Exxon Mobil posts record $45.2 billion profit
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- ras_menelik
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The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.
The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.
In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer.
With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday's results show no one is completely insulated from the ongoing malaise.
Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared to $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year's second quarter and then with earnings of $14.83 billion in the third quarter.
Revenue in the most-recent quarter fell 27 percent to $84.7 billion.
On average, analysts expected the company to earn $1.45 per share in the latest quarter on revenue of $69.1 billion.
Meanwhile, Exxon rival Chevron said it earned $4.9 billion in the fourth quarter though revenues plunged 28 percent with oil prices in sharp decline.
Chevron, the second-largest U.S. oil company, reported Friday it earned $2.44 per share in the three months ended Dec. 31. It earned $4.88 billion, or $2.32 per share, in the quarter a year ago.
Analysts surveyed by Thomson Reuters expected earnings of $1.81 per share.
San Ramon, California-based Chevron says revenue dropped to $43.1 billion, from nearly $60 billion a year ago.
For the full year, Chevron made $23.93 billion, or $11.67 per share, compared with $18.69 billion, or $8.77 per share, in 2007.
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- tags:
- News and Politics, Green, Global Warming, Oil, 4 more
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woodofcville
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This article is an example of why many Americans are having financial issues... I my family had a 2002 ford expidition when gas was at it's highest, we spent hundreds a week just to keep it moving and when it came time to sell (for a toyota 4runner) it went for nearly $10,000 under market value. Thanks for screwing the world exxon.
- 3 years ago
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woodofcville
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Ragan
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Something is wrong in Denmark and Washington.This whole world is going broke and the oil companines are posting billions of dollars profit? The food industry that feeds us and nourishes us are not reporting any billions of dollars profit, then how can the oil giants reap this kind of profits unless the US treasury Depart\ment is laundering those billion of dollars bailout money into the big oil treasury. No wonder they dont want to release the recipients of all of the bailout monies. This is rediculous. The Big Oil and the big bankers are one and nthe same, the new owners of the The Big Banking syndicates. These profits are leaving the US Treasury and being funneled overseas to the big central bank, perhaps the IMF.Someone better get busy and find out just what is happening because at the rate of layoffs and business closures there will not be a single profit making corporation nor a single working American. What does it take for the government to act or is the government the prime guilty suspect. While Congress sits on their faces the people are being buried alive.
- 3 years ago
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Ragan
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twosix
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how 'bout the oil companies bail out the car companies?
if only the two were somewhat intertwined with each other, then it would be simply unconscionable for one not to make provision for the other.
In 2007 - XOM profits $40.6B, GM lost $38.7B
In 2008 - XOM profits $45.2B, GM lost $22B (Q4 yet to be determined...Ford posted $5.9B loss in Q4 2008)again, if there were any correlation b/w the two companies/industries then maybe it could be argued that one play an integral role in providing for the other's future
just a thought...albeit it hypothetical of course
- 3 years ago
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twosix
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txpacotaco
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twosix:
Oh how I love your answer!!! I wonder if Exxon's given that any thought - maybe they could buy stakes in the companies... not bail them out completely or take controlling ownership, but tie their investment in to partnered development of green energy and green vehicles.
Wait, did I just suggest strengthening corporate America? Wow. What a bad habit. Trying to break that one. Seriously.
- 3 years ago
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txpacotaco
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artemis6
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Not shocked, angry.
- 3 years ago
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artemis6
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Scanick
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Clownpuncher=republican plant / special needs individual. Get a clue retard.
- 3 years ago
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Scanick
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justright
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Scanick:
He's a paid GOP shill
- 3 years ago
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justright
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iloveravi
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Scanick:
Clownpuncher is a troll, ignore him. I think him and mark1957 are the same person.
If not they should get married, they both love to post without any facts.
When you correct them they insult you but still never offer any facts.
Classic troll stuff.
Don't get too mad the kid is probably 14 and thinking he's badass...hahaha
- 3 years ago
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iloveravi
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clownpuncher
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Scanick:
Scanick, werent you on the tv show Leave it to Beaver? you look real familiar.
- 3 years ago
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clownpuncher
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macgarys1
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Oil is not a renewable energy, WE WILL run out of it.. not only that.. but WE DON'T HAVE IT... we depend of Arabs and Venezuela to have it... funny thing is, "We all hate arabs=islam=Terrosti" according to the Bush doctrine... We as the number one power in the world should be eager to find a renewal alternative... and be leaders of the technology..... Not just the main provider.
- 3 years ago
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macgarys1
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txpacotaco
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I wonder if they're hiring???
- 3 years ago
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txpacotaco
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dariusvons
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why aren't THEY paying for the bailout?
- 3 years ago
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dariusvons
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mark1957
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AndreaKnoll, Who do you think is going to pay these taxes? Think before you type.
