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Poor guy, only got $150 Million

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Poor guy, only got $150 Million

Postby chadlincoln » Wed Apr 19, 2006 6:05 pm

http://money.cnn.com/2006/04/19/news/ne ... tm?cnn=yes

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With gas prices pissing everyone off, now is not the time to defend your $150 million retirement package. Don't pay a guy retiring $150 million then cry to us about oil prices driving up our gas prices. You posted the highest profit margin ever for one year in the history of business and tell us it's all about oil prices. Whatever. Maybe this guy can get his face fixed with $150 million. :-t
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Postby Madison » Wed Apr 19, 2006 6:14 pm

Former Exxon chief says critics "don't understand" oil.


I understand Exxon did record profits of more than any other business in history!

I understand that he got $150 MILLION when he retired.

I understand gas prices are insane.

I understand that we are being robbed blind at the pumps.


That's enough for most people to understand what's going on.

Also:

"People don't understand the time frame that we operate in. We operate in terms of 10-, 20-, 30-, 40-year cycles and to put that in context, that's 20 (U.S.) Congresses. A single quarter or a single year, which may mean everything from a political circus point of view, is not really all that significant in the time frame that we operate in," Raymond said.



So why does gas jump close a buck a gallon in a year (roughly 40% increase in price)? Scary to think that that's "not really all that significant in the time frame" that you guys operate in. :-o

I need to get out of this thread before I get upset. :-[
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Postby Omaha Red Sox » Wed Apr 19, 2006 6:48 pm

I'm a little on the fence on this one. While I support capitalism, I do think something needs to be done. Like boycotting Exxon...
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Postby RugbyD » Wed Apr 19, 2006 7:09 pm

Madison you forgot this one:

"Back in 1998, when prices went down to $10 (per barrel), I don't recall anyone in Washington calling me up and saying 'what can we do to help.' But I didn't want them to be calling up. That's our job. We are in that business. It's our job to manage the risk. I am not interested in hearing from (politicians) when prices are at $10 and I am not interested in hearing from them when prices are at $40 or $50," he said


This man is worth every penny. His compensation is in many ways performance-based. Exxon did awesome, tons of money was made for thousands upon thousands of shareholders, and he should be rewarded for a job well done. Operating an oil company requires making a lot of idfficult and risky decisions. The upfront costs constitute massive CapEx requirements that are recouped over the long-run if a project is successful. The man gets paid to make tough decisions and he made them right. Bravo.
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Postby knapplc » Wed Apr 19, 2006 7:51 pm

Still not even in ARod's neighborhood. ARod could buy this guy outright and still have $100 million left over.

How's that for perspective?

We're the richest society EVER in the history of the world. Our "poor and impoverished" have luxuries Egyptian Pharoahs couldn't even imagine. We have money to spend on crap and trinkets and gewgaws and doodads that NOBODY has ever had before us. The money is just floating around out there, waiting for someone like this guy to take it.

The collateral from all of this is that someone like this guy comes along and does take it. And we all gripe.

I'm not preaching at anyone - I'm one of the gripers. I inside every time I drive by a gas station. I wonder why we can have a $10 million X Prize for something as impractical as a reusable space ship but nobody anywhere will pool together any money to fund research to develop a better fuel system than oil-based gasoline.

So who should we be at? This guy?
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Or ourselves? :-?
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Postby RugbyD » Wed Apr 19, 2006 8:05 pm

knapplc wrote:but nobody anywhere will pool together any money to fund research to develop a better fuel system than oil-based gasoline.

There's plenty of this going on, but none are as cheap and effective as gas yet. Strip out taxes and subsidies that distort the true market and the difference is even more stark.
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Postby Madison » Wed Apr 19, 2006 8:11 pm

RugbyD wrote:Madison you forgot this one:

"Back in 1998, when prices went down to $10 (per barrel), I don't recall anyone in Washington calling me up and saying 'what can we do to help.' But I didn't want them to be calling up. That's our job. We are in that business. It's our job to manage the risk. I am not interested in hearing from (politicians) when prices are at $10 and I am not interested in hearing from them when prices are at $40 or $50," he said


This man is worth every penny. His compensation is in many ways performance-based. Exxon did awesome, tons of money was made for thousands upon thousands of shareholders, and he should be rewarded for a job well done. Operating an oil company requires making a lot of idfficult and risky decisions. The upfront costs constitute massive CapEx requirements that are recouped over the long-run if a project is successful. The man gets paid to make tough decisions and he made them right. Bravo.


True. He did his job well. However, when his job involved overly inflating prices, people don't like to see anyone (be it a company, or an individual) rewarded for bending over the entire country.
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Postby SaintsOfTheDiamond » Wed Apr 19, 2006 11:37 pm

That's capitalism ... you don't like it .. move to Europe where they're paying $5-$6-$7 a gallon.

I agree with you Rugby .. to a point. Could you imagine how viable the alternatives would be if the government gave all the subsidies/tax breaks it gives to the oil companies to the people working on those alternatives? I don't think the oil companies are hurting for revenue streams given this countries (and the emerging markets in Asia) addiction to petroleum based products .. not just gasoline..
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Postby thedude » Thu Apr 20, 2006 12:04 am

He accomplished his goal: he made huge profits for his company. He could care less about the externalities.

Thanks to Exxon and the other oil companies, consumers are buying more hybrid vehicles, and using alternate sources of transportation. To be honest, while it is hurting us at the pump, the higher prices in the short term will lead to alternate energy sources in the long term.
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Postby knapplc » Thu Apr 20, 2006 12:07 am

thedude wrote:He accomplished his goal: he made huge profits for his company. He could care less about the externalities.

Thanks to Exxon and the other oil companies, consumers are buying more hybrid vehicles, and using alternate sources of transportation. To be honest, while it is hurting us at the pump, the higher prices in the short term will lead to alternate energy sources in the long term.


That's exactly what they said during the Embargo in the 70s.

Unfortunately, we don't learn. :-B
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