ExxonMobil Posts Biggest Quarterly US Profit In History

HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company, says it shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. bolstered

Bolstered by this summer's record crude prices, the Irving, Texas-based company said Thursday that net income jumped nearly 58 percent, or $2.86 a share in the July-September. That compares with $9.41 billion, or $1.70 a share, a year ago.

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

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.

Comments

[dessertsfirst]

Wouldn't you think Exxon Mobil could just pony up the $500 million they owe 33,000 victims of the Exxon Valdez oil spill 19 years ago? That is just a drop in the bucket for the $15 Billion in profits over the past quarter. This is obscene. Why don't they just pay up, instead of dragging their feet to meet their obligation. The victims in this crisis have been unable to work for the past 19 years, because of the pollution from the spill... both for the fishing industry and for the land operations. I have so boycotted Exxon Mobil.

[Paul Peete - Huffpost Blogger]

These blood suckers don't want to set any kind of precedent that they will have to live by. Like Dupont in Bo Pal, India, forgive the spelling of it, its been so long ago I forget how its spelled.

[sonofsamphm1c]

This is totally false. They have paid 3.2 billion for the cleanup. One of their fines was 150 million. The government forgave 125 million of it because:

"Exxon was fined $150 million, the largest fine ever imposed for an environmental crime. The court forgave $125 million of that fine in recognition of Exxon's cooperation in cleaning up the spill and paying certain private claims. ..." - Exxon Valdez Oil Spill Trustee Council

[dessertsfirst]

Sorry, I misspoke, actually it is $500,000 not million, sorry, that was supposed to be paid to the victims, whose livelihoods were disrupted from the oil spill. The Exxon Mobil did pay millions of dollars for the clean up, but the fishermen and the processing plants and all of the 33,000 people whose lives were affected, by this tragedy, have not been compensated for their loss. For example, fishermen who have to pay thousands of dollars to buy a license for the right to fish in a designated area affected by the oil spill, cannot fish in that area, and cannot sell their license to fish in that area because of the pollution. They are unable to fish another area w/o purchasing another license. Because Exxon Mobile does not feel they should need to pay anymore than what they have already paid for the cleanup, these people are not compensated for their loss caused by the disaster. Again, it seems that in light of the enormous profits gained, that $500,000 to be divided among 33,000 people who remain victims of this disaster... wouldn't that be a small price to pay to these people to alleviate some of their suffering? And wouldn't that show that Exxon Mobile cared a little about their fellow citizens?

[sonofsamphm1c]

You had it right. It's 507.5 million dollars to 33,000 people or entities.

ExxonMobil is not holding up payment. Somebody in the 33,000 is raising a stink. It can't be paid until they all agree to how it gets allocated.

At this point, ExxonMobil agrees with the commercial fisherman.

[lololali]

Now that gas prices have come down a bit (at least until OPEC starts squeezing us again), can we get food prices to come back down to where they were before we hit $4/gallon? I think we are all being cheated out of the cost benefits. How can consumers demand this?

[Cybersquirt]

"at least until OPEC starts squeezing us again"

ROFL.. yeah, that's the problem: OPEC

Consumers can demand it by blasting the senators to find out what the problem IS and DO something about it instead of bickering about gay marriage, flag-burning, religious supression, or whatever other bull$hit distractions they come up with to continue lining their pockets.

[Cybersquirt]

And they can start with CANCELLING ALL THE GOD*&MN SUBSIDIES TO THESE ROBBER BARONS.

[KeithMayass]

the gas is down because of the elections. republicans do not want to be blame with another problem

you will see that after the elections, they will find an excuse to increase prices

[Cybersquirt]

that's right - they went down in '04 too.

[SonyaInTx]

Supply and demand my a s s. Gas was upwards of $4.50 in the summer and is nowdown to $2.20 in Houston, Texas. News reports say that demand is down. Please! My job is still the same distance from my house every day now, and then. It's criminal how OPEC can charge anything for gas. And now that we have a real shot at getting someone into the White House who will finally get us off foreign oil, the prices go down....to make us forget about getting clean energy, then yank the rug out from under us again.

We are talking about profits for the oil companies, not operating costs. Elect Obama, and lets convert our cars like the Venezuelans already did. This is insane!

[standup2them]

No kidding! I did not drive my car at all the whole summer. And looking around the town it was almost strange because there was no cars on the road anywhere. They got what they wanted and exxon gets tax breaks on top of that!

[sonofsamphm1c]

I also live in Houston and freeway traffic dropped way off last summer.

Demand is down because of conservation - especially in the US and Europe, and demand is down because of layoffs.

OPEC is free to manipulate their supply. It's not your oil; it's theirs. And at 63ish a barrel, I can assure producers in Texas have the valves turned as low as they can.

Nobody owes you cheap gasoline. It's not a right.

[sonofsamphm1c]

" lets convert our cars like the Venezuelans already did. ..."

I think you are talking about Brazil. In Venezuela driver pay an insanely low price for gasoline.

In Brazil they use sugarcane, which has a very high energy content. They have large fields and perfect weather for sugarcane. We don't. Castro probably could grow a bunch. If only we had been nicer.

In the US we have to look at cellulosic ethanol. Just guessing, but it would have to retain for around $7.50 a gallon.

How's $.50 to OPEC sound now?

[DuganS1]

It's global supply and demand. The global economy was in a significant boom thru the middle of the year and looking to grow further, thus huge demand. Now we're looking at global stagnation or even a global recession, with reduced worldwide demand going forward. With this negative scenario, the bull case for oil is over, if only temporarily, and oil should continue to go down or meander around the current rage for a while. People who do not trade commodities or stocks may not understand this, but it is really quit simple.

[jnratliff]

Thanks to bush/chenn­y/republic­an cabal we have the economy dropping like a rock, but the big oil exec's will make out just fine.

