Exxon Mobil // Current

Exxon Mobil Profit Fell by Half in '09

NEW YORK - Exxon Mobil’s earnings fell by more than half to $19.3 billion in 2009, the lowest total in seven years, as company refineries struggled with a plunge in global fuel consumption. But it remains the profit champion among US public companies.

The world’s largest publicly traded oil company finished the year with a 23 percent decline in fourth-quarter income. Exxon now has posted lower profits for five straight quarters after setting a record of $14.83 billion in the third quarter of 2008.

Like rivals ConocoPhillips and Chevron, Exxon’s business of exploring for and producing oil benefited from an increase in crude prices at the end of 2009. But weak demand for gasoline, heating oil, and other products severely depressed profits at the major oil companies’ refineries.

Exxon’s results have swung with the price of oil and the impact of the global recession. When oil spiked above $147 a barrel in mid-2008, Exxon set ever-higher marks for earnings by a US company. Then oil prices plummeted, and Exxon suffered a yearlong hangover that included its smallest quarterly earnings in several years.

The Irving, Texas, company earned $6.05 billion, or $1.27 a share, for the final three months of 2009. That compares with $7.82 billion, or $1.54 a share, a year earlier. Revenue increased 6 percent to $89.8 billion. The fourth-quarter results still beat analysts expectations and shares rose $1.75, or 2.7 percent, to $66.18.

For the full year, Exxon earned $3.98 a share. That compares with a record-breaking year in 2008, when Exxon recorded the highest profit ever for a US company - $45.2 billion, or $8.66 a share. Still, Exxon will remain the highest-earning company in the S&P 500 index, a rank it has held since 2000 after its acquisition of Mobil Corp. By comparison, Wal-Mart is expected to earn $14 billion for the fiscal year ended Jan. 31, while Microsoft earned $14.6 billion in the fiscal year ended in June 2009.

Exxon’s US refineries lost $287 million in the fourth quarter as the price of gasoline was outpaced by the rise in the price the company paid for crude oil. Profits from the international refining and marketing business dropped 96 percent.

More at link.NEW YORK - Exxon Mobil’s earnings fell by more than half to $19.3 billion in... more

KevJ
added this
8 days ago
|
0 comments

Oil Spill In Texas

Just thought green would like to know about Exxon's lasted spill.

ReganMann
added this
17 days ago
|
0 comments

So-Called 'Grassroots' Opposition to Clean Energy Reform Bankrolled By Foreign Oil, Petro-Government

Clean energy legislation passed by the House, now pending in the Senate, faces fierce opposition from the proprietors of fossil fuel companies, and much has been reported on how domestic oil and coal companies have flooded the debate with money, lobbying, and misinformation. These opponents of clean energy reform claim to be “standing up” for American jobs and security. However, according to an investigation by ThinkProgress, many of the lobbyists and right-wing operatives engineering the attacks on clean energy reform either work directly for petro-governments, or work for companies in the business of importing foreign oil:

– Nigeria’s Bayelsa State, the region of the country producing much of its crude oil, is registered with the Carmen Group as its representative in DC. The Carmen Group is run largely by lobbyist David Keene, who also manages the American Conservative Union. Keene has lobbied against clean energy reform and used his conservative organization to generate “grassroots” opposition to legislative efforts to move away from a fossil fuel based economy. Although the extent to which the Carmen Group “provide[s] general representation before the United States Congress” is unclear — as Justice Department disclosures indicate — the Nigerian state has lavished Carmen group lobbyists with $903,450 in payments since 2006. According to a report produced Monday by the State Department, Nigeria is at risk of becoming a haven for terror and extremism. In the past, Keene, the coordinator of the CPAC convention, has been caught auctioning off conservative grassroots support to his corporate lobbying clients for as much as $2 million dollars.

