Thursday, October 26, 2006
Exxon Mobil Posts Record Profit
Headline from Yahoo! News:
Exxon Mobil posts $10.49B profit in 3Q
DALLAS - Oil industry behemoth Exxon Mobil's earnings rose to $10.49 billion in the third quarter, the second-largest quarterly profit ever recorded by a publicly traded U.S. company. Its shares briefly rose to a 52-week high.
The report Thursday comes as high crude prices this year have fueled record profits in the oil industry, triggering an outcry from consumers who were being asked to pay about $3 a gallon for gasoline in early August.
The largest quarterly profit ever was Exxon Mobil Corp.'s $10.71 billion profit in the fourth quarter of 2005.
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But remember, folks, there isn't any price gouging going on. None whatsoever...
Exxon Mobil posts $10.49B profit in 3Q
DALLAS - Oil industry behemoth Exxon Mobil's earnings rose to $10.49 billion in the third quarter, the second-largest quarterly profit ever recorded by a publicly traded U.S. company. Its shares briefly rose to a 52-week high.
The report Thursday comes as high crude prices this year have fueled record profits in the oil industry, triggering an outcry from consumers who were being asked to pay about $3 a gallon for gasoline in early August.
The largest quarterly profit ever was Exxon Mobil Corp.'s $10.71 billion profit in the fourth quarter of 2005.
***
But remember, folks, there isn't any price gouging going on. None whatsoever...
Permalink posted by Rob Huddleston @ 12:23 PM 
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Rob, don't fall for the arguments of the Left re Exxon. One reason Exxon's profits are so big is that in recent years they merged with other oil companies. If two oil companies making $5b profits merge, their profits will suddenly appear to "double" to the average American who doesn't really remember that Exxon merged with all those other companies.
Second, Exxon makes about 10 cents per gallon sold. The government makes about 40 cents.
Who is gouging the public on gas? Government!
Third, watch what Exxon does with the profits. Some will go to shareholders - people like you and me - and some will go to employees and execs through more pay, but a lot will go to exploring for more oil.
That's a good thing
Second, Exxon makes about 10 cents per gallon sold. The government makes about 40 cents.
Who is gouging the public on gas? Government!
Third, watch what Exxon does with the profits. Some will go to shareholders - people like you and me - and some will go to employees and execs through more pay, but a lot will go to exploring for more oil.
That's a good thing
Wish I could remember where I read it (and if I do, ill come back and tell you) but Exxon made less money than last year but had less expenses (more profit) AND paid 7+billion in taxes. The taxes paid never gets mentioned eh :)
(using the numbers from the site i can't remember [sorry] Exxon made 32cents per gallon)
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(using the numbers from the site i can't remember [sorry] Exxon made 32cents per gallon)
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