[woodywest]

the economy started heading for the toilet after the 2006 elections that placed Dems in control of congress.

[sonofsamphm1c]

Hogwash.

The economy started dropping when investors started to figure out what a catastrophe the Bush administration has made out of mortgages and housing.

[ralph10]

The economy was doing great the six years before that. Puhleeeze

[Cybersquirt]

a majority of one was all it took, huh?

Get your head our of the sand.

[TAIsabel]

Your western wood has gone north to your head. Ignorance is truly bliss!

[CubanVoice]

Just another things that really angers me. (But, I'll stay calm and on topic.) It is outrageous. We are such pawns, yet changing our attitudes and behavior, which is what it will take, is made very difficult.

[BikeAllYear]

Ride a bike. Take public transit. Not hard at all. Exxon won't make money if you don't buy their product.

[notconfindtweenhatnboots]

Most of us live in areas that have snow and ice in the winter, work in neighborhoods that may not be safe to bike to, have roads that are not biker-friendly, and/or do not live in cities that have limited public transportation. If you live in Portland, it may be possible to bike everywhere, but in a lot of the US, that is not practicle.

[Paul Peete - Huffpost Blogger]

If Congress would insist on purchasing controlling shares in the auto industry the next time they come for Billions in bailouts, like the current $25 Billion they are getting right now, it could exert force on them to produce fuel efficient cars and even pollution free, fuel efficient transportation across the whole spectrum.

Instead we have had the government allow low mileage pollution based fuel and who profited most? Folks like GWB.

[sonofsamphm1c]

I don't know what to say, but GWB is probably one of the worst oil men to have walked on the planet. Prior to him taking that crown, the distinction belonged to his dad.

Lee Raymond, the former CEO of ExxonMobil has publicly snickered at some of things Bush has said. He was a Bush guy, but I don't think there is any doubt he thought Bush us a fool.

Anyway, Lee Raymond often said Americans would have cheaper energy prices if they would conserve. Nobody listened.

[Paul Peete - Huffpost Blogger]

Notice that since the CTFC has finally admitted that they overlooked the 5% who traded 80% of oil futures a little over a month ago, oil prices have gone steadily lower. I know demand has fallen worldwide and there are other factors in play.
We must never allow a Federal watchdog to get away with purposely allowing corrupt business practices without penalties again.

[CubanVoice]

That's so true - but it seems our anger and outrage is always so short-lived. We seem to say "never again" over and over again.

[Paul Peete - Huffpost Blogger]

There's change in the wind my friend. I hope we get all of those CEO's and illegal traders and crooked politicians who have been allowing this to get to this point.

[simkmer]

Thank you exxon mobil for shipping your profits to offshore accounts, for having a foreign flagged yacht and hiring many of your assists from India (so you can pay cheaper wages). Thanks exxon mobil for suppressing our clean energy technologies and for encouraging congress to classify SUV's more "commercial" to avoid following stricter mpg. Thanks exxon mobil for supporting America. (NOT)

[JamesInDenver]

It sure pays to live under the protective umbrella of OPEC and George W. Bush.

Phil Gramm's "Enron Loophole", has also made a lot of oil speculators rich (about $25 to $35 dollars per barrel of crude).

http://www.huffingtonpost.com/rep-louise-slaughter/putting-the-past-behind-u_b_127284.html

[Mugzi]

Connect the dots...is there any wonder why they are jamming McSame and winky down our throats!!!!

[Paul Peete - Huffpost Blogger]

We have the ultimate laxative for that next week! LOL

[Nyla785]

Gee, biggest profit ever, huh? After this past summer's prices, whodda thunk it??

[SeagirlX]

IT'S AN OUTRAGE!!!!!!

[BikeAllYear]

There is no law that says you have to purchase the product that Exxon produces. My commute is 20 miles each way (this is longer then the national average) and I ride my bike. Every day. I drove maybe 40 miles all last year. Americans pay among the lowest gas prices in the world and still love to complain about it. If you have a problem with gas prices or the oil companies then simply cut back or eliminate your driving. This will deeply cut into their profits and help lower gas prices for those times you do have to drive. Of course in America this is easier said then done. We want it all.

[Paul Peete - Huffpost Blogger]

Your frugality is laudable, and technically you are correct about American pump prices being low, but we also use more of a barrel of oil for producing a wider array of products than any other industrialized country, allowing oil companies huge profits while offering fuel cheaper than our Euro allies. Many of us, especially in California commute long distances to work and many are dependent on their car for business needs. The oil companies will have to contribute to our weening off pollution based fuel.

All the R&D money they could use for clean fuel tech is spent buying Congress and competing patents instead of contributing to change.

[BikeAllYear]

If all those who could ride a bike or take public transit to work did then the demand for oil in this country and thus prices worldwide would plummet. Not to mention the added health care savings. I am not dependent on a car because I have made lifestyle decisions to avoid becoming car dependent. Its not just some fortunate situation that "happened." Unfortunately the average American often fails to see the connection between the decisions they have made and the consequences of those decisions. If you decide to live in an enormous McMansion 50 miles from work, then you had better be prepared to spend a lot of money on gas.

[DuganS1]

Why should "oil companies contribute to our weening off pollution based fuel"? Should Cummins contribute to weening us off the diesel engine? Should Dupont contribute to weening us off pesticides? Should Microsoft contribute to ween us off their continually crashing operating system?

[woodywest]

Thank you exxon mobil for keeping gas in my gas tank and for being the country's single largest tax payer. keep up the good work. American's freedom depends on you.

[Mnemanth]

Ummm...tax payer? With all their offshore activities and U.S. tax breaks? Give me a break.

[woodywest]

almost $30 billion in taxes last year. That's a good chunk of dough.