– The lobbyist-run front group Americans for Prosperity is perhaps the most active anti-clean energy group in the country. In addition to working furiously to orchestrate anti-clean energy themed tea parties, Americans for Prosperity is running anti-clean energy legislation ads, anti-climate change science ads, and is even barnstorming around the country with anti-clean energy “hot air” rallies. The organization was founded and is bankrolled by David Koch of Koch Industries, a major refiner of oil. Through Koch Industry subsidiaries — Koch Supply & Trading and Flint Hills Resources — Koch imports crude oil from a variety of foreign sources, including from Saudi Arabia and Nigeria.

– Currently, FreedomWorks is focusing their energy activism on supporting the status quo reliance on fossil fuels. Throughout 2009, as FreedomWorks leader Dick Armey organized tea party opposition to clean energy reform, he simultaneously worked for the lobbying firm DLA Piper on the account of Sheikh Mohammed Bin Rashid Al Maktoum, Prime Minister of the United Arab Emirates. According to disclosure forms filed with the Justice Department, the UAE paid Armey’s lobbying firm at the time to help maintain the “development of UAE energy resources, which represent about 10 percent of global oil reserves.”

– Oil companies have attempted to demonstrate popular support for fossil-fuel dependence by hosting “Energy Citizen” rallies around the country, where employees of oil companies are bused in for large events. The “Energy Citizen” website claims that converting a clean energy economy would mean “less energy independence.” Ironically, the main sponsor of the Energy Citizen effort is the American Petroleum Institute, which is a trade association for companies like Chevron, Exxon Mobil, and Sunoco. These companies, in turn, are highly dependent on foreign oil imports — from countries including Algeria, Nigeria, Saudi Arabia, Libya, and Venezuela. For perspective, Exxon Mobil imports 27%, Valero 29%, and Chevron 36% of its oil from Persian Gulf countries alone

More at the link above:Clean energy legislation passed by the House, now pending in the Senate, faces fierce... more

WeAreChangeKy
added this
23 days ago
|
0 comments

15 Most Heinous Climate Villains

Some of the bastards responsible for subverting public understanding of climate change... more

JanforGore
added this
1 month ago
|
59 comments

David Vitter Tires To Block Environmental Funds

Sen. David Vitter (R-LA) has filed an amendment to the $32.1 billion FY10... more

Future_America
added this
5 months ago
|
2 comments

After Sabotaging Own Oil Wells, Exxon Faces $1 Billion in Fines

O, those oil companies; they sure do love to play dirty. And the biggest US oil company, Exxon Mobil, has just got caught with its hand in the well--the oil well that it purposefully sabotaged so no other company could use, that is. The Texas General Land Office has just revealed that Exxon "maliciously" destroyed its own oil fields so that no one else would be able to tap them--and it's getting slapped with a $1 billion fine for the crime. And wait till you hear what they did to the wells--and what that fine will go towards cleaning up.

It's not pretty. In fact, it's pretty disgusting. According to Bloomberg:

Jerry Patterson, commissioner of the land office that oversees oil leases that help fund Texas schools, asked the Texas Railroad Commission to conduct hearings into an alleged 1990s program at Exxon Mobil of plugging abandoned wells with trash, sludge, explosives and cement plugs. The barriers made it impossible for other producers to revive the wells, Patterson said in a statement he gave to Bloomberg News yesterday.

So that's an environmentally offending twofer--it both further degrades the area around the wells, and wastes the ever more scarce natural resource that had already been drilled for exploitation. On the bright side, I guess it's a bit of petrol that won't get burned . . .
So why the spiteful rampage? It seems Exxon had a bit of a falling out with one of Texas's most prominent oil families, the O'Connors.

From the 1950s to the late 1980s, the O’Connors earned more than $40 million in royalties on crude and gas pumped from 121 wells that Exxon Corp., as the company was then known, and a predecessor, Humble Oil & Refining Co., drilled on the family’s land near Corpus Christi, according to court filings.

The relationship between Exxon and the family deteriorated in the late 1980s, when the company’s request for a reduction in the 50 percent royalty rate was rebuffed, court documents showed. Exxon said the field was no longer profitable and began shutting wells, a process that concluded in August 1991, the documents showed.

After Exxon packed up and left town, the O'Connors decided to tap the rest of the oil from the partially sapped fields.

