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No Recession for Exxon!!

A

Anonymous

Guest
Exxon Sets Profit Record: $40.6 Billion Last Year

By JAD MOUAWAD
Published: February 2, 2008
By any measure, Exxon Mobil’s performance last year was a blowout.

The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent, to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.

Exxon Mobil earned more than $1,287 of profit for every second of 2007.

The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters.

Like most oil companies, Exxon benefited from a near doubling of oil prices, as well as higher demand for gasoline last year. Crude oil prices rose from a low of around $50 a barrel in early 2007 to almost $100 by the end of the year — the biggest jump in oil prices in any one year.

“Exxon sets the gold standard for the industry,” said Fadel Gheit, an oil analyst at Oppenheimer & Company in New York.

Oil companies have all reported strong profits in recent days. Chevron, the second-largest American oil company, said Friday that its profits rose 9 percent last year, to $18.7 billion; Royal Dutch Shell on Thursday reported net income for 2007 of $31 billion, up 23 percent and the largest figure ever for a British company.

The backlash against the oil industry, which has periodically intensified as gasoline prices have risen in recent years, was predictably swift on Friday.

One advocacy group, the Foundation for Taxpayer and Consumer Rights, called the profits “unjustifiable.” Some politicians said Congress should rescind the tax breaks awarded two years ago to encourage oil companies to increase their investments in the United States and raise domestic production.

“Congratulations to Exxon Mobil and Chevron — for reminding Americans why they cringe every time they pull into a gas station,” said Senator Charles Schumer, Democrat of New York.
 
A

Anonymous

Guest
Oldtimer said:
Exxon Sets Profit Record: $40.6 Billion Last Year

By JAD MOUAWAD
Published: February 2, 2008
By any measure, Exxon Mobil’s performance last year was a blowout.

The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent, to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.

Exxon Mobil earned more than $1,287 of profit for every second of 2007.

The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters.

Like most oil companies, Exxon benefited from a near doubling of oil prices, as well as higher demand for gasoline last year. Crude oil prices rose from a low of around $50 a barrel in early 2007 to almost $100 by the end of the year — the biggest jump in oil prices in any one year.

“Exxon sets the gold standard for the industry,” said Fadel Gheit, an oil analyst at Oppenheimer & Company in New York.

Oil companies have all reported strong profits in recent days. Chevron, the second-largest American oil company, said Friday that its profits rose 9 percent last year, to $18.7 billion; Royal Dutch Shell on Thursday reported net income for 2007 of $31 billion, up 23 percent and the largest figure ever for a British company.

The backlash against the oil industry, which has periodically intensified as gasoline prices have risen in recent years, was predictably swift on Friday.

One advocacy group, the Foundation for Taxpayer and Consumer Rights, called the profits “unjustifiable.” Some politicians said Congress should rescind the tax breaks awarded two years ago to encourage oil companies to increase their investments in the United States and raise domestic production.

“Congratulations to Exxon Mobil and Chevron — for reminding Americans why they cringe every time they pull into a gas station,” said Senator Charles Schumer, Democrat of New York.

I'll bet this story has Republican "no rules or regulations" candidates nationwide just cringing....Especially as new job losses mount- and many baby boomers have seen their retirement accounts shattered- and they worry if they'll have enough money to fill up their car with the proposed $3.50 by spring- $4.00 by summer gas....
And the oil companies are"breaking records" at profits...
"PROFITEERING" will be the cry........ :shock:
 

T99

Well-known member
Oh but OT, didn't you know that those poor over-regulated oil companies need those kinds of profits to pay their CEOs those big salaries? After all they work so much harder than anyone else and they deserve that pay. And as for job loss, I just saw signs all over town yesterday for job openings at McDonalds, Dairy Queen and Wendys! :wink: :mad: :wink:
 
A

Anonymous

Guest
And yet Republicans refuse to admit Bush has messed this country up. Look at the Republican presidential candidates. The only one of them willing to speak up is Ron Paul. He has more money from individual donations that the front runners lumped together. He's getting about 10% of the votes in primaries and thinks he may actually win the Maine caucauses today. Yet all of the others continue to support Bush policies. Bush has less than a 30% approval rating! Do you think when there's an actual Republican nominee, he'll give us some "straight talk" or will he continue to use the Bush playbook?
 

Mike

Well-known member
We could slow down the EXXON profits within a few weeks.

Quit buying their fuels and cut down on driving miles.

There is no one around here cutting back on gas consumption that I can see. :???:

They just put the higher gas costs on their credit cards and make the banks rich too! :lol:
 
A

Anonymous

Guest
Mike said:
We could slow down the EXXON profits within a few weeks.

Quit buying their fuels and cut down on driving miles.

There is no one around here cutting back on gas consumption that I can see. :???:

They just put the higher gas costs on their credit cards and make the banks rich too! :lol:

Yeah, and people with cancer do the same thing. They just go to that expensive hospital and run up big bills! Shame on them. :roll:
 

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