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

[Mr Grey]

I'm shocked, shocked to find obscene profits going on here! When they unload all those local gas stations, their profits will be even higher!

[pjburns11]

Round them up, take back their stolen money, balance Bush's bull**** budget,
Spit upon all of them and throw them in jail! OIL Goons, Bank Leaches, and the Executive Admin that paved their way. Pitooooey!

http://thetruthburns.wordpress.com/2008/10/24/put-these-wall-street-criminals-where-they-belong/

[NoSillyName]

Friggin' THIEVES.

[notconfindtweenhatnboots]

These record-breaking profits by big oil last quarter is totally understandable.

After all, Exxon no longer has to supply all those US Department of the Interior employees with s.e.x. and d.r.u.g.s., so overall expenses are now down. I didn't realize how much blow & weed those Mineral Management Employees could go through.

[FDRJFKLBJ]

I'm sorry, but oil companies are NOT to blame for the record high oil prices.

The rise in oil prices is because of two factors:
i) An increase in global demand and a decrease in supply. Oil stockpiles are being depleted at a rate of 5% per year and the LAST major oil field discovery was made 40 years ago. We have reached the peak in global oil output while demand continues to rise.

ii) Inflation. The US national debt of $10 trillion leaves the US government no choice but to dilute the value of the dollar via inflation. A weaker dollar means a "cheaper" debt, but it also means more expensive goods, especially oil. If you look at the value of the dollar and the price of oil, you will see that the two have an inverse correlation.

[iambusto]

"If you look at the value of the dollar and the price of oil, you will see that the two have an inverse correlation."

exactly. Want low oil prices? tell the damn congress to stop running deficits. and first to agree Republicans are culprit when it comes to deficits.

if deficits go down, $ strengthens, oil comes down.

[DuganS1]

The dollar depends much more on relative economic strength than deficits.

[sonofsamphm1c]

I sincerely do not think you will be right. Oil is now permanently in a shortage pricing environment - from now until the end of oil. In real dollars, energy will become a increasing percentage of individual spending power - from now until the end of the age of oil, and then the cost of energy will accelerate in cost - because all alternatives are more expensive.

I predict the age of oil will end in about 2025 - by international law/treaty, and the United States will be the driver of getting that passed.

Because fossil CO2 is a pollutant.

[PackyJ]

And John McCain wants to cut their taxes, because it will "trickle-down" to the Middle Class.
Anybody out there noticing anything "trickling-down" to them?

[KOisGod]

I notice that 'trickle down" liquid is remarkably similar to pee

[Jeff1958]

Only for Dems. Those poor Reps must be getting the LSD spray. Is there any other rational explanation?

[iambusto]

I do agree with the liberals that oil companies SHOULD NOT get a tax break.

but if you think we will win by taxing them, think again. in an industry like oil where demand is fairly inelastic, the taxes can easily be passed on to consumers and we just end up paying more.

also, dont look at profit $. look at profit margins. nothing outrageous.

as for them not spending money in renewable energy, its NOT THEIR JOB. they are an oil company and are very good at what they do. renewable energy can be pursued by universities, govt, other public/private enterprise if they wish.

btw, when people are predicting 50$/barrell, its a horrible time to be starting new oil projects. they understand that. until oil reaches 100$ and above, why woudl they want to invest money in new projects. duh

[Paul Peete - Huffpost Blogger]

They have enjoyed all sorts of favorable tax breaks on profits due to their lobbyists and McCain wants to give them 300 Billion more. Get real!

[iambusto]

i never said i agree with tax breaks to oil companies. never. i am completely with liberals on this one.

the last industry that needs a tax break would be oil. i am with you there.

what i dont agree, is
1) increasing tax on oil. it will just get passed along to the consumer. if you agree with that fine.

2) its their job to research on renewable energy. they are oil company. its their job to do well in their business. let govt, universities research on renewable energy.

3) profit $ may be high, but profit margins are low in this industry overall.

[DuganS1]

If they didn't receive those tax brakes , there are some areas those companies would not drill, which would reduce domestic supply

[Coyote2]

ExxonMobil Posts Biggest Quarterly US Profit In History

McCain says they need tax cut, because the rising tide floats all boats. Give Exxon a tax break, so some will tinkle down on the rest of us. I smell u r I n e.

[Paul Peete - Huffpost Blogger]

Spot on, dawg!

[suemag]

or worse

[shep65]

Exxon Mobile and the other majors are in the process of buying back their stock with their huge profits. They claim they use most of the money for exploration but that is not the truth.

See Energy and Capital [eac-elett­er@angelne­xus.com]

[iambusto]

they can do with their money whatever they want? if oil hits 50$, exploration is not a feasible option. stock buybacks rewards shareholders better. if oil hits over 100$, oil exploration is again profitable.

what part of this business do people not understand.

