Exxon Mobil posts biggest US quarterly profit ever

**Prince** · 10-30-2008, 09:11 AM

Exxon Mobil posts biggest US quarterly profit ever
Thursday October 30, 10:35 am ET
By John Porretto, AP Business Writer

Exxon Mobil shatters own record for largest profit from operations by a US corporation

HOUSTON (AP) -- Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.

The Irving, Texas-based company has reported unprecedented back-to-back quarters, the end of the most recent coinciding with a rapid plunge in crude prices. Benchmark oil prices fell another $2.21 to $65.29 Thursday on the New York Mercantile Exchange, about 56 percent off record highs in July.

Exxon said net income jumped nearly 58 percent to $2.86 a share in the July-September period. That compares with $9.41 billion, or $1.70 a share, a year ago.

The previous record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion.

Revenue rose 35 percent to $137.7 billion.

On average, analysts expected the company to earn $2.39 per share in the latest quarter on revenue of $131.4 billion.

Company shares fell 90 cents to $73.75 at the open of trade.

Exxon Mobil's results got a boost of $1.62 billion in the most-recent quarter from the sale of a natural gas transportation business in Germany. It also took a special, after-tax charge of $170 million related to a punitive damages award related to the 1989 Exxon Valdez oil spill.

Excluding those items, third-quarter earnings amounted to $13.38 billion -- nearly 15 percent above its previous profit record from the second quarter.

As expected, Exxon Mobil posted massive earnings at its exploration and production, or upstream, arm, where net income rose 48 percent to $9.35 billion. Higher oil and natural gas prices propelled results, even though production was down from the third quarter a year ago.

Oil producers are coming off a quarter during which crude prices reached an all-time high of $147.27 -- and their profits have reflected it. Crude prices, however, have quickly fallen 50 percent from the summer's highs, and the global economic malaise has raised questions about energy demand at least into 2009.

Some companies, especially smaller producers, are scaling back spending on new exploration and production projects because of the uncertainty, though analysts say that its less likely to happen at the well-heeled giants like Exxon Mobil.

Exxon Mobil posts biggest US quarterly profit ever: Financial News - Yahoo! Finance

**Splash Log** · 10-30-2008, 09:43 AM

God those fucking evil corporations maximizing profits, so fucked up. I hope you don't try and maximize YOUR profits prince, that wouldn't right.

**Prince** · 10-30-2008, 12:06 PM

Originally Posted by Splash Log

God those fucking evil corporations maximizing profits, so fucked up. I hope you don't try and maximize YOUR profits prince, that wouldn't right.

did I write the article ass clown?

**mcguin** · 10-30-2008, 12:07 PM

Originally Posted by Prince

did I write the article ass clown?

**Splash Log** · 10-30-2008, 01:42 PM

Originally Posted by Prince

did I write the article ass clown?

The article was written from a neutral point of view, but you posting it would suggest you view it as a negative when combined withyour opinions on other issues. Even without you making a statement, the mere posting of it is. Nipple Mime.

**Splash Log** · 10-30-2008, 01:46 PM

Although if you do wanna talk about whats fucked up its how fast our government pushed the Exxon-Mobile merger through to create an unstoppable giant while they let two satellite radio companies bleed out for over a year and a half.

**Prince** · 10-30-2008, 02:50 PM

I posted it to start a discussion on the topic.

**maniclion** · 10-30-2008, 02:52 PM

I knew all that bullshit they fed us about destabilization in the MiddleEast and Hurricanes was baloney they just wanted to suck us try.... I blame the oil companies for why our country is in such financial trouble......fucking Haunch Harlequins

**Splash Log** · 10-30-2008, 03:00 PM

Originally Posted by Prince

I posted it to start a discussion on the topic.

Cool lets discuss. How do you feel about Exxon-Mobile posting record breaking quarterly profits?

**min0 lee** · 10-30-2008, 04:01 PM

Originally Posted by Prince

I posted it to start a discussion on the topic.

Thank you.

**min0 lee** · 10-30-2008, 04:03 PM

Originally Posted by Prince

did I write the article ass clown?

Sorry splash, but it was funny.

**NeilPearson** · 10-30-2008, 04:14 PM

Originally Posted by maniclion

I knew all that bullshit they fed us about destabilization in the MiddleEast and Hurricanes was baloney they just wanted to suck us try.... I blame the oil companies for why our country is in such financial trouble......fucking Haunch Harlequins

... it goes a lot deeper than just the price of gas

**min0 lee** · 10-30-2008, 04:20 PM

Now....can they fucking lower the damn prices.

**brogers** · 10-30-2008, 04:24 PM

They paid $32 billion in taxes and invested $7 billion in capital+exploration.

They made $15 billion.

Be reasonable.

manic, I'm not sure where you get your ideas from, but they are not based on reality and reflect a complete lack of understanding of economics and the market.

**brogers** · 10-30-2008, 04:29 PM

The big bad oil companies have less profit margin (~8%) than the US manufacturing sector (not including automobiles). If you want to complain about someone, you should look to Google, who has a 25% margin.

**NeilPearson** · 10-30-2008, 04:30 PM

Originally Posted by min0 lee

Now....can they fucking lower the damn prices.

ummm, they already have

**min0 lee** · 10-30-2008, 04:30 PM

**min0 lee** · 10-30-2008, 04:31 PM

Originally Posted by NeilPearson

ummm, they already have

It's still very high in New York City, I want it lower damnit.

