[[ $14,800,000,000.00 ]] Is How Much Exxon Mobil Profited In The 3rd QTR

[nostrandave68]

[h1]Exxon Mobil: Biggest profit in U.S. history[/h1][h2]Largest U.S. oil company surges past analyst estimates to post net income of $14.83 billion.[/h2]

AMERICA'S MONEY CRISIS

• Taming derivatives
• More pain: Economy shrinks
• Exxon Mobil: Biggest profit in U.S. history
• Fair-value accounting: Here to stay
• Stocks jump in early trade

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NEW YORK (CNNMoney.com) -- Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.

Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said itsthird-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in specialitems.

The company's prior recordwas $11.68 billion in the second quarter of 2008.

The latest quarter's net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.

The company said its revenue totaled $137.7 billion in the third quarter.

Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenue to $131.13billion, according to a consensus of estimates compiled by Thomson FirstCall.

Exxon's stock price rose more than 1% in pre-market trading.

The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 abarrel at the beginning of the third quarter, and had fallen to $100.64 at the end.

Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.

Exxon's special charges include the gain of $1.62 billion from the sale of a German natural gas company. It also includes the $170 million charge ininterest related to punitive damages from the Valdez oil spill off the Alaskan coast in 1989.

The Irving, Texas-based company said it lost $50 million, before taxes, in oil revenue because of Hurricanes Gustav and Ike. The company expects damagesrelated to these hurricanes to reduce fourth-quarter earnings by $500 million.

Despite the surge in profit, Exxon said oil production was down 8% in the third quarter, compared to the same period last year.

The company also said it is spending more money to locate new sources of oil. Exxon said it spent $6.9 billion on oil exploration in the third quarter, ajump of 26% from the same period last year.

Phil Weiss, analyst for Argus Research, said he doesn't expect Exxon to break any more profit records in future quarters.

"I don't expect the fourth quarter to be nearly as good as the third because of lower oil prices," said Weiss.

He also said that demand for gasoline is falling, which could impact Exxon and other oil companies.

Earlier Thursday, Europe's leading oil company, Royal Dutch Shell PLC (RDSA), reported a 22% gain in net profit for the third quarter, to $8.45billion. The company said sales rose 45% to $132 billion.

Exxon is the second-largest company in the Fortune 500 in terms ofannual sales, behind Wal-Mart Stores (WMT, Fortune 500).

now image how much Oil tycoons in Saudi Arabi, Iran & Russia arecaking

 

[stillmatic]

yet volkswagen was still named a better company yesterday.

 

[lurkin2long]

how does one get they hand in this cookie jar?

gotta know the right people huh.......

 

[nikeflightposite]

I can't even read that number.

 

[alleniversonfan01]

Just sickening how even with all that profit they are talking about slowing production so they can force a shortage and hike prices up again. Just the greed ofsome of these execs is terrible. I honestly cant even explain the disgust i have for these companies that will force a shortage/lied about a shortage thissummer making prices damn near 600% more than they should be.

The latest quarter's net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.
Are you *%+#$%$ serious. Oil companies just made some peoples yearly salary in the time it took me to write this post. *%+#$%$ disgusting

 

[silverswoosh]

14 bil is nothing.

 

[lilpro4u]

Still ONLY going to manage to be 10% of their total Rev at the end of the fiscal yr.

F em'

 

[kaycurrency]

Originally Posted by AllenIversonFan01

Just sickening how even with all that profit they are talking about slowing production so they can force a shortage and hike prices up again. Just the greed of some of these execs is terrible. I honestly cant even explain the disgust i have for these companies that will force a shortage/lied about a shortage this summer making prices damn near 600% more than they should be.

Cant knock the hustle....

Yall are lucky im not in charge of Exxon....yall'd be paying $15.00 a gallon....

...Dont like it?....then walk!

 

[nothingbefore]

YOOOOOO

U SEE WHY IM MAD @ US

WE MUST BE THE ONLY
LIVING THINGS IN THIS UNIVERSE
LIVING LIKE THIS I SWEAR

LAYS WHATS GOING ON :

 

[rdubb]

^thats cause we are the only living things silly

 

[nostrandave68]

btw this is NET PROFIT meaning the profit they made after taxes, overhead & etc were deducted. Imagine how much GrossProfit was. I think the government deducts a good 25-40% in taxes so their gross profit could have potentially be in the lower 30Billion range. So eventhough they have ridiculous profit they pay their share in taxation.

