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  • Does this make you angry?

    http://news.yahoo.com/s/nm/20051027/bs_nm/...HNlYwN5bmNhdA--

    Exxon Mobil posts record profit By Deepa Babington
    2 hours, 21 minutes ago

    Exxon Mobil Corp. on Thursday posted a quarterly profit of $9.9 billion, the largest in U.S. corporate history, as it raked in a bonanza from soaring oil and gas prices.

    Record profits for Big Oil at a time when consumers are paying sky-high prices for gasoline have brought calls for a windfall profits tax or other penalties on oil companies.

    The companies have been enjoying an unusually rosy environment for months. In the third quarter, oil prices and refining margins rose sharply after Hurricanes Katrina and Rita ripped through the Gulf of Mexico, disrupting energy operations in the region.

    While Exxon's quarterly profit was up 75 percent from a year earlier, and revenue rose 32 percent to more than $100 billion, the results fell short of Wall Street forecasts due to production outages caused by the hurricanes and sharply lower profit at the company's chemicals division.

    "They were a bit disappointing, but this a temporary phenomenon," said Paul Kuklinski, an analyst with Boston Energy Research/Soleil Securities. "This is largely attributable to hurricane effects."

    Exxon shares fell slightly in midday trade.

    The world's largest publicly traded oil company said net income jumped to $9.92 billion, or $1.58 a share, from $5.68 billion, or 88 cents a share, a year earlier.

    Excluding a gain of $1.62 billion from restructuring its stake in a Dutch gas transportation business, earnings were $1.32 per share, 7 cents below the average forecast among analysts polled by Reuters Estimates.

    The record earnings topped the $9 billion net profit reported on Thursday by Royal Dutch Shell Plc and were well above the best quarterly performances by Citigroup Inc., the world's largest bank -- $7.2 billion -- and conglomerate General Electric Co. -- $5.6 billion -- according to Reuters Fundamentals.

    EXPANSION OF CAPACITY

    In addition to calls for a windfall profits tax or other penalties, lawmakers and consumer advocates have been urging oil companies to expand refining capacity and take other steps to help bring down gasoline prices.

    U.S. Energy Secretary Sam Bodman said on Thursday that oil firms have a responsibility to boost refining capacity in times of record profits. Marathon Oil said it would do just that, announcing a $2.2 billion expansion of its Garyville, Louisiana, refinery.

    "We're already seeing some companies yielding to pressure," said Oppenheimer & Co. analyst Fadel Gheit. "But everybody is waiting for the big lady to sing, which is Exxon."

    Exxon said it did not see the point of a windfall profits tax.

    "Frankly, if you're trying to encourage supply growth, it seems odd to put in place disincentives," Henry Hubble, vice president of investor relations for Exxon, said on a conference call with analysts.

    PRODUCTION FALLS

    Exxon's oil and gas production fell 4.7 percent in the third quarter from a year earlier as outages caused by Katrina and Rita, maintenance activities, and maturing fields more than offset higher production from new fields in West Africa.

    Excluding the impact of the hurricanes, divestments and entitlement effects, output fell 1 percent.

    Still, record crude oil prices -- which touched $70 a barrel in the quarter -- pushed earnings at its exploration and production unit to $5.73 billion, up $1.8 billion from a year earlier.

    At its refining and marketing operations, profit rose to $2.13 billion, up $727 million from a year earlier. Stronger refining margins outweighed weak marketing margins and lower petroleum product sales.

    Earnings at its chemicals division tumbled to $472 million, down $537 million from a year earlier, due to higher feedstock costs and lower margins.

    Exxon's capital expenditures jumped to $4.41 billion from $3.63 billion a year earlier.

    Shares of Exxon, the largest of the so-called "super-major" oil companies, were down 10 cents to $56.10 at midday on the New York Stock Exchange. The shares rose more than 10 percent in the third quarter but underperformed the broader Standard & Poor's integrated oil and gas index, which climbed more than 13 percent.

    (Additional reporting by Ben Berkowitz)
    The only good is knowledge and the only evil is ignorance.---Socrates
    A good decision is based on knowledge and not on numbers.---Plato



  • #2
    No, profits don't make me angry. They're why companies exist.

    What makes me angry is that their interests trump the those of the collective citizenry in our representative (sic) government.
    The Dude abides.

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    • #3
      That make me and my portfolio very happy.
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      • #4
        No, not in the slightest.
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        • #5
          space invader is taking the same view as Bill O'Reilly
          "Need some wood?" -- George W. Bush, October 8, 2004

          "Historians will judge if this war is just, not your punk ass." -- Dave Glover, December 8, 2004

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          • #6
            $1.58 a share.



