Exxon still at it. Another record breaking quarter! $14.8 Billion
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From: From Akron, OH to Raleigh, NC
Exxon still at it. Another record breaking quarter! $14.8 Billion
Apparently even slower gas sales didn't stop them from setting yet another record.
http://money.cnn.com/2008/10/30/news...ex.htm?cnn=yes
http://money.cnn.com/2008/10/30/news...ex.htm?cnn=yes
NEW YORK (CNNMoney.com) -- Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
Exxon's prior record was $11.68 billion in the second quarter of 2008.
The company said its revenue totaled $137.7 billion in the third quarter.
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenues to $131.13 billion, according to a consensus of estimates compiled by Thomson FirstCall.
The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare thats to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
Earlier Thursday, Europe's leading oil company, Royal Dutch Shell PLC (RDSA), reported a 22% gain in net profit for the third quarter, to $8.45 billion. The company said sales rose 45% to $132 billion.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
Exxon's prior record was $11.68 billion in the second quarter of 2008.
The company said its revenue totaled $137.7 billion in the third quarter.
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenues to $131.13 billion, according to a consensus of estimates compiled by Thomson FirstCall.
The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare thats to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
Earlier Thursday, Europe's leading oil company, Royal Dutch Shell PLC (RDSA), reported a 22% gain in net profit for the third quarter, to $8.45 billion. The company said sales rose 45% to $132 billion.
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I guess what I'm trying to say is, I don't really care if they're making record profit every quarter if gasoline prices continue to fall.
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Joined: Feb 2005
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From: Columbia, SC
Why? They are making even bigger profit even as gas prices literally nose dive. That's very interesting. I found 2 receipts in my truck for gas, one dated 10/2 and the last time I bought gas for it a couple days ago. In less than 1 month, I paid $1 per gallon less. That's a huge difference.
I guess what I'm trying to say is, I don't really care if they're making record profit every quarter if gasoline prices continue to fall.
I guess what I'm trying to say is, I don't really care if they're making record profit every quarter if gasoline prices continue to fall.
i totally agree with you about the record profit if gas contiunes to drop or is less than say 2.50 for premium im all for it.. thats capitalism.. but when we're paying 3-4-5-6 dollars a gallon, it really ticks me off as my income is not going up with the cost of fuel.... I suppose i should have clarified exactly what i meant.lol.. forgive me its early
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From: Tucson, AZ
These profits are for the quarter ending Spet. 30 no? Most of that quarter oil prices were at record highs. They began tanking around mid September. This shouldn't surprise anyone. Next quarter profits should be down big time.
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From: All around
Originally Posted by centric
So, it takes them 18 DAYS to generate enough profit to buy ALL of GM.
Insane? Sure. Could it work? I bet they could find a way.
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From: Toronto, ON Canada
Moreover, the prices at the pumps do not go down at the same rate as the prices of crude. Even when the crude oil comes back down, the price at the pump does not quite return to the same price.
I am curious what profit they will report for the fourth quarter. Their profit could be higher still. Let's say I used to pay $10 for materials, and I sold my product for $20, thus making a $10 profit. Now the price of materials goes to $30. I sell my product for $45, thus making a $15 profit. Now, the price of materials goes back down to $10. I sell my product for $30, and now I'm making a $20 profit.
Last edited by muckz; Oct 30, 2008 at 10:40 AM.
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From: Sterling Heights, MI
You are correct, I was getting ahead of myself. My ultimate point still stands though, if we could consistantly pay below $2/gallon then God bless 'em if they make a few bucks. Not that those prices would ever stay fixed....
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Joined: Mar 2005
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From: Melbourne, Australia
Q. Do you need to understand how a car works before you can drive it?
And for those who believe they do have a serious understanding of how we are being swindled, there's another thread on this forum which also has Exxon in the thread title.
Last edited by SSbaby; Oct 30, 2008 at 06:11 PM.
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I think people should be more upset at the way prices are falling. Their was a story on the news about how the price of gas isnt reflecting the price of oil correctly as far as refining/distribution/total costs all the way to the pump. The study was saying technically the price should be around 80 cents cheaper than what everyong is seeing at the pump. And that as prices drop, the oil companies may in fact make more money then they were doing at $4.00. The result of the study was basically as demand increases dont be shocked if the oil companies make larger profits than they did when prices were high.
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Joined: Sep 1999
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From: Stockton, Ca. USA
Good for them. At least they have good management and business skills to make a profit, Unlike a ton of companies wanting a government handout for a failing business. I really dont think we are getting gouged by the oil companies. Look at how much money they invested to make those billions. Too many people let their emotions get in the way of how the real world works.