Exxon Mobil 2Q profit jumps 36 percent
 

This is insane already! Gas is at an all time high and the oil companies are making more profits than ever. Our government has been regulating the cost of our phone service for decades; Why aren't they doing the same with gas?

From a news article on Yahoo News......

Exxon Mobil 2Q profit jumps 36 percent

DALLAS - 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.

thats crazy...good article

This thread made me think of something. Many people question corporate profits like this - I agree, they are completely grotesque. But, in the tech boom of the late 90s, all of the VCs and others who banked hunders of millions off companies with no revenues, no profits, no hope... who is the bigger crook? The company that went public, burned through 100 million of shareholder money then shut its doors.. or the oil company that posts huge profits that at least have some benefit to their shareholders?

just a though.

The price of gas will be down again as soon as we finish our 'Middle East Makeover'

LOL

oh gee how did that happen.

oh yeah, the robbers are controlling the worlds oil supply.

Oil companies are crooked. Earnings are growing faster than exploration expenditures while they can't already replace their oil reserves!

I know many ppl sucking oil companies money, they waste loads of cash in overpaid staff managers, engineers, and their operational budget is way too big and unproductive. Everyone wants a piece of oil profits.

Their exploration cost grew but not because they explore more, just because people suck more money from the company.

Its disgusting, oil peak next step before chaos on world energy markets.

I really like your sig :thumbsup

the pres + everyone hes in cahoots with dont hold stock in atnt.

Shell also announced they profilt over the first quarter....

$6.3 billion, an increase of 36% versus a year ago

I just noticed they both increased 36 percent lol

:)

thanks

:thumbsup :thumbsup

i have stock on Exxon... got it from gramps back n the day ..im going to sizzler :thumbsup

Back when oil used to be around $25 a barrel the oil companies were bleeding from their eyes and barely made a profit. Did they cry and asking to receive any funding from the public so they can stay in business, so they avoid losses? No, never. Not for a single dollar.

Now they are banking, people call for regulation and socialist-style governmental control of an entire industry.

Go figure.

Over the same period BP only made $55,000 - PER MINUTE!

Who do they think they are? Lensman?

watched a show last night. hehe some gas mogul on. Lord somebody. Well anyway, he says when the gas prices go up so does our profit marigin. Well I say a big FUCK YOU to him. :321GFY

I agree. They had many of years of losses. Regulation will only make it harder for them to stay in business or have new entries to business. This isn't going to fix the problem. Specifically in California if we had less regulations more refineries could be built.

My only beef with the oil companies is price fixing. Rochard's gas in Sacramento comes from refineries in the SF Bay Area. You would think he has to pay more to have that gas transported to Sacramento but the opposite is true. Gas is cheaper when you leave the Bay Area which makes me suspect price fixing in the Bay Area.

Nice read.....

And you guys STILL have some pretty cheap gas when compared to most other countries in the world.

This makes me sick to my stomach...

Exactly...

welcome to ECONOMICS.

when Bush came into office gas was $1.43 a gal now its double hmmmmm.

That's an interesting fact.....

omg, i didnt realize that..... i'm only 19 so i didnt drive when he first became president..... fucking hell this is worse then i thought



THIS IS A FUCKING OUTRAGE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
:mad: :mad: :mad: :mad: :mad:


:helpme :helpme :helpme :helpme :helpme

And that's not the worst of what's fucked up from Dubya's reign. We may never recover from this administration.

its running out

No, just give them billions of dollars in tax breaks instead like Bush did last year when he signed his Energy Bill.

Yes they did, they received tax insentives and Im pretty sure they still do.

But last I checked, gas/oil price isnt set by oil companies, the speculators on Wall Street set the price. I'm pissed at what I'm paying at the pump but lets start laying some of the blame on the pople who deserve it.

That is the only thing he did right: more profits for his oil buddies .... Look at him being in a top oil position ( because of his sharpness * cough * ) in 2008.
:2 cents:

if I'm not mistaken, shouldn't higher prices for oil lower their profits? Oh, I forgot... they just fuck me when I go to the pump.

I'm more angry that I don't have any exxon stock. At least then I would be getting a rebate in the form of a dividend check.

Umm.... No

If the price of something goes up and profit margins stay the same how the hell would they lose money?:error

Here it is in simple kindergarden terms for you guys to understand.

You sell a product.
You set a profit margin of 10% for said product.
It's costs you $100, thus you sell it for $110.
You sell 100,000 units and make $1mil.

The price suddenly doubles. It now costs you $200 to get the product. You still sell it at a 10% margin for $220.
Sell 100,000 units now and you just doubled your profits without increasing your margin. :winkwink: