Revelation From United States of America, joined Feb 2005, 10575 posts, RR: 21 Posted (4 years 7 months 3 weeks 2 days 14 hours ago) and read 1140 times:
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.
Nighthawk From UK - Scotland, joined Sep 2001, 4993 posts, RR: 38 Reply 2, posted (4 years 7 months 3 weeks 2 days 14 hours ago) and read 1123 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.
LON-CHI From United States of America, joined Apr 2001, 219 posts, RR: 0 Reply 3, posted (4 years 7 months 3 weeks 2 days 13 hours ago) and read 1114 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?
Mt99 From United States of America, joined May 1999, 6364 posts, RR: 7 Reply 4, posted (4 years 7 months 3 weeks 2 days 13 hours ago) and read 1108 times:
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?
Revelation From United States of America, joined Feb 2005, 10575 posts, RR: 21 Reply 5, posted (4 years 7 months 3 weeks 2 days 12 hours ago) and read 1077 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.
Aaron747 From Japan, joined Aug 2003, 7738 posts, RR: 27 Reply 6, posted (4 years 7 months 3 weeks 2 days 2 hours ago) and read 1012 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
Mt99 From United States of America, joined May 1999, 6364 posts, RR: 7 Reply 7, posted (4 years 7 months 3 weeks 1 day 17 hours ago) and read 965 times:
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.
Mt99 From United States of America, joined May 1999, 6364 posts, RR: 7 Reply 8, posted (4 years 7 months 3 weeks 1 day 17 hours ago) and read 964 times:
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
Nighthawk From UK - Scotland, joined Sep 2001, 4993 posts, RR: 38 Reply 9, posted (4 years 7 months 3 weeks 1 day 15 hours ago) and read 949 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.
Mt99 From United States of America, joined May 1999, 6364 posts, RR: 7 Reply 10, posted (4 years 7 months 3 weeks 1 day 15 hours ago) and read 945 times:
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
Dreadnought From United States of America, joined Feb 2008, 7900 posts, RR: 22 Reply 11, posted (4 years 7 months 3 weeks 1 day 15 hours ago) and read 941 times:
Quoting Mt99 (Reply 4): That has been their average profit margin. What was been their profit margin last year? and this quarter?
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.
Mt99 From United States of America, joined May 1999, 6364 posts, RR: 7 Reply 12, posted (4 years 7 months 3 weeks 1 day 15 hours ago) and read 936 times:
PPVRA From Brazil, joined Nov 2004, 8498 posts, RR: 42 Reply 13, posted (4 years 7 months 3 weeks 1 day 15 hours ago) and read 936 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
767Lover From , joined Dec 1969, posts, RR: Reply 14, posted (4 years 7 months 3 weeks 1 day 14 hours ago) and read 920 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.
Slider From United States of America, joined Feb 2004, 6518 posts, RR: 36 Reply 15, posted (4 years 7 months 3 weeks 1 day 14 hours ago) and read 918 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.
PSA727 From United States of America, joined Feb 2006, 972 posts, RR: 0 Reply 16, posted (4 years 7 months 3 weeks 1 day 12 hours ago) and read 901 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.
Mt99 From United States of America, joined May 1999, 6364 posts, RR: 7 Reply 17, posted (4 years 7 months 3 weeks 1 day 12 hours ago) and read 900 times:
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.
Dreadnought From United States of America, joined Feb 2008, 7900 posts, RR: 22 Reply 19, posted (4 years 7 months 3 weeks 1 day 5 hours ago) and read 826 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%.
Type-Rated From United States of America, joined Sep 1999, 4398 posts, RR: 20 Reply 20, posted (4 years 7 months 3 weeks 1 day 4 hours ago) and read 806 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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