Two years later, Emerald Oil . . . agreed to lease from the O’Connors one-third of the area formerly operated by Exxon. When Emerald drilled into the plugged wells to revive production, drill bits collided with cement, severed pipes and explosive charges normally used to perforate rock formations, Patterson said.

Bad form indeed.O, those oil companies; they sure do love to play dirty. And the biggest US oil... more

pjacobs51
added this
7 months ago
|
32 comments

Fortune Global 500: 2009

Here are the top five: 1. Royal Dutch Shell 2. Exxon Mobil 3. Wal-Mart Stores 4.... more

islek
added this
7 months ago
|
4 comments

ExxonMobil Found to Still Fund Climate Skeptic Groups, After Pledges to Stop

Despite pledges from ExxonMobil that it would cease funding groups which question the... more

KevJ
added this
7 months ago
|
9 comments

CEI Releases Global Warming Study Censored by EPA

Washington, D.C., June 26, 2009—The Competitive Enterprise Institute is today... more

Ihatethemall
added this
8 months ago
|
14 comments

Exxon Mobil launches 7.1 billion dollar tar sands project

STOP THE INSANITY! "Imperial Oil, the Canadian subsidiary of US oil giant... more

JanforGore
added this
9 months ago
|
20 comments

Exxon Mobil posts record $45.2 billion profit

HOUSTON - Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.

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.HOUSTON - Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008,... more

ras_menelik
added this
1 year ago
|
64 comments

Exxon Mobil Post Biggest Profit Ever

In recession these guys are making more than ever? Somethings not right with this... more

caseygane
added this
1 year ago
|
0 comments

Exxon breaks its own profit record

Exxon Mobil Corp., the world's largest publicly traded oil company, says it... more

ebindelglass
added this
1 year ago
|
61 comments

Energy Idiocy brought to you by ExxonMobil and Clean Coal

Energy Idiocy Seen on the Streets of Denver This post is from Sierra Club Deputy... more

MeganMcKenzie
added this
1 year ago
|
30 comments

Exxon Sets Record with Nearly $12 Billion in 2Q

Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the... more

ebindelglass
added this
1 year ago
|
2 comments

ExxonMoblil 2nd quarter $11.68 billion profits highest-ever for an American company!

Rising Oil Prices Swell Profits at Exxon and Shell Exxon Mobil, the world’s... more

mjsmith11
added this
1 year ago
|
56 comments

Exxon has record profit again...$11.68 BILLION

NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday soaring oil prices... more

J_Jammer [removed]
added this
1 year ago
|
1 comment

The 10 Worst Corporations of 2007

Neither Honest Nor Trustworthy: The 10 Worst Corporations of 2007 by Russell... more

Elevator
added this
1 year ago
|
1 comment

Exxon to cut funding to climate change denial groups

The oil giant ExxonMobil has admitted that its support for lobby groups that question the science of climate change may have hindered action to tackle global warming. In its corporate citizenship report, released last week, ExxonMobil says it intends to cut funds to several groups that "divert attention" from the need to find new sources of clean energy.

The move comes ahead of the firm's annual meeting today in Dallas, at which prominent shareholders including the Rockefeller family will urge ExxonMobil to take the problem of climate change more seriously. Green campaigners accuse the company of funding a "climate denial industry" over the last decade, with $23m (£11.5m) handed over to groups that play down the risks of burning fossil fuels.

The ExxonMobil report says: "In 2008 we will discontinue contributions to several public policy research groups whose position on climate change could divert attention from the important discussion on how the world will secure the energy required for economic growth in an environmentally responsible manner."

Nine groups have reportedly lost the company's support, including the George C Marshall Institute, the Washington DC-based think tank that asserts there is no scientific consensus on climate change, and that changes in the sun, not greenhouse gases, could be responsible for rising temperatures.

A survey carried out by the UK's Royal Society found that in 2005 ExxonMobil distributed $2.9m to 39 groups that the society said "misrepresented the science of climate change by outright denial of the evidence". In 2006 the society wrote to the company to ask them to stop funding such groups.

