2001, 219 posts, RR: 0
Reply 3, posted (5 years 9 months 5 days 8 hours ago) and read 1420 times:



Quoting Revelation (Thread starter):
In my opinon, the decision by the Bush Administration to let the Exxon/Mobil and Chevron/Texaco mergers go through was a huge mistake. There's next to no competitive forces in play to keep prices in check, and IMHO these obscene profits are the direct result.

Well then, Exxon did a crappy job only profiting 10% if they had no competition.

I recently netted 13% ($250.00) on an option trade. Is that profit obscene, too?


User currently offlineMt99 From United States of America, joined May 1999, 6574 posts, RR: 6
Reply 4, posted (5 years 9 months 5 days 8 hours ago) and read 1414 times:
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Quoting Scbriml (Reply 1):
Same old argument, they're still only making just over 10% profit.

That has been their average profit margin. What was been their profit margin last year? and this quarter?



Step into my office, baby
User currently offlineRevelation From United States of America, joined Feb 2005, 12356 posts, RR: 25
Reply 5, posted (5 years 9 months 5 days 6 hours ago) and read 1383 times:



Quoting Nighthawk (Reply 2):
Oil is a global market, they compete against BP, Shell and all other oil companies. The price of oil is set on the world market - having few companies based in the US has little effect on this.

Yes, but not the price I pay at the pump. After the mergers, a lot of refining capability was taken away in the US, driving up prices.



Inspiration, move me brightly!
User currently offlineAaron747 From Japan, joined Aug 2003, 8031 posts, RR: 26
Reply 6, posted (5 years 9 months 4 days 21 hours ago) and read 1318 times:



Quoting Revelation (Reply 5):
Yes, but not the price I pay at the pump. After the mergers, a lot of refining capability was taken away in the US, driving up prices.

I have a four-year return on a commercial real estate development trust India of 65%. Is that obscene too? I really get sick of people using extremely powerful words to describe things they personally disagree with. There's nothing obscene about a 10% profit on margin - get over it.



If you need someone to blame / throw a rock in the air / you'll hit someone guilty
User currently offlineMt99 From United States of America, joined May 1999, 6574 posts, RR: 6
Reply 7, posted (5 years 9 months 4 days 12 hours ago) and read 1271 times:
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Quoting Aaron747 (Reply 6):
There's nothing obscene about a 10% profit on margin - get over it.

Hs it really been 10% this year thought? I know it has in the past.



Step into my office, baby
User currently offlineMt99 From United States of America, joined May 1999, 6574 posts, RR: 6
Reply 8, posted (5 years 9 months 4 days 12 hours ago) and read 1270 times:
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Quoting Aaron747 (Reply 6):

I have a four-year return on a commercial real estate development trust India of 65%. Is that obscene too?

No. The difference is that pubic at large do not depend on your real estate development trust in India. The public does not have to buy (or whatever) you are involved in.

I am all for Exxon to make a profit. But there comes a point, when they should start giving more back to society



Step into my office, baby
User currently offlineNighthawk From UK - Scotland, joined Sep 2001, 5127 posts, RR: 34
Reply 9, posted (5 years 9 months 4 days 10 hours ago) and read 1255 times:



Quoting Mt99 (Reply 8):
I am all for Exxon to make a profit. But there comes a point, when they should start giving more back to society

Why should they? They made a relatively small profit margin, they owe it to their shareholders to increase the profit margin.

As it happens they work in a very expensive industry, the overhead costs for exploring, developing and producing the product are enourmous, the vast majority of this profit will be quickly swallowed up by expanding the business.

Our friend Aaron here made excessive profits in excess of 10% - shouldnt he be the one paying back his profits to society? (no offense to Aaron, who I believe is fully justified, as are Exxon, in making a profit!)

Quoting Mt99 (Reply 8):
No. The difference is that pubic at large do not depend on your real estate development trust in India. The public does not have to buy (or whatever) you are involved in.

So should we nationalise the oil industry and run it as a not for profit industry then? In any case the public does not have to buy oil - you could change your lifestyle to the point that you no longer need it - however you choose to live the lifestyle you do.



That'll teach you
User currently offlineMt99 From United States of America, joined May 1999, 6574 posts, RR: 6
Reply 10, posted (5 years 9 months 4 days 10 hours ago) and read 1251 times:
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Quoting Nighthawk (Reply 9):
Why should they? They made a relatively small profit margin, they owe it to their shareholders to increase the profit margin.

Ive been asking what was the profit margin THIS year!. 10% has been in the past. What about THIS year?

Quoting Nighthawk (Reply 9):
So should we nationalise the oil industry and run it as a not for profit industry then?

No silly pants. We only do that for banks.. I do think that some form regulation may be beneficial to protect the general public - and the oil companies as well - from these wild oil swings

Quoting Nighthawk (Reply 9):
Our friend Aaron here made excessive profits in excess of 10% - shouldnt he be the one paying back his profits to society? (no offense to Aaron, who I believe is fully justified, as are Exxon, in making a profit!)

He shouldnt. At least he shouldnt be mandate by any laws. What i meant to say, is that as a member of society with a conscience "may look into" Giving some back.

