Exxon Mobil profit tops $10 billion (Reuters)

[Up2Late]

(To put a little perspective on this, BP made $7.3 Billion Dollars Net profits in the last quarter (3 months), that's $55,000 per MINUTE! according to what Jon Stewart said last night. Link below.)

Exxon Mobil profit tops $10 billion

Thu Jul 27, 2006 11:58 AM ET

By Deepa Babington

NEW YORK (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile, Research) , the world's largest public oil company, on Thursday reported quarterly profit surged 35 percent to more than $10 billion, driven by yet another quarter of sharply higher oil prices.

The results sailed past Wall Street forecasts and sent its shares to an all-time high, but quickly triggered a fresh wave of outrage from U.S. lawmakers and consumer groups angry at Big Oil's profiting handsomely while gasoline prices soar.

"While American families get tipped upside down and have their savings shaken out of their pockets at the gas pump, the Bush-Cheney team devises even more ways to line Big Oil's pockets," Rep. Ed Markey, a Massachusetts Democrat, said in a statement on Exxon's profits. He is a member of the U.S. House of Representatives Energy and Commerce Committee.

In a surprise move, Exxon -- notorious for rarely changing its plans no matter how high oil prices are -- boosted its capital spending forecast for the year to $20 billion, citing fresh exploration and production opportunities.

(more at link) <http://go.reuters.com/newsArticle.jhtml?type=businessNews&storyID=12991139&src=rss/businessNews>

Daily Show link: Number Cruncher

[Deja Q]

1. And the chances they will follow through with this are...

nil?


How about a rebate for the working stiffs?

[Tight_rope]

2. Yeah!...A 36% percent increase in the 2nd quarter alone.

And one would wonder why the price of gas if fucking skyhigh!:sarcasm:

[AndyA]

3. And what is that story about they aren't gouging the public?

How do you possibly make $10 BILLION IN ONE QUARTER if you aren't gouging? If expenses are going up, the cost to purchase oil is going up, the profits should be DECLINING. Any idiot knows that.

The American people are being raped. And the Republicans in charge in the Executive Branch and Congress are ALLOWING IT TO HAPPEN. VOTE THE BASTARDS OUT OF OFFICE! IT'S TIME TO CLEAN HOUSE BIG TIME!!

[Up2Late]

6. I just wonder how this compares to the amount of money we are spending...

...on the War in Iraq per month?

Add together the $10 Billion Exxon/Mobil made to the 7.3 Billion for BP and the $5.2 Billion ConocoPhillips made and

<http://www.shell.com/home/Framework?siteId=investor-en&FC2=/investor-en/html/iwgen/quarterlyresults/2006/zzz_lhn.html&FC3=/investor-en/html/iwgen/quarterlyresults/2006/q2_2006_results_27072006.html>

Royal Dutch Shell’s second quarter 2006 CCS earnings were $6.3 billion, an increase of 36% versus a year ago and an increase of 42% on a basic CCS earnings per share basis versus a year ago.

* Second quarter 2006 cashflow from operating activities was $7.8 billion compared to $6.3 billion a year ago. Excluding working capital movements and taxation effects, cashflow from operating activities was $11.9 billion compared to $8.7 billion a year ago.

I'm not sure what Citgo made, but add it all together, sounds to me like they should be paying more for the U.S. Oil Police, oh sorry, the Military spending.

[Yupster]

27. Exxon is worth $ 402 billion

at today's market close.

So $ 10 billion is 2.5 %. So they made 2.5 % in a quarter. Is that a lot? Too much?

It's $ 77,000 a minute.

If everyone sold their 6.05 billion shares of Exxon stock tomorrow at current prices, and took the $ 402 billion and bought a one year CD paying 5.5 %, then they'd make $ 45,000 a minute.

Would that still be price gouging on the bank? Would it not be obscene, but it would be obscene if it went over $ 50,000 a minute?

This idea of taking a big number like $ 10 billion and declaring it obscene just because it's a big number seems more than silly.

If you have $ 400 invested and make $ 40 on it is it obscene?
What about if you have $ 4,000 and you make $ 400 profit?
Or $ 4 million and you make $ 400,000.
Or $ 400 billion and you make $ 40 billion.

It's the same 10 % just with bigger numbers.

