Posted on 10/29/2009 10:10:56 AM PDT by TopQuark
Exxon Mobil, the world’s biggest publicly traded oil company, said Thursday that its profit fell 68 percent in the third quarter as oil and natural gas prices slumped from last year’s highs.
The company earned $4.73 billion, or 98 cents a share in the quarter, less than analysts had expected. That compares with earnings of $14.83 billion in the period a year ago, the company’s best quarter ever.
Exxon became the world’s most profitable corporation in 2008, earning $45 billion with oil averaging $100 a barrel. But the drop in prices has hurt Exxon and most other oil companies, as the economy has slowed. Many companies have been forced to cut budgets and abandon some projects.
Exxon’s shares were down nearly 2 percent, to $72.53, in late morning trading in New York.
(Excerpt) Read more at nytimes.com ...
Well, I’m poorer too as gas prices have jumped nearly a dollar a gallon here in MI.
Personally, I’d like to see the gasoline taxes dropped. Then we’d all be happy.
Where are those hedge funds when you need ‘em????
Although I’ve never complained about the oil companies or their profits, I’m glad the price of oil is down, and I’d like to see it go down some more, and stay down. I’d like to see farmers do well, but not so much if I have to pay $10.00 per loaf of bread.
Yes but they are up 550% from 2 years ago.
What is "they?" Are you talking about the stock price of profit?
ExxonMobil is also one of the best-run companies in the world, so I’m sure I speak for many investors when I say I’ve got all the confidence in the world that they’ll manage things well no matter what the economic climate.
True, but that is predicated on demand from places such as China and supply from OPEC, not the oil companies.
I remember that we were told that the price of oil didn’t matter and that they made the same profit no matter the price.
Looks like that was a big ole lie. Nothing new there! Exxon is still making tons of money and I sure don’t cry for them.
We were being ripped off and big time. But Exxon wasn’t the main culprit, it was everyone in the oil chain from the speculators onward.
Actually I was being sarcastic and spewing liberal talking points. But I was talking about the stock price/retirement plans etc.
As I said earlier, they make money for a few years, and then lose money for a few years. You appear to believe what the Leftist MSM want you to believe.
"We were being ripped off and big time. "
What do you mean by being "ripped off?" If you know the "fair" price, you are following exactly what Marx said. Does that bother you?
Gas prices increased because of demand from China and India. This allowed OPEC (Arab producers) to get more profit.
The truth is, the oil industry is not very profitable.
"But Exxon wasn’t the main culprit,"
No, it was not a culprit at all.
"it was everyone in the oil chain from the speculators onward."
Speculators? An average commodity trader goes bankrupt in the first 18 months of his career.
Do you bother with the facts or just repeat what the communists tell you? And, being a conservative, why do you so easily violate Ten Commandments by defaming innocent people?
Thank you for the clarification.
You sir are full of BS. Your so-called facts have been proved to be false. Don’t waste time with your idiotic lies to me.
You won’t have ol Exxon to kick around much longer. By the time Obama gets done with them with cap and tax, there won’t be a drop of gasoline refined in the US. Most of their profits are international and I don’t know why they don’t move offshore so they can get away from the idiots in DC. Since exploration is banned domestically, the US is simply a market for refined products, and Exxon and others have great plants overseas with great engineers from India and China to build whatever capacity is needed in the future. Note that this may be happening now, as Exxon announced last year that they were getting out of the retail gasoline business. I just hope that they remain a company traded on some stock exchange. What great management and what a great investment for my capital.
Tens of millions of Americans who own Exxon --- many retirees, widows and orphans --- are poorer today, as the stock dropped 2%
You don't think that there were tens of millions of Americans, many retirees, widows and orphans, who owned Chrysler or General Motors stock?
I'm not shedding any tears for Exxon...
we need to build nuclear power plants and electrically powered transit systems to reduce our dependence on oil.
Exxon can go pound sand with their OPECker butt-buddies.
WG: "You don't think that there were tens of millions of Americans, many retirees, widows and orphans, who owned Chrysler or General Motors stock?"
It is surprising to see the lack of logic you habitually exhibit. What is the connection between the quoted sentence and GM?
"I'm not shedding any tears for Exxon..."
I know. A leftist like you would never care for the tens of Millions of Americans.
"we need to build nuclear power plants and electrically powered transit systems to reduce our dependence on oil."
That may be true but remains unproven. What is proven is that we need more drilling and refineries at home.
It is your buddies --- environmental wackos and Democrats -- that prevent us from doing so.
"Exxon can go pound sand with their OPECker butt-buddies."
I know, I know. Like all leftists, when you think of Exxon you imagine a big building where executives stash their bags with money. You don't even know what a corporation is. And, surprisingly for an engineer, are unwilling to learn even basics.
What is proven is that we need more drilling and refineries at home.Exxon's sockpuppet-in-chief had 8 years to do that.
I laid out specifics regarding every word you said.
"Your so-called facts have been proved to be false."
Please show us that this is so.
"Don’t waste time with your idiotic lies to me."
Are you so excited because I demonstrated that you know absolutely nothing what you are taking about?
As shown above, you are not only ignorant but also immoral. Since you are not willing either to think or to learn, writing to you is indeed a waste. Unless by mistake, I shall not do so in the future.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.