Exxon Mobil posts biggest US quarterly profit ever

[Jinxedwarrior]

Gas shortage my a$$!

Link

 

[LockOut]

i wish i worked for a gas company.

 

[golfgar]

And the stock price has gone down????

 

[ironpeddler]

I'm getting deja vu...haven't we read that same headline for the last 3 or 4 quarters from them? :whistling:

 

[amateuraficionado]

I'm getting deja vu nauseous...haven't we read that same headline for the last 3 or 4 quarters from them? :whistling:

Fixed that for ya Gary

 

[Nimrod]

Whoa! A company making profit? Shame on them! :angry:

The government should make it a law that they provide affordable gasoline.....Then we can bail them out as well. :whistling:

 

[LilBastage]

They also paid $32.51 billion in taxes at an effective rate of about 43% of income.

 

[Nimrod]

They also paid $32.51 billion in taxes at an effective rate of about 43% of income.

They did not. We did. They passed the bill on to us. Economics 101.

 

[Mike33]

They also paid $32.51 billion in taxes at an effective rate of about 43% of income.

Actually, that is only what they had incurred, not PAID. They had almost $23 Billion in deferred income taxes on their balance sheet as of Dec. '07, so their effective tax rate (what they actually paid) is around the 10% mark.

 

[PuroEsq]

Yeah they should be taxed and the profits shared with everyone who has done nothing to earn it. They should be penalized because they have done nothing to search for the oil, nothing to extract the oil, nothing to refine the oil, and nothing to deliver the gasoline to the world. They should be penalized because they are one of the largest employers in one of the most volitile world markets. I am sure that if there were excess profit disgorgement taxes this would cause all of our gas prices to go down and there would be an abundant supply of gas all over the world.

:sign:

 

[LilBastage]

They also paid $32.51 billion in taxes at an effective rate of about 43% of income.

Actually, that is only what they had incurred, not PAID. They had almost $23 Billion in deferred income taxes on their balance sheet as of Dec. '07, so their effective tax rate (what they actually paid) is around the 10% mark.

So, how does that work? All of the stories I've seen today give the $32.51 billion figure for their quarterly tax bill. There's no mention of 2007.

 

[Mike33]

They also paid $32.51 billion in taxes at an effective rate of about 43% of income.

Actually, that is only what they had incurred, not PAID. They had almost $23 Billion in deferred income taxes on their balance sheet as of Dec. '07, so their effective tax rate (what they actually paid) is around the 10% mark.

So, how does that work? All of the stories I've seen today give the $32.51 billion figure for their quarterly tax bill. There's no mention of 2007.

Well, that is what they have incurred in income taxes. But, that is not what they have to pay. All businesses can and do defer their tax liability, so there is nothing unique or weird about what Exxon does. They will eventually have to pay this year's taxes, but it will be several years down the road and the payments will be spread out and the same goes for all previous and subsequent years. So while it is true that they do have to pay some $32+ billion in taxes, that is misleading as that is not the amount they actually send to Uncle Sam.

XOM's Balance Sheet

Just to be clear, I'm not saying they should or should not pay more taxes and I don't give a damn about their earnings, I was just pointing out that the amount of tax they PAY is quite different from what they INCUR, and that is true for all companies.

 

[LilBastage]

They also paid $32.51 billion in taxes at an effective rate of about 43% of income.

Actually, that is only what they had incurred, not PAID. They had almost $23 Billion in deferred income taxes on their balance sheet as of Dec. '07, so their effective tax rate (what they actually paid) is around the 10% mark.

So, how does that work? All of the stories I've seen today give the $32.51 billion figure for their quarterly tax bill. There's no mention of 2007.

Well, that is what they have incurred in income taxes. But, that is not what they have to pay. All businesses can and do defer their tax liability, so there is nothing unique or weird about what Exxon does. They will eventually have to pay this year's taxes, but it will be several years down the road and the payments will be spread out and the same goes for all previous and subsequent years. So while it is true that they do have to pay some $32+ billion in taxes, that is misleading as that is not the amount they actually send to Uncle Sam.

XOM's Balance Sheet

Just to be clear, I'm not saying they should or should not pay more taxes and I don't give a damn about their earnings, I was just pointing out that the amount of tax they PAY is quite different from what they INCUR, and that is true for all companies.

