News and Politics | May 02, 2008 | 59 comments

Exxon Mobil reports $11,000,000,000.00 in quarterly profits

source: http://triangle.bizjournals.com/triangle/othercities/dallas/stories/2008/04/28/daily44.html

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Conniepae
Exxon Mobil reports $11,000,000,000.00 in quarterly profits, our 'pain' is their 'gain'. The actual headline read 'Exxon Mobile reports $11B in quarterly profits'. The (B) is used to hide the shame of all those zeros. While we struggle to make it to the next tank of gas, they are prospering. Seeing $11B makes it appear small, but the (B) stands for (000,000,000.00), that's a lot of zeros. Exxon Mobil is just one oil company making all those zero's.

Exxon Mobil Corp.'s first-quarter profit rose 17 percent from a year ago, as soaring crude oil prices helped the company reach its second-largest U.S. quarterly profit ever.

The Irving-based oil giant earned $10.89 billion, or $2.03 per share, for the quarter, compared with $9.28 billion, or $1.62 per share, a year ago.

Revenue jumped to $116.85 billion from $87.22 billion last year.

However, the company's results for the quarter missed analysts' expectations for earnings of $2.13 per share on revenue of $124 billion, according to Thomson Financial.

"Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Exxon Mobil (NYSE: XOM) said.

The company spent $5.5 billion on capital and exploration projects, up 30 percent from $4.22 billion a year ago.

Exxon Mobil said earnings at its upstream, or exploration and production, business rose 45 percent to $8.79 billion, helped by higher crude oil and natural gas prices. Increased natural gas production was more than offset by lower crude oil volumes, the company said.

Earnings from its downstream, or refining and marketing, business fell 39 percent to $1.17 billion. The company said significantly lower worldwide refining margins decreased earnings by about $1 billion in the quarter, while improved refinery operations increased earnings about $350 million.

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59 comments // Exxon Mobil reports $11,000,000,000.00 in quarterly profits

  • LarzNero
    • 0
      LarzNero  
    • Image

    • We sooo need alternative energy sources. EVERY YEAR we go through this oil thing: higher profits and higher gas prices at the same time. And still some ask, "Are the oil companies crooked?"

    • 3 years ago
  • uroborus8
  • uroborus8
  • NamGuntrucker
    • 0
      NamGuntrucker  

    • It goes to show why the oil companies like putting the screws to the public, PROFIT, THAT IS WHY!
      The poor people are getting poorer and it is going to get worst..

    • 3 years ago
  • jabutle3
    • 0
      jabutle3  

    • I heard Bush might drop Gasoline and Oil taxes temporarily to lower the price of gas over the summer and help consumers...Gee, thanks. That's the least he could do.

    • 3 years ago
  • cwswell
  • diode
    • 0
      diode  

    • This is exactly what i have been saying ever since our gas prices started going up. The oil companies are raping us at the pumps, regardless of the price of crude. Gas could still be at 2.00 a gallon but filthy greedy fat bastards are lining their pockets on our hard earned green. thats why i walk and ride my bike as much as possible because i hate putting gas in my car knowing where the money is going (and no i don't give a damn about emissions)

      i'm about ready to go kidnap and torture the little bastards into lowering gas prices (disclaimer: not literally, for lawsuit purposes)

    • 3 years ago
  • eldamon
    • 0
      eldamon  

    • Well no wonder they need subsidies and loopholes, can you imagine the taxes on $11,000,000,000.00 / quarterly?

      Tax their fat asses and roll back gas prices, fund the withdrawal from Iraq, subsidize the VA and buy back the country from China.

    • 3 years ago
  • Conniepae
    • 0
      Conniepae  

    • How many of those zero's were made selling oil to foreign countries? Are they getting American tax breaks? International business is one thing, but our tax dollars is another.

      We are a great country. They are lucky to be doing business in America. If not, why not? Has our country been ruined so badly that we have to bribe companies to be here? It's time Americans go back to thinking about American Industry. Americans should get some benefit from the massive debt we now hold. Companies have made record profits. We have record debt. We didn’t even earn tax dollars from many of the corporations that have earned record profit. which has come at our expense.

      Stand up! Start thinking about products that can be made in America and entice investing in America, not paying companies with our tax dollars for investing abroad. Our tax breaks should go to companies that are willing to providing us jobs, hope and futures. Not corporations who have no concerns about Americas hopes and dreams. We are only $$$$$'s in their eyes. We can change how we spend our $'s. 'The many' should not be able to hurt 'the few' with reckless abandon. We need accountability and action! Vote for the candidates who offer plans for accountability and action. Real answers to real questions. No spinning by either candidate!

    • 3 years ago
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