- 3 years ago
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mark1957
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mark1957
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I laugh when I read responses like these. Most of the responses read like the liberals you are. No common sense. Give me , give me , give me. So let me see..... ah yes! Shut down all the evil corporations like Exxon who work hard for what they make. Then what? Freeze your ass off waiting for Gore and his global warming? I'm very happy that there is someone out there that is willing to pump oil, refine it and keep America moving. If it wasn't for oil we'd have nothing. look around people. EVERYTHING depends on oil. And yes Virginia even the computer you type on could not be made without it. Suck it up people! until there is something else that works as good, is as dependable and produces the kind of return in BTU's , cut these guys some slack. They don't control the price the way you'd have everyone think.
- 3 years ago
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mark1957
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macgarys1
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mark1957:
Yes my child you are right.. and the whole world is wrong... monopolies are good, and don't stop progress, as simple as this.. oil is not a renewable energy, WE WILL run out of it.. not only that.. but WE DON'T HAVE IT... we depend of Arabs and Venezuela to have it... funny thing is, "We all hate arabs=islam=Terrosti" according to the Bush doctrine... We as the number one power in the world should be eager to find a renewal alternative... and be leaders of the technology..... Not just the main provider.
- 3 years ago
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macgarys1
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ruberube
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mark1957:
Plutocrat empty soul...
let them control culture through monopolies
and drain the people- yeah thats the way to go! - 3 years ago
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ruberube
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mark1957
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mark1957:
macgarys1,please try not to live with blinders on. Monopolies are not the scorge you'd have them made out to be. The Bell Company was a much better company before the break up as was A.T.& T. What we got after that was pure hell for service. Please don't forget it was The Bell Co that invented Fiber optics. (While they were a monopoly) The reason it took so long to get the technology to us was Congress. Read, Democrats. Both Bell and A.T.&T. were regulated to some degree before the break up. We do have oil. We are forbiden to tap most of it. 3 miles off shore is oil we can't get to. But China can. Who's fault is that? It' going to be ok for Delaware to place wind energy off shore and clog the view but one oil deck and the people go nuts! Don't forget that each one of those wind turbines are full of oil to lubricate and cool them. Oil renewable? No, but until there is something else, this is it. Corn is not the answer either. Solar has 15 to 20 more years before it can hold it's own. Hydrogen is still WAY off. Being a leader and just diong something to do something is two different things. This all costs huge money. I don't see anyone on this site wanting to invest with real money in any of this stuff as of now. So here we are. I'm gald I have oil heat. At least I'm not freezing like I was with the heat pump I had at the old house.
- 3 years ago
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mark1957
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iloveravi
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mark1957:
"If it wasn't for oil we'd have nothing."
Yeah, totally, there are no alternate sources of energy. None at all......hahaha
Your posts would be infuriating if they were not so transparently out of touch with reality.
- 3 years ago
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iloveravi
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mark1957
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mark1957:
iloveravi, Here's the thing. There is not one thing in your house that oil didn't have something to do with. If you eat it a truck got it there. If you wear it,a truck got it there. Oil is what runs this and everything else. Till something else come on line that's equal to or better than oil, this is what we've got like it or not. Shouting about alternatives is wonderful however short on substance. Oil is what drives this country. Perhaps other sources will come to play later ,but for the time being this is it. Pushing an agenda that is only a small filler needs to be thought of only in that manner and nothing more. As a for instance, you couldn't run an electric car and do the normal household chores on a personal solar source or a personal wind source. You'd just run out. Things will change over time and these other sources will get better. For the time being oil is the cheapest and most dependable way we have. Maybe in 15 years the other industries will figure out better ways to convert the suns energy and the wind will be better harnessed but this is it for now. Stop your griping. Get on with your lives.
- 3 years ago
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mark1957
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dmass5
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mark1957:
hes right, ppl make companys with a lot of money to b evil and bad, ridiuclous liberals
- 3 years ago
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dmass5
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twosix
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mark1957:
i'm not against them making billions for running a tight operation, but is it still necessary for them to be receiving the substantial corporate tax cuts that they are??
- 3 years ago
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twosix
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AndreaKnoll
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Disgusting. And gas prices are heading back up!
If Obama needs an inspiration on how he can balance his budget, he should gaze over in Mobil's direction.
They should be taxed to hell as pay back for what they got away with in 2008. This runaway profit goes to show what a joke the $4-$5 per gallon gas price was.
- 3 years ago
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AndreaKnoll
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clownpuncher
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AndreaKnoll:
what is up with the socialists?
- 3 years ago
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clownpuncher
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CAUSECAST
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it's nice to see that their profiting from us paying so much more for gas and ruining the planet.