[Monkeyman]

4. Dubba and boys Celebrated the Energy Bill

At the White House today its a year to the day they sold the workers out to the oil companies.And on the lawn was J Dennis Hastert who in a land deal right before the bill was signed in Hastert back yard Yorkville Il made 2.1 million off us tax payers.

www.john06.com

read the blog

[mike923]

5. Whatever happened to the congressional hearings on Big Oil companies?

I would assume after they found evidence of price gouging, they would have made a big deal about it. Were any fines given?

[gtar100]

7. These kind of profits are shameful

Gas prices rise - profits rise. Any correlation there?

In real moral terms, this is theft through fraudulent means.

[fmlymninral]

8. well yes

If you make 11% profit that exxon does then when gas is $2.00 you make 22 cents if it is $3.00 then you make 33 cents this is why profits go up when prices do. All Business is this way. Here is a good site that discusses the oil industry www.gravmag.com/oil.html

[DemoTex]

14. All business is not this way!

And who is behind that specious site you posted? Are you apologizing for Big Oil? If so, I think you are here by error. If not, please explain your post.

[D-U-D-E]

18. most businesses suffer when costs go up

when the price of crude oil rises the cost of refining a gallon of gas doesn't really increase. the same process used to make $1.50 gas is applied to $3.07 gas. Exxon et al are passing the per barrel price directly to you. Look at the airline industry over the last few years, fuel prices climb, travel is off, the company income statement reflects it.

If the cost of beef rose Ruth's Chris would expect to get squeezed, yet the oil companies somehow eek out meager profits when commodity prices are at historical highs.

You are being gamed, its easier on you when you are patently aware of it.

[mslawstudent]

20. not it they produced cattle

Seriously XOM pumps alot of oil. Also remeber there is a refinery shortage.

[DemoTex]

24. Welcome here to the DU, DUde!

The airlines are toast at any oil over $50/bbl. Get ready for cabotage. Fly BA from Atlanta to Savannah! It's part of the Bu$h union busting machine.

[Up2Late]

25. Wow, Good First Post!

I thought I was reading a DU Vet, until I looked at your count.

Welcome! :toast:

[Toots]

9. Over seventy seven thousand dollars a minute

Pure Profit!!! I would bet about twenty thousand dollars a minute goes to the GOP

[twaddler01]

10. Sickening...just sickening

makes me feel sick just thinking about it :puke:

[samplegirl]

11. Until they get congress

to pass a law to keep this information from us.

[w8liftinglady]

12. 2 links-re taxes and offshore accounts..

http://www.ctj.org/corpfed04an.pdf

http://www.senate.gov/~levin/newsroom/supporting/2004/030404taxhavenGAOreport.pdf

read them and weep-then get really pissed and do something.

[PaDem]

13. so that's why we have a "robust" economy..........

walk through any working class neighborhood and ask the folks there how they feel the economy is doing and you'll get a consensus.

[smacky44]

15. This is such an outrage. But it appears that Americans don't give a damn.

Too busy waiting for the rapture.

[w4rma]

16. Americans do. That's why Shrub has a ~35% popularity and Dems are

preferred over Republicans by a double digit margin. But, we don't get to influence *this* government until November.

[OhioChick]

17. Wow.........

And where is public outrage? Do they not care, or are they getting used to this?? When gas prices hit $2 a gallon, people would grumble away at the pumps. Now with prices over $3, they all stand there with blank looks on their faces.

[DemoTex]

19. How can we hurt Big Oil's profiteering ...

... when most people are accepting $3+/gallon fuel without a wimper. Even the poor pay their energy masters without a wimper. It is sad. It is sick.

[Broken_Hero]

28. The poor do whimper...

My wife and I have to pay it, or...well, lose our jobs, our house, everything. We both write letters to our reps, but what else could we do? We are stuck with it. Just tonight, my friend Tom and I were just joking around, about taking a ride down to Exxon-Mobil headquarters, to set things straight(not said in so many words, but close to the point).

The price of gas, I am surprised hasn't started a revolution of sorts, and I am outraged beyond belief, but I don't see/hear anyone doing anything about it. By "anyone", I mean an elected official...

[unkachuck]

21. disgusting....

....ok public officials, beat your chests, hold endless, fruitless hearings, take your oil money and pray the chumps remain loyal 'to da market'....

[DemoTex]

22. The un-holy triad: Oil. Insurance. Pharm.

They own & rule you and me.

[OhioChick]

23. Sadly enough........

You're absolutely correct.

[PinkyisBlue]

26. But the oil companies are spending so much money researching alternative

energy sources. I know this is true because Bush has said it!