25 Votes

Exxon Rakes In $11.68 Billion Profit In Second Quarter!

Agent009 submitted on 7/31/2008 Official Bell & Ross Timestamp: 8:41:39 AM

31 user comments | Category: Misc News | Source: | SOURCE: www.reuters.com

Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.

S. company.

Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

Exxon both produces oil and refines it to make gasoline, and profit margins for gasoline were weak during the quarter, holding back earnings slightly.

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Exxon Rakes In $11.68 Billion Profit In Second Quarter!

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Wow I am shocked....good for Exxon (sarcasm)

V-10 NSX
— jsell (View Profile)

Posted on 7/31/2008 9:06:00 AM | reply to this comment | Votes: 3

Good for them.
— sold2early (View Profile)

Posted on 7/31/2008 9:06:14 AM | reply to this comment | Votes: 0

Phew...I was worried about them not being able to feed their kids.
— bigmotov (View Profile)

Posted on 7/31/2008 9:13:47 AM | reply to this comment | Votes: 6

makes u wonder how much profit the saudis have made
— mpwr (View Profile)

Posted on 7/31/2008 10:11:57 AM | reply to this comment | Votes: 5

Probably more than we can ever imagine.....

Look at Dubai.....
— silver1 (View Profile)

Posted on 7/31/2008 11:10:02 AM | | Votes: 3

I love Dubai
— eric452 (View Profile)

Posted on 7/31/2008 7:37:29 PM | | Votes: 1

Well, when you're pumping oil out of he ground at $147/barrel for what costs $15, you are probably going to wreak out some pretty hefty profits.
— Maverick2020 (View Profile)

Posted on 7/31/2008 10:13:10 AM | reply to this comment | Votes: 3

there are refining costs involved too.
— rhp1462 (View Profile)

Posted on 7/31/2008 11:12:43 AM | | Votes: -1

Refining costs = 25 cents/gallon
— Maverick2020 (View Profile)

Posted on 7/31/2008 12:27:53 PM | | Votes: 2

I am an independent Exxon-Mobil dealer in Georgia and I sold 250,000 gallons of gas and diesel in first quarter this year and I have made profits of less than $6000($5786 to be precise). So people need to quit blaming us small business and go after this corps. These mammoth oil giants manipulate their profits by blaming our government and Saudis and whatnot. Governments should tax these corporations on their profit margins (ie:- if x corp. had turnover of $10000 and made profits of $6000 than that means they profited 600% so they should make a unique bracket for these corps.) Any company making profits of more than 15 percent and if their profits exceed over a billion dollars should be in that bracket. I know it hurts people like you and me who own shares of these companies but that’s a small price to pay at individual level when whole nation’s economy is at danger because of profiteering of these companies.
— rhp1462 (View Profile)

Posted on 7/31/2008 11:10:30 AM | reply to this comment | Votes: 3

corporations dont pay taxes. all they would do is pass the cost down to the consumer and now we are paying even more.
— t_sotello (View Profile)

Posted on 7/31/2008 3:39:11 PM | | Votes: -1

Some people need to go to jail :)
— sector (View Profile)

Posted on 7/31/2008 11:19:32 AM | reply to this comment | Votes: 0

Go to jail for making a profit and running a business? This is capitalism, not communism.
— HSCenterconsole (View Profile)

Posted on 8/1/2008 9:01:00 AM | | Votes: 0

When called on and asked to show proof of their income, these big oil CEO's couldn't even recall their own pay plan it was so enormous! I wish I couldn't remember how much I made last year. Not that I dislike these guys, none of us would turn down these kind of incomes or opportunities. But they shouldn't turn their backs on the inevitable outcome of our economy. The war, the price of oil, the government, its way out of balance. Too bad no one can do anything to change it.
— drake0707 (View Profile)

Posted on 7/31/2008 11:19:53 AM | reply to this comment | Votes: 2

All the bitching and moaning about gas prices, oil prices and profit in the terms of dollars if whooey.

They only made 8% profit - that is hardly newsworthy.

Show me 15% profit and they are REALLY performing.
— SteedPub (View Profile)

Posted on 7/31/2008 11:26:36 AM | reply to this comment | Votes: -1

Where do you get these numbers from? Their operating costs remained the same but the fuel rose 3-4 fold....do you even know basic mathematics?
— nozferatu (View Profile)

Posted on 8/3/2008 1:24:37 AM | | Votes: 1

To follow up, if you want to see lower oil prices DRILL HERE, DRILL NOW, PAY LESS.
— SteedPub (View Profile)

Posted on 7/31/2008 11:29:31 AM | reply to this comment | Votes: 4

drill here in Oklahoma and Texas, it will make me millions for me too
— pchera01 (View Profile)

Posted on 7/31/2008 12:26:57 PM | | Votes: 2

i have to agree with you my friend its the best thing we could do.
— t_sotello (View Profile)

Posted on 7/31/2008 3:39:59 PM | | Votes: 2

Funny how noone seems to care if computer and printer makers (and their distributors) make 30%+ margins, or if men's suitmakers (and sellers) make 800%+ profits. Why aren't THEY getting scrutinized for gouging?

Heaven forbid someone makes money selling you something you want.

Quick question for the station onwer...why not mark gas up another 5 or 10 cents per gallon to get a bigger cut? I'd even say to get all the other owners to go along with you so they can make some bucks also. Shoot, regular is down to $3.63/gallon around here...why not put it back to $3.85 and keep some of the cha-ching?