 

[703 hwy]

Taking home 10 billies after taxes isn't that bad in my book

 

[718stylez]

insane. this is their quarterly profit.

 

[kicks off]

props...

 

[Thats My Word]

seems like they make record profits every month...

 

[wawaweewa]

"Benevolent Dictatorship" is apparently not in the lexicon of our ruling elite.
They'll pay for it though. Right now it seems sooner rather than later.

 

[you go boy]

and gas is still expensive.

 

[cadillacflow]

I'm in the wrong line of work.

 

[hella handsome]

*does "i got arab money" dance*

 

[sgs mm]

^^ I was in the middle of writting something and so your avy .. LMAO!

 

[willinc]

and some people still wanna give them tax breaks

 

[da r entertainment]

I posted this in the gas thread because someone stated that gas companies are not making a profit now.

 

[nostrandave68]

Originally Posted by WILLINC

and some people still wanna give them tax breaks

Well duhhh taxing them more is socialism

 

[optimusadl]

Im glad some one mentioned it was net profit. 14.8 billion doesnt seem like alot but its in NET PROFIT for a single QUARTER. Thats insane.

 

[sundoobie]

So someone want to explain to me why a Corporation such as this DESERVE these tax credits Bush enacted and McCain will continue?????

[h1][/h1]

[h1]Bush to veto bill rolling back tax breaks for oil[/h1] [h2]White House says the president will refuse to sign a bill that puts an end to $18 billion in tax cuts for the oil industry.[/h2]

http://money.cnn.com/2008...conomy/oil_veto/index.htm

Some other notes

OIL INDUSTRY EXECS TAKING HOME MILLIONS (Associated Press, 4/10/0

• ExxonMobil gave chairman and CEO Rex Tillerson a raise to $21.7 million.
• Occidental Petroleum Corp. paid chief executive Ray Irani $34.2 million in 2007. Anadarko Petroleum Corp. Chairman and CEO James Hackett received $26.7 million.
• ConocoPhillips gave Jim Mulva a $15.1 million package in 2007.

McCain Has Received Almost Twice as Much in Donations from Oil and Gas Industry PACs and Employees as Obama or Clinton. According to the nonpartisan Center for Responsive Politics, John McCain's campaign has received $723,777 in donations from oil industry political action committees and employees during his 2008 presidential campaign, almost twice as much as Barack Obama or Hillary Clinton. (http://www.opensecrets.org'; " onmouseout=" return self.status=''; " href="javascript:HandleLink('cpe_584406_0','CPNEWWIN:child^toolbar=1,location=1,directories=0,status=1,menubar=1,scrollbars=1,resizable=1@http://www.opensecrets.org');">Center for Responsive Politics, accessed 5/31/0

BECAUSE McCAIN WILL CONTINUE BUSH'S GIVEAWAYS TO BIG OIL

McCain's Tax Plan Gives $3.8 Billion in Tax Cuts to the Top Five Oil Companies. McCain's current plan would deliver $3.8 billion in tax cuts to the five largest American oil companies. ("The McCain Plan to Cut Oil Company Taxes by Nearly $4 Billion," Center for American Progress Action Fund, 3/27/0

McCAIN VOTES TO PROTECT BIG OIL'S PROFITS McCain Skipped a Vote to Repeal Tax Breaks for Oil Companies. In 2007, McCain was the only senator to miss a vote on the energy bill repealing tax subsidies for oil companies. (H.R. 6, Vote 425, 12/13/07)

McCain Voted Against Curtailing Oil Companies' Windfall Profits to Give a Tax Rebate to Working Families. In 2005, McCain voted against imposing a temporary windfall profits tax on oil companies and using the proceeds to provide nonrefundable tax credits to working families. (S.Amdt. 2635, Vote 341, 11/17/05; S.Amdt. 2587, Vote 331, 11/17/05)

McCain Voted to Protect Tax Breaks for Big Oil. Earlier, McCain opposed eliminating tax breaks for oil and natural gas companies related to depletion and drilling costs. (S.Amdt. 2782/H.R. 776, Vote 159, 7/29/92)


http://www.aflcio.org/iss...tics/mccain_gasprices.cfm