Kert Davies of Greenpeace said: "The organisations eliminated in this latest rounds of cuts could be called the engine room of the climate sceptic industry, but if Rex Tillerson [head of ExxonMobil] is serious about his company shaking off this shameful legacy, he needs to make a wider sweep."

Greenpeace says ExxonMobil continues to fund over "two dozen other organisations who question the science of global warming or attack policies to solve the crisis."
The oil giant ExxonMobil has admitted that its support for lobby groups that question... more

RonenA
added this
1 year ago
|
4 comments

Nigerian militants to guard oil pipelines in Niger Delta

The president of Nigeria Umaru Yar'Adua has taken steps to indoctrinate the abundance of militants in the oil rich Niger Delta region into a defence scheme for the pipelines in the area.

The Defence Minister Alhaji Yayale Ahmed stated to the House of Representatives Committee that the federal government in conjunction with local and state levels have cultivated plans of “constructive engagement " meaning the forming of limited liability companies for the legitimate employ of the militants.

The area of the Niger Delta has suffered from unrest for many years due to the rich wealth in resources of the region and its exploitation paralleled with the poverty of the population in the region and the damage to the environment caused that effect all life in the area. MarianaVanZeller's pod will explain a lot about the situation: http://current.com/items/77541711_rebels_in_the_pipeline.

MEND have not stated if they will be involved with this “constructive engagement “scheme but their leader in negotiations has recently given his faith to peace in negotiations with the

Peace and Conflict Resolution Committee chairman Chief James Jeftha. There has been criticism of “constructive engagement " in the Nigerian and international communities, as questions such as; whose arming them, who do they answer to, how do you know they won’t continue hostile actions inside installations ? More constructive questions consist of; why not focus efforts on the Nigerian Local Content Policy to stop sucking up money and actually be applied to areas in need of it. Abubakar Atiku Nuhu-Koko addresses these issues in the linked article, here is a taste:

“The truth of the matter is that offering security jobs to the militants will not solve the problems at hand in the Niger Delta. A holistic approach, which requires integrating and domesticating the largely foreign-controlled “enclave” oil and gas economy, is what, is desirable. The militant youths need education, quality of life that comes with productive employment, training opportunities and an environment free from oil and gas related pollution etc.”
The president of Nigeria Umaru Yar'Adua has taken steps to indoctrinate the... more

Kabimbi
added this
1 year ago
|
11 comments

TAGS

tagged w/ Exxon Mobil

Exxon Mobil Profit Fell by Half in '09

Oil Spill In Texas

So-Called 'Grassroots' Opposition to Clean Energy Reform Bankrolled By Foreign Oil, Petro-Government

15 Most Heinous Climate Villains

David Vitter Tires To Block Environmental Funds

After Sabotaging Own Oil Wells, Exxon Faces $1 Billion in Fines

Fortune Global 500: 2009

ExxonMobil Found to Still Fund Climate Skeptic Groups, After Pledges to Stop

CEI Releases Global Warming Study Censored by EPA

Exxon Mobil launches 7.1 billion dollar tar sands project

Exxon Mobil posts record $45.2 billion profit

Exxon Mobil Post Biggest Profit Ever

Exxon breaks its own profit record

Energy Idiocy brought to you by ExxonMobil and Clean Coal

Exxon Sets Record with Nearly $12 Billion in 2Q

ExxonMoblil 2nd quarter $11.68 billion profits highest-ever for an American company!

Exxon has record profit again...$11.68 BILLION

The 10 Worst Corporations of 2007

Exxon to cut funding to climate change denial groups

Nigerian militants to guard oil pipelines in Niger Delta

current videos

Top 5 "I Love You's" in the Movies

Taboo: Forbidden Television

The Super Bowl Sucks!

Top 5 Grammy Moments

Sexiest R&B Jams

Douchey-Doo! Pool Party Mystery

about current

watch current

the people are talking

the basics

take us with you

tools

stay in touch

© 2010 Current TV, LLC
All Rights Reserved