**NeilPearson** · 10-30-2008, 04:32 PM

Originally Posted by brogers

The big bad oil companies have less profit margin (~8%) than the US manufacturing sector (not including automobiles). If you want to complain about someone, you should look to Google, who has a 25% margin.

Why complain about anyones profit margin? If you think they are making too much money.... buy their stock!

**NeilPearson** · 10-30-2008, 04:32 PM

Originally Posted by min0 lee

It's still very high in New York City, I want it lower damnit.

I thought everyone in New York just took cabs

**min0 lee** · 10-30-2008, 04:33 PM

Did they ever pay that huge fine?

**maniclion** · 10-30-2008, 04:37 PM

Originally Posted by brogers

They paid $32 billion in taxes and invested $7 billion in capital+exploration.

They made $15 billion.

Be reasonable.

manic, I'm not sure where you get your ideas from, but they are not based on reality and reflect a complete lack of understanding of economics and the market.

I guess my constant use of sarcasm hasn't caught on, if you haven't noticed I live in a surrealist world where everything is part of a bigger joke called existence and guess what you are part of it and one of the best gags going.....

**brogers** · 10-30-2008, 04:43 PM

Total taxes 32,510 26,273 94,212 76,892

(in millions)

http://www.marketwatch.com/news/story/Exxon-Mobil-Corporation-Announces-Estimated/story.aspx?guid={A63943DA-E545-4814-A746-FE8941636B72}

**min0 lee** · 10-30-2008, 05:00 PM

Originally Posted by NeilPearson

I thought everyone in New York just took cabs

That would be tourists, movie stars, stock brokers and some corporate firms take care of the fare.

I drive to the outer boros but to go downtown Manhattan we take the train.

**min0 lee** · 10-30-2008, 05:10 PM

ty Price Trend
Des Moines 2.000
Kansas City 2.001
Wichita 2.003
Corpus Christi 2.006
Oklahoma City 2.060
Tulsa 2.069
Cincinnati 2.092
Dayton 2.125
Twin Cities 2.139
San Antonio 2.157
Little Rock 2.172
Richmond 2.179
Akron 2.185
Indianapolis 2.187
Columbus 2.192
Toledo 2.201
Lexington 2.204
Jackson 2.212
Houston 2.216
Fort Worth 2.216
Virginia Beach 2.219
Cleveland 2.223
Dallas 2.234
Memphis 2.249
Omaha 2.254
Detroit 2.265
Austin 2.266
Louisville 2.287
St. Louis 2.287
Atlanta 2.294
Columbia 2.314
Shreveport 2.334
Lansing 2.336
New Orleans 2.350
Providence 2.355
Jacksonville 2.359
Savannah 2.362
Quad Cities 2.381
Montgomery 2.381
Baltimore 2.389
Wilmington 2.390
Milwaukee 2.392
Springfield 2.397
Mobile 2.400
Lincoln 2.402
Waterbury 2.402
Colorado Springs 2.426
Trenton 2.427
Knoxville 2.429
Albuquerque 2.430
Denver 2.430
Worcester 2.430
Tallahassee 2.434
Nashville 2.468
Grand Rapids 2.479
Tacoma 2.481
Orlando 2.492
Tampa 2.494
Gary 2.495
Hartford 2.500
Boston 2.511
New Haven 2.526
Madison 2.549
Birmingham 2.550
Charlotte 2.552
Greensboro 2.556
Stockton 2.570
Tucson 2.593
Allentown 2.594
Philadelphia 2.608
Modesto 2.623
Syracuse 2.623
Portland 2.631
Raleigh 2.632
Charleston 2.645
Miami 2.646
Phoenix 2.658
Seattle 2.661
El Paso 2.662
Fresno 2.670
Scranton 2.671
Spokane 2.675
Salt Lake City 2.682
Bakersfield 2.696
Sacramento 2.701
Durham 2.718
Albany 2.720
Las Vegas 2.721
Pittsburgh 2.722
Boise 2.737
Bridgeport 2.765
Long Island 2.783
Riverside 2.811
San Bernardino 2.820
San Diego 2.833
Chicago 2.866
Orange County 2.889
Ventura 2.913
New York City 2.917
Rochester 2.925
Los Angeles 2.940
Oakland 2.957
Buffalo 3.036
San Jose 3.065
San Francisco 3.070
Anchorage 3.286
Honolulu 3.307

**min0 lee** · 10-30-2008, 05:11 PM

Alaska and Hawaii pay the highest.

**bio-chem** · 10-30-2008, 05:12 PM

Originally Posted by brogers

The big bad oil companies have less profit margin (~8%) than the US manufacturing sector (not including automobiles). If you want to complain about someone, you should look to Google, who has a 25% margin.

thread hijack: hospitals run on 2 to 3%.

ok sorry. back to topic. ill not do this again.

**min0 lee** · 10-30-2008, 05:12 PM

Originally Posted by NeilPearson

I thought everyone in New York just took cabs

You see that more in the movies.

I've been here 43 years and I have only taken a cab ride 3 times.

**Splash Log** · 10-30-2008, 05:16 PM

Originally Posted by min0 lee

Sorry splash, but it was funny.

Aww, no offense taken. See if he comes back to discuss the issue he brought up. If he doesn't I can always resort to quoting him from other threads.

**min0 lee** · 10-30-2008, 05:23 PM

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