Posted on 02/01/2008 5:23:10 AM PST by Sub-Driver
Exxon Mobil Posts Record Profits Friday February 1, 8:20 am ET Exxon Mobil Posts Biggest Annual and Quarterly Profits Ever by a U.S. Company
HOUSTON (AP) -- Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company -- $40.6 billion -- as the world's largest publicly traded oil company benefited from historic crude prices at year's end.
Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.
The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.
Plus some.......
And Ann Coulter has annouced that she will help her to get it.
Oh my, avacado ... that is the most disturbing image.
Why? You obviously don't own any XOM.
And just like the Shell Oil profit story from yesterday, they don’t say what the GROSS PROFIT is. What were the operating costs to yield this net profit and what is the ratio.
They are providing a product that people want at at a price that people are willing to pay.
It hurts to have to pay that price sometimes, but what wouldn't I like to pay less for?
Great News.
In 2006 they paid $97.5 billion in taxes.
Sales-based taxes - $30.381B
Other taxes and duties - $39.203B
Income taxes - $27.902B
ExxonMobil’s 2006 Financial and Operating Review
http://exxonmobil.com/Corporate/Files/Corporate/fo_2006.pdf
Page 22
A devalued dollar will give you all kinds of profit. whoopee.
I’m no high roller, but I bought XOM in 1993 with all the money I could afford to put into it at the time: $3,000. It has been fun to watch.
Exactly, and worth repeating. GRRRRRREAT news!
We need to take these profits and transfer them to poor people who will stimulate the economy and create jobs.
Gross and profit and two separate items. Gross is the amount total taking in before paying for drilling, exploring, facilities, wages and taxes. Lots and lots of taxes, much more than profits kept.
The annual report which will come out later in the year will list both.
The energy giant’s net income rose 14% to $11.66 billion, or $2.13 a share, compared with $10.25 billion, or $1.76 a share, a year earlier. The previous quarterly earnings record was the $10.71 billion Exxon recorded in the fourth quarter of 2005. Year-earlier results included a $410 million tax benefit.
The mean per-share earnings estimate of analysts polled by Thomson Financial was $1.95.
Revenue jumped 30% to a record $116.64 billion.
Earnings at the company’s oil and gas production business jumped 33% to $8.2 billion on record oil prices that pushed past $100 for the first time. The company’s liquid oil production fell 6.8% to an average of 2.52 million barrels a day.
Refining profits rose 16% to $2.27 billion despite a one-third drop in the U.S., where margins were stung by higher prices that buoyed the production business. Refining margins in the U.S. have slumped as companies have been unable to pass on record oil costs to consumers.
As unfair as it maybe, this is one of the main reasons the Conservative movement is stalling.
I am one of the lucky
Profit compared to gross revenue (% of each dollar of sales kept as profit)
2007 - 10.0%
2006 - 10.8%
2005 - 10.1%
2004 - 8.7%
2003 - 9.1%
2002 - 5.7%
2001 - 7.2%
2000 - 7.6%
1999 - 4.3%
http://www.exxonmobil.com/corporate/files/corporate/news_release_earnings4q07.pdf
http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-reportsAnnual
From the press release you lnked;
Full year numbers ($ in millions)
Income Taxes - $29,864
Sales Based Taxes - $31,728
All Other Taxes - $44,091
Total Taxes - $105,683
$105.6 BILLION in taxes. Yikes!
Thanks, I should have scrolled down. Or paid more attention.
Any other companies paying $100B in taxes I wonder?
Indeed! I’ve been very satisfied with my investment in EOM. I expect the usual suspects of caterwaulers to start chiming in on this thread.
Indeed! I’ve been very satisfied with my investment in EOM. I expect the usual suspects of caterwaulers to start chiming in on this thread.
Microsoft, on the other hand:
2006 - 28%
2005 - 30%
2004 - 22%
2003 - 31%
But the oil companies are EVIL < /sarcasm off
Actually, it's the profit margin that is what folks should be interested in here. I would be surprised if it's over 10%....probably more like 8%.....I would suggest that these folks who find Exxon-Mobile or Shell's profits out of line compare them to any large bank and I think they'll quickly see who is gouging who.....
microsoft makes profit, but it is rarely paid back to the stock holders in Dividends...
And, as with all taxes, every dime of it was ultimately paid by the end consumer.....that'd be you and me.....
“And, as with all taxes, every dime of it was ultimately paid by the end consumer.....that’d be you and me.....”
Of course. It is funny to think about people railing on “Big Oil” making $40 billion in profit but “Big Government” made $105 billion.......
Exxon Mobil has roughly 5.7 billion shareholders at a price of $86.40 per share. That means a return of 8.2% on capital investment; hardly breathtaking.
$10 says Hillary denounces this by noon today.
Microsoft pay a $.44 yearly dividend which is a return of 1.4% based on the stock price as of the close 1/31/08.
ExxonMobile pays a $1.44 yearly dividend which is a return of 1.6% based on the stock price as of the close 1/31/08.
Rush nails it when he says "Of all the things we encounter in our daily lives, we pay the highest price for ignorance..."
Does Hillary want to give this to Citigroup, Bank of America, and Merrill Lynch?
Mornin' Eric
I don't think you'll get any "takers" (pun intended) on that one....except the M/S Hillary..... (M/S - meaning Marxist/Socialist).....
I worked near the Exxon refinery in Baytown for years. With the stock option program they had, refinery workers who were smart enough to take advantage of it were millionares when they retired.
And the $40 billion to the oil company is gross profit and the $105 billion to government is net profit.
$10 says Hillary denounces this by noon today.
I see.
I heard on the news today, that Microsoft is buying Yahoo.
1. These "record profits" are not adjusted for inflation. In real terms, a dollar in 2007 was worth less than a dollar in 1980, 1940, etc. So a company's "real" profits can actually decline over time even if they increase in nominal terms.
2. Even aside from the inflation aspect, a comparison of today's profits to profits in prior years isn't even directly relevant -- especially in the oil industry. Exxon/Mobil were two different companies up until 1999, so a valid comparison of historical profits would require the compilation of Exxon's profits and Mobil's profits before 1999. The same holds true for almost every other major player in the oil industry -- including BP/Amoco/ARCO, Chevron/Texaco/Unocal, Conoco/Phillips/GulfCanada, Marathon/Ashland, etc.
The problem I have with this is that the oil companies are making record profits while we are at war in the Middle East, taking advantage of the situation to charge more at the pump, which adversely affects the economy. This an example of profits over people and why the Democrat message (as well as early Huckabee) resonates with people.
This might be one driver, but not the reason. The reason would be that conservatives are not getting the message out there that this is a great opportunity for Americans to make a nice profit themselves, by buying into it. As part-owner, they reap the benefits of profits, and that's the way to prosperity in the future (oewnership), as wages will keep slipping to equalize with the global wage levels.
Not to mention state and teacher's pension funds. You'd think the Socialists would be happy about that...
Go back through this thread and take note of the posts that illustrate just how small this “record profit” actually is. What do you want Exxon/Mobil to do — sell gasoline for less than it costs to produce it?
But, but, but, but ... they did it on the backs of the poor. Not to worry, Hillary or Obama or McPain will make sure that this never happens again.
Gotta split it up back to Exxon and The Mobil Oil Co....Then profits will be smaller for each and no attention will be paid to small numbers?
Good info, exactly what people should look at the net margin - profit/revenue.
With a net margin of 10% this company is a not makign that much money. My company has a net margin of closer to 20%.
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