Price fixing, someone says? Why...isn't that what the airlines do every day?
— 09CTSVforMe (View Profile)

Posted on 7/31/2008 2:09:18 PM | reply to this comment | Votes: -3

90CTS,

The problem with your argument is that the price of gas affects everyone, directly or indirectly. How does the food get to the store? Trucks that run on what? Right, Gas! It takes gas to plant the crops that feed the cows that produce the meat that is in your greezy burger from McDonalds.

When the cost of gas goes up, so do the prices of everything else. Be thankful that you don't live in Europe where gas is clost to $9 a gallon.

We can choose not to drive as much. And as a country we have driven about 40 billion miles less this year than last. That will help the prices some but it won't get it back to $2.00/gallon.

If congress would lift the constraints on drilling and make it easier to build refineries, we could see the price of gas go down. We don't have the capacity to refine more gas and more oil is going to emerging nations so our supply is becoming limited.

Yes, there are some issues with the way the oil companies make their money, especially with futures but they are some of the largest companies in the world and they have something that every country NEEDS, not just wants.

SteedPub, apparently you have been listening to Sean Hannity with the "Drill Here, Drill Now" statement. More Drilling, building new refineries, oil from coal, oil shale, nuclear, solar, wind.... these all need to be implemented more.

Ok, enough of my rant.......
— mlevere1992 (View Profile)

Posted on 7/31/2008 4:00:48 PM | | Votes: 2

I think we're on the same side here. I just don't think it is a bad thing for Exxon and whomever to make money selling us what we want, no matter how much of it we do want.

I wouldn't mind living in Europe (at least the parts I've been to) because they have city layouts and infrastructure that allow people to effectively get around without the need to drive.

I am a supply chain expert(?!) and I know all about optimizing costs and logistics. Cheap fuel has allowed many companies to be rather complacent in this regard, and I suspect we'll see many improvements and shifts as places maximize their logistics.

We "need" it because it has been so convenient to come to rely on it being cheap and easy.
— 09CTSVforMe (View Profile)

Posted on 7/31/2008 4:21:41 PM | | Votes: 0

09CTSVforMe, the difference in your argument is the fact that there are other options for lets say mens suits. I can go to lets say Walmart and buy a suit for $99. Dont have any alternative options when it comes to gas. We are forced to pay those prices if we want to drive. I can choose the Alfani suit over the Armani.
— 0to60 (View Profile)

Posted on 7/31/2008 4:25:16 PM | | Votes: 1

Check Budwiser if you want to see a big profitt margin.
— bfghemicuda (View Profile)

Posted on 7/31/2008 9:41:53 PM | | Votes: 1

Other options...you said it yourself "if we want to drive"...that is a WANT.

Have you ever carpooled with someone you work with or someone who drives a similar route from home to work & back? That has absolutely GOT to be the biggest saver of gas I can readily think of.

How about getting a gas miser car or a scooter (the Yamaha Zuma I am looking into is @ 125 mpg)?

How far do you work from where you live? If gas cost $10.00/gallon, would you have taken that job? If it went to $10/gal would you keep that job &/or home location?

My wife had her dept. deleted and got a new job an additional 30 miles away each direction, plus $6 in tolls per day of commute. What do you do? Move to a closer location? (not us) Trade in your kick-a$$ 400bhp Cadillac CTS-V for a 4-cylinder Ford Focus...unfortunately yes.

The real concern here is defining "need" and "want".

There ARE other options for where you live (and how) and where you work. The grand ol' US of A has gotten to be dependent on cheap gas. If it goes to $9/gallon, assess your individual income situation for where you live & work. Do you NEED to drive 100+ miles round-trip commute (like a whole lot of Americans have come to accept) or do you need to get a different job or home?

Not a small or easy decision, but easily compromised by the acceptance of carpooling or mass transit.

— 09CTSVforMe (View Profile)

Posted on 8/1/2008 11:02:52 PM | | Votes: 1

Yearly profits amounts to approximately $1,500.00 a second.
Waiting for the Subaru R1e.
— topneuro (View Profile)

Posted on 7/31/2008 5:38:17 PM | reply to this comment | Votes: 1

*** Correction ***
"Quarter profits amounts to approximately $1,500.00 a second."
http://money.cnn.com/2008/07/31/news/companies/exxon_profits/index.htm?postversion=2008073112
— topneuro (View Profile)

Posted on 7/31/2008 6:01:04 PM | reply to this comment | Votes: 1

Another idea for those who hate on Exxon for making money selling us something we want (or "need")...

Invest in XOM stock!

It has been doing my family well for decades. Don't hate, invest!

De-boost away, folks. It doesn't change the truth.
— 09CTSVforMe (View Profile)

Posted on 8/1/2008 11:05:30 PM | reply to this comment | Votes: 1

You're welcome, Exxon...
— 07G35J (View Profile)

Posted on 8/1/2008 11:29:09 PM | reply to this comment | Votes: 1

And all you guys who grunt and moan about power can thank yourselves for making them so wealthy....15MPG with M3's, etc...good job.

Let's hope you guys leave a little of something (whatever that may be) for your kids and grand kids.
— nozferatu (View Profile)

Posted on 8/3/2008 1:23:15 AM | reply to this comment | Votes: 1

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Exxon Rakes In $11.68 Billion Profit In Second Quarter!

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