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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Default Exxon Mobil makes over $10 billion

    No. 1 U.S. oil company earns $1,318 a second -topping forecasts - but comes in just shy of a record.

    NEW YORK -- Profits at Exxon Mobil surged 36 percent to a near record $10.4 billion in the second quarter as surging oil prices helped the world's largest publicly traded company soundly beat Wall Street forecasts.

    The company's profit - which amounts to a cool $1,318 a second - is the second biggest ever reported by a U.S. company, behind only the $10.7 billion Exxon itself earned in the fourth quarter of 2005.

    The earnings equaled $1.72 a share, topping the $1.64 a share analysts had forecast on average, according to First Call. Total revenue in the quarter was just over $99 billion.

    Exxon (Charts) shares gained over 1 percent in early trading on the New York Stock Exchange.

    The $1,318 a second would buy enough gasoline, even at the current $3 a gallon national average, to drive a Hummer H3 between Los Angeles and New York three times.

    One analyst said Exxon's record fourth quarter earrings in 2005 included a $400 million tax charge that analysts were not including as part of that quarter's profit.

    "Apples to apples, this quarter is the highest by any organization ever," said Fadel Gheit, an energy analyst at Oppenheimer.

    Irving, Texas-based Exxon Mobil caught considerable flack from the general public for its record fourth quarter, which came soon after gasoline prices hit record highs.

    Compounding matters, the company gave its outgoing CEO Lee Raymond a retirement package worth about $350 million around the same time.

    That combination of events led to a public outcry calling for restrictions to CEO pay, and calls from lawmakers who wanted to institute a windfall profits tax on the oil industry or even break up some of the oil giants that merged in the 1990s.

    But the industry says that oil prices fluctuate widely over time and that, in the long run, it's actually less profitable than a number of other industries.

    Officials have also argued against a government-forced break up, saying oil companies need to be big to compete in a global market against foreign state-run firms, some of which are larger than Exxon Mobil.

    Surging oil prices helped Exxon in the quarter, when crude prices jumped 31 percent.

    Exxon said spending on exploration and production rose 8 percent in the quarter, to $4.9 billion, while overall output rose 6 percent.

    Investors have been concerned that high oil prices would lead to company to boost spending even further.

    But the desire to restrain spending may run counter to consumer's interests, as more oil on the market would help lower gas prices.

    Gheit said the company sent $7.9 billion back to shareholders in the second quarter in the form of dividends and stock buybacks.

    He said Exxon's expenditures on exploration and production were sufficient, as most of the world's oil reserves are by now widely known. Extracting those reserves, he said, is constrained more by politics than it is by lack of spending on exploration.

    "They can't just go and push (Russian President Vladimir) Putin and say, 'let us in,'" he said. "They need access to resources, what can they do?"

    Gheit thought the company was striking a good balance with how its spending its cash.

    When asked about investing in renewable energy technologies, an Exxon official said that, apart from ethanol, it's generally not part of the company's plan.

    "There are very few that are economical without subsidies," said Henry Hubble, vice president for investor relations, on a conference call. "We don't think it makes sense to invest in it at this point."

    Industry experts say that it's getting increasingly expensive for oil companies to get easily refinable crude oil out of the ground.

    At the same time, high prices have led to surging demand for exploration and drilling equipment, and workers, causing the price of such services to jump at least 15 percent a year over the last several years, industry executives and analysts say.

    Then there's the geological fact that new, large, high-quality oil fields are simply getting harder to find.

    Meanwhile, new production hasn't kept pace with surging demand - not only from the United States, but from China, India and other rapidly growing economies - which has driven prices up nearly fourfold, from around $20 a barrel in early 2002 to a trading high of $78.40 earlier this month on the New York Mercantile Exchange.

    Tensions in the Middle East and other parts of the world and speculative buying by big investment funds has also helped fuel the runup.
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk smithjc's Avatar
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    All I know is I want $350 million whenst I retire.

    I could use money.

    Just like Navin Johnson.
    RIP - Classic Van Halen

    "A lot of people take Van Halen more seriously than we do." The Diamond One



  3. #3
    Atomic Punk ZeoBandit's Avatar
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    And why are we paying over $3.00 a gallon for gas?
    Last edited by ZeoBandit; 07.27.06 at 11:31 AM.
    "What we are dealing with here, is a complete lack of respect for the law" - Jackie Gleason, Smokey and the Bandit

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  4. #4
    Atomic Punk
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    I have no problem with them making a profit, that's what it's all about...