            Greedy pigs
            Un-Official Sponsor of Randy Choate and Kevin Siegrist

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            • #7
              It makes me angry because I haven't invested in it. People keep giving them money, it's not their fault. Move closer to work, ride a bike, carpool, buy a smaller car, buy a hybrid. Use electric gas-filled heaters and electric blankets, move to a warmer climate, find a bedmate to keep you warm in the night, install a fireplace.
              No president wants war. Everything you may have heard is that, but it's just simply not true
              President George W. Bush, March 21, 2006

              I'm a war president
              President George W. Bush, February 8, 2004

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              • #8
                I am not happy about it (other than the fact that my energy mutual funds are going nuts [img]style_emoticons/<#EMO_DIR#>/cool.gif[/img] ), but do you really think this administration has the stones to impose windfall taxes on the oil companies?

                jj twiggs - A great family restaurant

                Dear God, KBF here. I'd just like to say thanks, once again, for allowing Dusty Baker and I to live during the same time period. Every time I think he's given me his last gift -- overpitching Prior in the playoffs, getting cocky in Game 6 vs. the Angels, blowing another game for the Cubs -- he does something stupid like pitching to Albert Pujols. Thy will be done, baby!!!!!

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                • #9
                  QUOTE(Donuts_For_Koharski @ Oct 27 2005, 02:50 PM) Quoted post

                  I am not happy about it (other than the fact that my energy mutual funds are going nuts [img]style_emoticons/<#EMO_DIR#>/cool.gif[/img] ), but do you really think this administration has the stones to impose windfall taxes on the oil companies?
                  [/b][/quote]

                  Do you really think they should impose such taxes? Taxing success is precisely the reason that income taxes are counterproductive.

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                  • #10
                    Not really.


                    How much did the computer (which probably cost about 20 bucks to make) cost you?


                    Companies = Profit


                    That is their corporate objective/purpose. If not, their shareholders would be pizzed.
                    Official Lounge Sponsor of Candy.


                    "When you say 'radical right' today, I think of these moneymaking ventures by fellows like Pat Robertson and others who are trying to take the Republican Party and make a religious organization out of it. If that ever happens, kiss politics goodbye."
                    -Barry Goldwater

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                    • #11
                      QUOTE(Airshark @ Oct 27 2005, 02:55 PM) Quoted post

                      QUOTE(Donuts_For_Koharski @ Oct 27 2005, 02:50 PM) Quoted post

                      I am not happy about it (other than the fact that my energy mutual funds are going nuts [img]style_emoticons/<#EMO_DIR#>/cool.gif[/img] ), but do you really think this administration has the stones to impose windfall taxes on the oil companies?
                      [/b][/quote]

                      Do you really think they should impose such taxes? Taxing success is precisely the reason that income taxes are counterproductive.
                      [/b][/quote]
                      Agreed. Besides the fact that if the taxes were imposed, the oil companies would simply pass them on to the consumer thereby raising the cost of gasoline and hitting the consumer in his pocketbook.
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                      formerly aka Lois Lane - Going back to my hillbilly roots!

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                      • #12
                        I don't understand how anyone can be pissed by someone else making money.

                        I understand being upset that you weren't a part of the profits, but Exxon broke no rules or laws. Why shouldn't they make as much as they possibly can?
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                        MIGOTS!, TJ Oshie, David Freese, Sponsoring Softball Players, Trout, Bon Jovi, Cold, hard facts, rigidly defined with mathematical precision, The abortion boat, which traveled to Poland in 2003 and Ireland in 2001.

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                        The Hebrew Hammer, BBZ, Foods that start with the letter 'Q', Paul 'Visor' Mitchell, FBBHOFer Brett "William" Wallace, BBFHOF, THE LALPHABET: A B C D E F G H I J K L M N I Z M N O P Q R S T U V Z T U V X Y X Z, The Return of MarkD.

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                        • #13
                          QUOTE(BringBackZezel @ Oct 27 2005, 02:58 PM) Quoted post

                          I don't understand how anyone can be pissed by someone else making money.

                          I understand being upset that you weren't a part of the profits, but Exxon broke no rules or laws. Why shouldn't they make as much as they possibly can?
                          [/b][/quote]

                          I agree.

                          I won't lose any sleep tonight.
                          RIP Chris Jones 1971-2009
                          You'll never be forgotten.

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                          • #14
                            QUOTE(JWB @ Oct 27 2005, 02:58 PM) Quoted post

                            I won't lose any sleep tonight.
                            [/b][/quote]
                            That pisses me off.
                            If you believe in something sacrifice a hobo to it or don't bother.

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                            • #15
                              QUOTE(Turd Ferguson @ Oct 27 2005, 03:01 PM) Quoted post

                              QUOTE(JWB @ Oct 27 2005, 02:58 PM) Quoted post

                              I won't lose any sleep tonight.
                              [/b][/quote]
                              That pisses me off.
                              [/b][/quote]

                              Too soon?
                              RIP Chris Jones 1971-2009
                              You'll never be forgotten.

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