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Exxon's record $11.6 B 3 months

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Exxon's record $11.6 B 3 months

Postby Mookie4ever » Thu Jul 31, 2008 9:47 am

Exxon Mobil has biggest profit ever at $11.68B
By JOHN PORRETTO – 57 minutes ago

HOUSTON (AP) — Exxon Mobil reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results fell well short of Wall Street expectations and shares fell in premarket trading.

The world's largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Excluding an after-tax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.

Analysts on average expected Exxon Mobil to earn $2.52 a share on revenue of $144 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.

The record-setting results were largely expected, given that crude prices in the second quarter were nearly double what they were a year ago. Natural gas prices were significantly higher too.

But investors expected even bigger profits Thursday, especially after Europe's Royal Dutch Shell reported a 33 percent jump in second-quarter earnings of $11.6 billion, which fell just shy of Exxon's own record earnings from 2007.

Shares fell 2 percent, or $1.68, to $82.70 in premarket trading.

Setting U.S. profit records has become commonplace for Irving-based Exxon Mobil. The $11.68 billion topped its own U.S. record of $11.66 billion, posted in the fourth quarter of last year. Right behind that was the $10.9 billion it reported to start 2008.

Exxon Mobil owns the record for at least the top six most-profitable quarters for a U.S. company, as well as the largest annual profit.
Hosted by Copyright © 2008 The Associated Press. All rights reserved.


http://ap.google.com/article/ALeqM5g2bW ... AD928R9S00


Not saying anything. Just and FYI.
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Re: Exxon's record $11.6 B 3 months

Postby Yoda » Thu Jul 31, 2008 9:58 am

Yeah and guess who pays for their profits. F :-t
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Re: Exxon's record $11.6 B 3 months

Postby soxfan364 » Thu Jul 31, 2008 9:58 am

This is what I don't get... if the cost of crude oil is also going up, then why are Exxon's (and Shell's) profits also at all time high. Should they barely be breaking even if they are NOT artificially inflating gasoline prices?!
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Re: Exxon's record $11.6 B 3 months

Postby Inukchuk » Thu Jul 31, 2008 10:04 am

Not sure how related this is, but I just watched a show on the Travel Channel about Saudi Arabia. The cost for gas over there is less than a dollar a gallon... :-C
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Re: Exxon's record $11.6 B 3 months

Postby thedude » Thu Jul 31, 2008 10:07 am

soxfan364 wrote:This is what I don't get... if the cost of crude oil is also going up, then why are Exxon's (and Shell's) profits also at all time high. Should they barely be breaking even if they are NOT artificially inflating gasoline prices?!



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Re: Exxon's record $11.6 B 3 months

Postby soxfan364 » Thu Jul 31, 2008 10:16 am

yeah I know all about supply and demand. Isn't demand DOWN in the US ? So prices should fall (as they are starting to fall the past few weeks). But if the big oil companies COSTS are high (record oil prices, higher costs to produce the gasoline), shouldn't their profit margin remain the same and not increase to a record high?

thedude wrote:
soxfan364 wrote:This is what I don't get... if the cost of crude oil is also going up, then why are Exxon's (and Shell's) profits also at all time high. Should they barely be breaking even if they are NOT artificially inflating gasoline prices?!



Here is your answer.
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Re: Exxon's record $11.6 B 3 months

Postby RugbyD » Thu Jul 31, 2008 10:22 am

not sure how much this plays into it, but there are some really fat margins on exporting deisel from the US right now b/c Asian refining capacity is seriously lacking in that area.
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Re: Exxon's record $11.6 B 3 months

Postby RugbyD » Thu Jul 31, 2008 10:24 am

Yoda wrote:Yeah and guess who pays for their profits. F :-t

the "their" you mention is thousands upon thousands of people around the world and likely includes family, friends, and maybe even yourself. They are called "shareholders".
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Re: Exxon's record $11.6 B 3 months

Postby Yoda » Thu Jul 31, 2008 11:30 am

RugbyD wrote:
Yoda wrote:Yeah and guess who pays for their profits. F :-t

the "their" you mention is thousands upon thousands of people around the world and likely includes family, friends, and maybe even yourself. They are called "shareholders".


Yes but no one benefits more than the company.
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Re: Exxon's record $11.6 B 3 months

Postby RugbyD » Thu Jul 31, 2008 11:49 am

Yoda wrote:
RugbyD wrote:
Yoda wrote:Yeah and guess who pays for their profits. F :-t

the "their" you mention is thousands upon thousands of people around the world and likely includes family, friends, and maybe even yourself. They are called "shareholders".


Yes but no one benefits more than the company.

shreholders own the company, so they can pay employees of the company whatever they want for generating tons of profits for the shareholders.
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