- 3 years ago
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CAUSECAST
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clownpuncher
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CAUSECAST:
let me guess, you still ride a horse into town for your supplies....
- 3 years ago
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clownpuncher
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iloveravi
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CAUSECAST:
Clownpuncher continues with his oh so brilliant posts...if you disagree off some evidence for your position.
Causecast, I agree with you, it is sickening that this corporation has such a distaste for humanity.
- 3 years ago
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iloveravi
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justright
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Thank the GOP, they've been fluffing (look it up) the oil biz for a long time.
- 3 years ago
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justright
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clownpuncher
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justright:
sure they have...oh look, there goes the easter bunny...
- 3 years ago
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clownpuncher
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justright
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justright:
Oh your a fluffer too. thought so
- 3 years ago
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justright
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iloveravi
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justright:
Justright, don't bother with clownpuncher.
He's a troll, that's all.
I know it's hard but ignore him.
- 3 years ago
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iloveravi
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clownpuncher
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justright:
fluffer...sounds kinda gay...
- 3 years ago
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clownpuncher
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clownpuncher
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and they paid 34 billion in taxes this quarter so get off their dicks.
- 3 years ago
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clownpuncher
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jopie66
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So long we keep bying the gass sucklers exxon will be laughing all the way to the bank and screw us
- 3 years ago
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jopie66
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iloveravi
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These evil assholes still have not paid out for the Valdez spill from 20 years ago.
I hope all their execs get cancer and die a slow horrible death.
- 3 years ago
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iloveravi
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clownpuncher
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iloveravi:
wow, there are some serious clowns out there that just dwell in the past...unbelievable.
- 3 years ago
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clownpuncher
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iloveravi
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iloveravi:
Yeah, you are right.
Why should one of the most profitable companies in the history of the world be expected to pay for the clean up of an environmental disaster caused by one of their drunk employees?
No reason to feel angry at the level of corruption there....none at all.
Yup, just a clown living in the past, here.
You realized they make 1000 per second right?
Never mind, you're right. I should get over it. It's just justice.
Wow, you are right. It is much easier to be a mindless jerk with no memory. You must be happy all day long.
- 3 years ago
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iloveravi
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iloveravi
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iloveravi:
Wow, just read some of your other posts....
I didn't realize that you we're a republican troll.
Disregard my last reply. I'm not getting involved with you.
- 3 years ago
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iloveravi
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mark1957
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iloveravi:
Not only did Exxon pay for all the clean up, they paid all the fines as well. Now go back to the hole you came from.
- 3 years ago
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mark1957
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justright
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iloveravi:
They didn't pay for it, they jacked the price of gas to pay for it.
- 3 years ago
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justright
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iloveravi
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iloveravi:
Mark 1957, you are out of touch with reality.
Exxon was slapped with a 5 billion dollar clean up fine. They never paid it.
17 years later (having still not paid) the complained that it was too much. Their expensive friends in high places heeded their call and slashed the fine down to 500 million.
The civil charges had yet to be paid in the past 20 years.
In December of 2008 Exxon started to payout to the 32,677 fishermen whose lives they destroyed.
Sadly Exxon is only paying out a fraction of what was awarded. In a case where a Plaintiff was originally awarded 2.5 million they will only receive $180, 000.
That may sound like a lot but it is no where near the amount these people would have made if they were able to continue their jobs for the last 20 years.
Keep in mind this was a preventible accident that was a result of negligence on Exxon's behalf.
Furthermore, Exxon is MAKING INSANELY LARGE PROFITS.
So tell me Mark, what hole am I in?
I think we call all see what a hole you are.
- 3 years ago
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iloveravi
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mark1957
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iloveravi:
keep trying maybe someone will listen.
- 3 years ago
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mark1957
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iloveravi
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iloveravi:
Hmm.....I'll take that as an apology for mouthing off before you had a clue.
Apology accepted, troll.
- 3 years ago
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iloveravi
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mark1957
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iloveravi:
Please enlighten me as to what an insane profit is. 10%? 20% ? It's clear to me you have never had to run a business and make payroll every week. Put money aside in case the sales go down so you can keep your employees employed. Make sure that there is enough money to keep the wheels turning when something fails along the line. Oh! And provide money to non profits so they can call you names behind your back. Exxon made 14% for the 3rd quarter. Most companies strive for 25% or more. You really give me pause.
- 3 years ago
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mark1957
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iloveravi
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iloveravi:
Thank you for asking, I am glad to enlighten you, $45.2 billion.
That is the insane profit I speak of.
$42.2 Billion.
Billion, with a "B".
But that is just a 14% profit, peanuts right?