[Paul Peete - Huffpost Blogger]

The part where they gouge us at the pump to make their profits.

[sonofsamphm1c]

They do not hide the fact that they are buying back their own stock. Jim Cramer once trumpeted it as a reason to buy their stock. That was the day I sold mine.

I think the E budget this year is around 26 billion dollars.

[Paul Peete - Huffpost Blogger]

Right! They sit on 65,000 acres of drillable land and want us to give them access to ANWR, and our shores. They are through being allowed to manipulate Congress and owning the White House.

[DuganS1]

Do you know anything about the oil industry? A lot of that land has been surveyed and found not to be profitable enough to justify driving. Many areas are simply tied up in environmental litigation. Many off-shore areas are thought to have large reserves. How does this not make sense?

[DuganS1]

Microsoft has $20 billion of cash on their books. Why don't you give them a hard time?

[Paul Peete - Huffpost Blogger]

Now you are in my area of expertise, Microsoft is a DOMESTIC company hiring Americans. They provide a GLOBAL product. We need more companies like them.

[rkimball]

record profits & em can't or won't pay dividens to stockholders.

[sonofsamphm1c]

They pay a dividend. It was often claimed by analysts that repurchasing their own stock would increase shareholder wealth, but I had my doubts so I sold.

To me it hinted that their executives have no idea what to do next, so they punted. And I think I have that about right.

[iambusto]

Bunch of people ranting on without doing any significant research.
Who cares about profits as $ number.

Look at profit margin !! thats the key number.

Compare it to other industries like software (MSFT,INTC,CSCO) , pharmaceuticals (MRK,PFE,BMY).

then you will realise that the software companies and pharma companies are ripping off consumers WAY MORE than oil compaies ever will or ever can.

first nationalise those then come to oil companies.

who teaches maths here in america btw? ridiculous.

[sonofsamphm1c]

It would be the people America's largely Republican dominated school boards hire to teach math.

[derekc06]

i'm not forced to buy any of their products on a weekly basis and everybody already knows that pharmaceuticals are out of control... just because we yell about exxonmobil doesn't mean we aren't yelling about pharmaceuticals too... and you make it sound like just because other companies supposedly do it worse than it's ok for exxonmobil to do whatever the hell they please...

[notconfindtweenhatnboots]

The Oil industry is not a free market. It is an oligopoly that sets the prices at whatever they feel they can get. The price of gas affects our economy MORE than the prime rate does.

Look at the increase in gas prices as a mandatory tax on all consumers. Gas prices affect businesses as well- especially businesses that rely on driving trucks to deliver or supply services. These businesses most affected would be: Truckers/delivery owners, HVAC contractors and PLUMBERS.

PLUMBERS must pay for the gas for their large trucks to go out to each jobsite in order to make revenues. This is a fixed tax that does not take into consideration whether the business is profitable. It will affect 100% of all plumbers, hit the ones in rural areas even harder, and not just affect the 1% of Plumbers who make more than 250K/year.

Support PLUMBERS! Regulate profits of big oil.

[sonofsamphm1c]

Just one simple question. Would you invest 150 million, or more, in a hole in the ground if your profits were going to be regulated?

[derekc06]

if i knew i was going to get a profit back...

but then again disgustingly profitable is the real goal here...

[DuganS1]

The industry can't "set prices at whatever they feel they can get." Seriously, where do you get this stuff?

[derekc06]

they're in a real bind here then huh?

if only they, as the world's largest company, had some sort of control over the product they sell, but alas! no such world exists and their hands are bound from doing the good for america they so desperately wish to do....

poetic really...

[Jeff1958]

Of course they set the price at whatever they want. Where else you gonna go? $40,000,000,000.00 is a lot of quarterly profit. That's about the same number as the Gov't spends for the war against terra.

I love the logic. Who are you going to believe, me or your own lying eyes?

[ClockworkOrange]

just wait until people start shelling out for home heating oil, after avoiding summer fill-ups.
if it's a cold winter (here in the east coast), it's easy to go through two 275-gal. tanks, at close to a grand a pop.
i smell another record profit in three months!

retrofitting these older homes for cost-effective alternatives is one of those technologies that we can rebuild this country with... starting November 4th.

[thegirlnextdoor]

The devil and his minions will be using these rich greedy bastards for toasting forks. That is, if there is an afterlife. If not - then really the poor are screwed. Nothing now and only a silent eternity afterwards. Unless things change. Unless folks get smart, get angry and get on to change.

[tregibbs]

Bye bye, Republicans.. I've had more than enough. It will, however, be interesting to see just how this country votes on November 4th. Who knows - we may deserve what we get.