    What troubles me is that, say back when gas cost $2.00, and they made $100 million... Why is it that gas is now $3.00, they profit $400 million?

    Yes, as crude increase so should the price at the pump... But the percentage of pump increase versus crude is a lot more than what one would expect, hence the HUGE record breaking profit margins... The math doesn't make sense...

    and... I'm sure our resident pro-oil company profit guy will be posting shortly...
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  5. #5
    Sinner's Swing! csm5150's Avatar
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    11.25.14 @ 09:53 PM
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    Quote Originally Posted by ZeoHalen
    And why are we paying over $3.00 a gallon for gas?
    Because there is instability in the Middle East,hurricanes are just now appearing in the Gulf of Mexico, and countries like China and India have had huge population explosions and overnight have begun to use more oil than normal-things like this which have never ever happened in the history of the world. On top of that, we have a very caring and concerned president who is worried about each and every one of us in this country of ours. Oh, wait, my sarcasm button is stuck again.
    LSU Tigers 2003 & 2007 National Champs
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  6. #6
    Master Bluesman Elwood P.'s Avatar
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    Quote Originally Posted by smithjc

    I could use money.

    Just like Navin Johnson.
    The Lord loves a working man.
    "I'm the opposite of Bill Cosby. Diamond Dave always gets your approval." (DLR)

    "Kids, just say NO to marriage". (Al Bundy)

    Rawhide in "A"

    OAA

  7. #7
    Atomic Punk smithjc's Avatar
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    That's a GOOD boy.

    Pizza in a cup anyone?
    RIP - Classic Van Halen

    "A lot of people take Van Halen more seriously than we do." The Diamond One



  8. #8
    Master Bluesman Elwood P.'s Avatar
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    Hey Mister. Don't call that dog lifesaver. Call him Shithead.
    "I'm the opposite of Bill Cosby. Diamond Dave always gets your approval." (DLR)

    "Kids, just say NO to marriage". (Al Bundy)

    Rawhide in "A"

    OAA

  9. #9
    Eruption Erikson90's Avatar
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    crooks the lot of them
    "People ask me 'Dave, what's it like to be a rock and roll star?" I tell them 'It's simple: in your mind, line up every woman you've ever been with. Got 'em there? well, I wouldn't fuck any of them.'" - DLR

  10. #10
    Atomic Punk Bob_R's Avatar
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    Quote Originally Posted by smithjc
    All I know is I want $350 million whenst I retire.

    I could use money.

    Just like Navin Johnson.
    Who's Navin Johnson?

  11. #11
    Atomic Punk Bob_R's Avatar
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    To the best of my knowledge I never remember reading or hearing in the 1980's and 1990's about hurricanes and their affect on gas prices.

    Maybe I was just young and .

    I feel there's no justification for gasoline prices to be so high.

  12. #12
    Eruption
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    And you wonder why there is no real incentive to going to or working on alternative fuel sources (E-85, electric, etc.).

    Hell, I'd want to make sure we NEVER went to any other resource if I was in these guy's boat (making boatloads).

    Sad thing is, they are so far into Washington pockets (i.e. the guys that could make real laws and move funding towards different energy source research and development), it'll never end. It's too far gone. And the middle class has a huge target on it. Doesn't matter if you are a staunch right winger or a loopey lefty. We're all being fooled on this one.

    "F" THE ROCK AND ROLL HALL OF FAME!!!

  13. #13
    carpe damn diem billy007's Avatar
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    I just feel they have us where they want us and there's no turning back.

  14. #14
    The Dude Dan Halen's Avatar
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    Quote Originally Posted by EVH FANATIC
    Who's Navin Johnson?


    "He hates these cans!!"
    "It's so damn hot... milk was a bad choice." --Ron Burgundy, Anchorman

  15. #15
    Sinner's Swing! csm5150's Avatar
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    Quote Originally Posted by Dan Halen


    "He hates these cans!!"

    "I finally made it!! I'm in the phone book!!"
    LSU Tigers 2003 & 2007 National Champs
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