- 3 years ago
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iloveravi
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mark1957
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iloveravi:
Sorry to have asked. I sorta knew that logic would not be easily understood. $42 billion is peanuts when one considers how much money it takes to purchase and maintain. What would give you pause might be the Gross number not the net number that you see. things might change for you then. The problem with the numbers given is that they are numbers that mean nothing. I'll give you an example. On Monday morning the news will tell you that one movie or another has made 1.5 million dollars for the weekend. This has broke a box office record. What they don't tell you is how many people sat in the seats. This figure would tell better than a money figure which movie was more popular when comparing one movie to another.Just because the ticket price was higher it doesn't mean the theater made more money. Do you understand? And by the way, if I mess up on a fact I will not hide from it. I will make it right. I do have standards. If it turns out that Exxon didn't do the right thing by the clean up I'm man enough to correct it. It may take some looking into first though. I wonder if you can say the same. And no I am not clownpuncher.
- 3 years ago
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mark1957
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clownpuncher
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iloveravi:
I am sure there are some rocks on the beach up there with some oil on them. Please feel free to go clean them.
- 3 years ago
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clownpuncher
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Scanick
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Well this one is a no-brainer people! The oil companies get to bail out the car industry with $120B to convert them into plants that make efficient vehicles. This can be mandated through an "excess profit tax". Better yet, nationalize the oil sector and use the profits to fund the $850B recovery act. They are, after all, pumping up a publicly owned resource from right under your feet while off-shoring many of their profits in Barbados and Dubia.
- 3 years ago
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Scanick
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TabulaRasa
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Anyone surprised?
- 3 years ago
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TabulaRasa
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justaslost
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TabulaRasa:
no
its almost getting boring - 3 years ago
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justaslost
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neocongo
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These outrageous profits are a direct result of the Bush administrations' deregulation of oil futures.
- 3 years ago
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neocongo
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clownpuncher
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neocongo:
wrong...these profits are a direct result of people purchasing their fuel from Exxon.
- 3 years ago
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clownpuncher
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justright
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neocongo:
Exactly, between the oil companies and Morgan Stanley's speculation they jacked the price through the roof.
- 3 years ago
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justright
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islek
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You don't hear about a lot of companies doing well these days. Then you hear Exxon Mobil has yet another record year in profits and it just makes me want to puke salmonella-tainted peanut butter on their faces.
Mature, I know.
- 3 years ago
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islek
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MissG
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islek:
haha! love it.
- 3 years ago
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MissG
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Tommyjolly
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islek:
lovely humor! Good call! haha
- 3 years ago
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Tommyjolly
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Sexirobot
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shit son
- 3 years ago
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Sexirobot
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MissG
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not to hard to believe. i drove from seattle to new orleans this summer. gas averaged about $4.20/gallon... i drive a Prius and was spending almost $40 to fill up.
good thing exxon/mobil is trying to fool consumers with their earth-forward television branding campaign: "look, LOOK, we are investing in cleaner energy technologies!!!" i would like to see exactly how much of their revenue stream is being reinvested in cleaner, more sound resources. i call bullshit on them and their board.
- 3 years ago
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MissG
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MissG
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MissG:
i invest with the power of my purse. i bought a fuel efficient car, which i hardly use because i walk/use public transportation. i support companies with decent track records. corporate social responsibility may seem like b.s., but there are actually some suits doing good things globally and i like to reward those efforts with consumer loyalty. but, when it comes to big oil - this is just oxymoronic.
- 3 years ago
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MissG
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MissG
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MissG:
thank you for your opinion. i have a nest egg invested in what i presume to be some socially responsible industries. i am currently in academia working towards increased knowledge on connectivity and information flow. all the while, i am conscious of the the things that consume and hope that other consumers take stalk to the extent that i do.
- 3 years ago
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MissG
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petarro
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OK, can I have some of my money back? No? OK, that fine cause I don't use a car any more. :D
- 3 years ago
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petarro
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GraveLehr
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Good to see Capitalism works.
Now, I'm going to need some proof for that Global Warming thing.
- 3 years ago
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GraveLehr
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azulagua
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bailing out the big 3 goes without saying. we are being strangles by our own greed and ignorance...and no doubt as chief seattle said...we are drowning in our own waste.
- 3 years ago
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azulagua
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ruberube
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Big oil has the nation in its pocket...
Break the nation keep their monopoly alive and well.
Would you think for one moment that big oil wants
the Green Energy culture to survive these times?Big Oil should also bail out the auto industry after all
who benefited the most from the crappy GAS GUZZILING autos built in Detroit?Monopolies are the death of a democracy!
- 3 years ago
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ruberube
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azulagua
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OK...so apparently the big oil folks have all the money. Maybe it's time for them to do the right thing and step up to the plate and help bail the rest of the world out.
They can afford it. No problem! The US Gov. cannot!
I suppose that is the real issue? They want us to go broke so they can rule? ...and apparently our gov. is in agreement. - 3 years ago
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azulagua