Thanks for the clarification.

I suppose much of the taxes are for non-US based operations anyway.

I was simply pointing out that, yeah, they make a boatload of money, but they also pay a lot of taxes. The numbers are absolutely ridiculous if you try to wrap your head around them.

 

[Nimrod]

Are you confused? The tax code only has 9 million words in it.

I am sure XOM has many ways to divert some of the taxes, not that I am complaining about it.

If you are so angry about XOM with such huge profits, maybe you should look at who makes the most $$ per gallon.
The last I heard, the mystery entity has a 5:1 ratio to what XOM earns per gallon.

 

[amateuraficionado]

Whoa! A company making profit? Shame on them! :angry:

I hardly call a company "shattering it's own record" and earning the biggest profit EVER by a U.S. corporation just "making a profit".

I know gas is a necessity, but in light of the current state of the global economy there is clearly something wrong with this!

 

[jeht2000]

The "shame on the oil companies" comes from them getting richer at the expense of the american people. While the economy was hurting, and the dollar getting weaker..prices where still going up. At times, it seemed like it was going up just to see how much people would pay. Now, with the price of oil going down they are limiting the supply in order to keep the profits high.

But, its not just the oil companies. Where is the extra tax money going that is made off of them??

 

[Nimrod]

The "shame on the oil companies" comes from them getting richer at the expense of the american people.

But, its not just the oil companies.

Profitability
Profit Margin (ttm): 11.59%
Operating Margin (ttm): 17.27%
Management Effectiveness
Return on Assets (ttm): 15.85%
Return on Equity (ttm): 33.33%

Microsoft
Profitability
Profit Margin (ttm): 29.29%
Operating Margin (ttm): 40.70%
Management Effectiveness
Return on Assets (ttm): 22.03%
Return on Equity (ttm): 47.72%

Apple
Profitability
Profit Margin (ttm): 15.37%
Operating Margin (ttm): 19.67%
Management Effectiveness
Return on Assets (ttm): 13.16%
Return on Equity (ttm): 29.06%

 

[MoeCizlak]

What percentage of Exxon/Mobil's profits is from gasoline? My company deals alot with Exxon (industrial chemicals) and Mobil (industrial lubricants) so I know that they are big players in both of those categories. Just curious if anyone has seen how big of a piece of the pie is gasoline.

 

[JayBay]

I recall other times when Exxon/Mobil's profits were in the news - specifically following the price hike of automotive fuel that followed Hurricane Katrina. If memory serves, there were claims that the hurricane caused damages to refineries and off-shore platforms - therefore justifying the price increase. In subsequent quarters, they showed record profits. This time around, the hardship claimed by oil companies was the price of oil - and once again; record profits. I understand a companies need to make a profit. After all, it's why anyone goes into business. However, automotive fuel prices don't just effect what you and I pay at the pump, and subsequently have left to spend on other things.

It also effects the trucking industry - which in turn effects what we pay to have those goods delivered, which raises the cost of those goods to the consumer.

You know what else it effects? Your local law enforcement. I have friends who are police officers, and although I've not seen it in the news - I've been told the high price of fuel is forcing police to patrol less in rural communities with limited resources. Perhaps in more densely populated areas, too - but I don't know any big city police officers with whom I could validate that. I can't say with any clarity or back it up with any statistics that the price of fuel will effect crime, but it seems that if the police patrol less - there's greater opportunity for crooks to get away with what they do. Just a thought.

 

[amateuraficionado]

You know what else it effects? Your local law enforcement. I have friends who are police officers, and although I've not seen it in the news - I've been told the high price of fuel is forcing police to patrol less in rural communities with limited resources. Perhaps in more densely populated areas, too - but I don't know any big city police officers with whom I could validate that. I can't say with any clarity or back it up with any statistics that the price of fuel will effect crime, but it seems that if the police patrol less - there's greater opportunity for crooks to get away with what they do. Just a thought.

This is an excellent point. And while it may not always necessarily result in less patroling it may result in higher property taxes to offset the higher cost of funding municipal government functions.

It ain't just about the greedy executives at Exxon Mobil or their greedy political constituents.... there is a much greater "trickle down" effect that is much more than a mere trickle!