Look at Bill Gates - how much money he makes, but how much good he does with it... Thats what i am talking about

[Edited 2008-10-31 08:24:17]


Step into my office, baby
User currently offlineDreadnought From United States of America, joined Feb 2008, 8792 posts, RR: 24
Reply 11, posted (5 years 9 months 4 days 10 hours ago) and read 1247 times:



Quoting Mt99 (Reply 4):
That has been their average profit margin. What was been their profit margin last year? and this quarter?

http://finance.yahoo.com/q/is?s=XOM

Net profit margins:
Q3 07 - 9.2%
Q4 07 - 10.0%
Q1 08 - 9.3%
Q2 08 - 8.5%
Q3 08 - 10.8%

They had a good quarter, but hardly spectacular. Let's remember that Exxon has $400 billion in market cap - that's money that you and I have invested in it, probably via your 401K if you have it set up right.



Veni Vidi Castratavi Illegitimos
User currently offlineMt99 From United States of America, joined May 1999, 6574 posts, RR: 6
Reply 12, posted (5 years 9 months 4 days 10 hours ago) and read 1242 times:
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Quoting Dreadnought (Reply 11):
http://finance.yahoo.com/q/is?s=XOM

Net profit margins:
Q3 07 - 9.2%
Q4 07 - 10.0%
Q1 08 - 9.3%
Q2 08 - 8.5%
Q3 08 - 10.8%

Thanks.. Hmm.. maybe they do need those tax cuts!..



Step into my office, baby
User currently offlinePPVRA From Brazil, joined Nov 2004, 8942 posts, RR: 40
Reply 13, posted (5 years 9 months 4 days 10 hours ago) and read 1242 times:



Quoting Revelation (Thread starter):
There's next to no competitive forces in play to keep prices in check

Were it not next to impossible to get licenses to built the necessary infrastructure, we might have seen new entrants. Particularly with high oil prices.

Quoting Mt99 (Reply 8):
But there comes a point, when they should start giving more back to society

Exxon is a productive company, which means they give back to society more than they consume. You can't say the same of your average American knee-deep in debt because they bought huge cars and big screen TVs and McMansions when they could not afford it.



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offline767Lover From , joined Dec 1969, posts, RR:
Reply 14, posted (5 years 9 months 4 days 9 hours ago) and read 1226 times:



Quoting Mt99 (Reply 10):
Look at Bill Gates - how much money he makes, but how much good he does with it... Thats what i am talking about

Yes, I agree Bill Gates does great things with his wealth...but keep in mind that his wealth is generated by creating expensive products that are people are beholden to paying for because they are proprietary and you're incompatible with business clients, etc without it.


User currently offlineSlider From United States of America, joined Feb 2004, 6787 posts, RR: 34
Reply 15, posted (5 years 9 months 4 days 9 hours ago) and read 1224 times:



Quoting Mt99 (Reply 8):
I am all for Exxon to make a profit. But there comes a point, when they should start giving more back to society

OK, Mr. Obama....your point is noted.

Quoting Mt99 (Reply 10):
Look at Bill Gates - how much money he makes, but how much good he does with it... Thats what i am talking about

By his CHOICE...that's the glory of a free market. He's free todo with it as he chooses.


User currently offlinePSA727 From United States of America, joined Feb 2006, 974 posts, RR: 0
Reply 16, posted (5 years 9 months 4 days 7 hours ago) and read 1207 times:



Quoting Mt99 (Reply 8):
I am all for Exxon to make a profit. But there comes a point, when they should start giving more back to society

Well I believe that they will be paying about 43% of that profit in taxes. So is that giving back
to society? And why does everyone equate Oil companies with some group of greedy
individuals? They are publically traded companies. And many state and local pension plans
have stock investments in these companies because of their value.



fly high, pay low...Germanwings!
User currently offlineMt99 From United States of America, joined May 1999, 6574 posts, RR: 6
Reply 17, posted (5 years 9 months 4 days 7 hours ago) and read 1206 times:
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Quoting Slider (Reply 15):
By his CHOICE...that's the glory of a free market. He's free todo with it as he chooses.

Uh. thats what i said.. (see Reply 10)

Quoting PSA727 (Reply 16):
Well I believe that they will be paying about 43% of that profit in taxes.

I would love to see the proof of that.



Step into my office, baby
User currently offlinePPVRA From Brazil, joined Nov 2004, 8942 posts, RR: 40
Reply 18, posted (5 years 9 months 4 days 4 hours ago) and read 1166 times:



Quoting PSA727 (Reply 16):
Well I believe that they will be paying about 43% of that profit in taxes.

They already paid an enormous amount of corporate tax, which the US is one of the highest in the world. Now, dividend tax will be paid on top.



"If goods do not cross borders, soldiers will" - Frederic Bastiat
User currently offlineDreadnought From United States of America, joined Feb 2008, 8792 posts, RR: 24
Reply 19, posted (5 years 9 months 4 days ago) and read 1132 times:



Quoting Mt99 (Reply 17):
I would love to see the proof of that.

Corporate tax of 35%, plus sales tax and gasoline tax on all that fuel, plus taxes on dividends, plus payroll taxes and income taxes earned by all their employees. I'd say the entire tax load is greater than 50%.



Veni Vidi Castratavi Illegitimos
User currently offlineType-Rated From United States of America, joined Sep 1999, 4961 posts, RR: 19
Reply 20, posted (5 years 9 months 3 days 23 hours ago) and read 1112 times:

ExxonMobil does do a lot of things for society!

They have consistently been the largest contributor to the local Houston United Way for the past 8 years.

They contribute a ton of money to the "Save the Tiger" fund.

They have an ongoing program with high school interns that work half a day and go to school half a day. On the job training.

They contribute funds to Hurricane stricken areas.

Not to bad for a company who likes to treat their employees like crap.



Fly North Central Airlines..The route of the Northliners!
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