Exxon Misses Quarterly Profit Forecasts

[BruteForce]

No comment necessary. News story speaks for itself.

http://money.cnn.com/2008/07/31/news/companies/exxon_profits/index.htm


NEW YORK (CNNMoney.com) -- Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

That profit works out to $1,485.55 a second.

That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.

"The fundamentals of our business remain strong," Henry Hubble, Exxon's vice president of investor relations, said on a conference call. "We continue to capture the benefit of strong industry conditions."

But Exxon (XOM, Fortune 500) profit fell short of Wall Street estimates.

Analysts predicted the company, the world's largest publicly traded oil firm, would make $12.1 billion in profit on $144.4 billion in revenue, according to Thomson Reuters.

[sailsmen]

If they went bankrupt would you be cheering?

Their profitability is lower than Non-Auto Mfg and a whole list of other industires.

The Gov't in the USA gets more in taxes from a gallon of gas then Exxon does in profits.

Exxon owns .62% of the worlds oil reserves and sells 3.2% of the worlds oil.

95% of the worlds oil is owned by governments.

And that is obviously the whole problem governments only own 95% of the worlds oil. If government owned 100% there would be no problems.:bs:

[FreddieH]

The big oil companies say the have to raise the price of gas to be able to make a profit, but they are making record profits even though there are less people driving. Should'nt their profit margin have stayed the same?
Remember, Bush is a oil tycoon, and Cheyney's company is Haliburton which is supplying the War. It seems that they are legally robbing us while they are still in office.

[Haggis]

:woohoo: My divdends ought to be going up again real soon. :D

[SC Cheesehead]

The big oil companies say the have to raise the price of gas to be able to make a profit, but they are making record profits even though there are less people driving. Should'nt their profit margin have stayed the same?
Remember, Bush is a oil tycoon, and Cheyney's company is Haliburton which is supplying the War. It seems that they are legally robbing us while they are still in office.

$11.68b/$138b = 8.5% profit margin, this is actually lower than past margins, and a lot lower than the average profit margins made by most companies.

Also the price of gas is determined mainly by the price of crude oil; manufacturing costs, transportation, and taxes are relatively constant. If the price of your raw material goes up (i.e. crude oil), and you've got minimal profit margin (e.g. 8.5%), then you don't have a lot of wiggle room to absorb cost increases without raising your price. Would you prefer the oil companies sell at a loss? If the answer is yes, the ask yourself if you'd be willing to pay your employer for the opportunity to work for him every day.:rolleyes:

[sailsmen]

True, however the profit margin on gasoline products is ~4%.

The other byproducts have a much higher profit margin that results in an overall profit margin of ~8%.

Remember we have had a drilling moratorium for 27 years.

Lifting the drilling moratorium will replace the oil we buy from the Mideast in 5 years and thats based on the oil we know is currently there.

When you hear about all the Fed land that is currently leased and not being drilled on please note:
1) unfortunately there is not oil under all leased land
2) the leasee has x years to drill or loses the lease.

The DNC leadership has publically stated no drilling, no nuc, no coal and no hydro. Rationing is what they want, for everything to reduce our "carbon foot print" including China's one child policy.

Reme,ber per the US Supreme Court exhaling is polluting. CO2 is a pollutant, start killing yourself and animals to stop polluting.

[SC Cheesehead]

True, however the profit margin on gasoline products is ~4%.

The other byproducts have a much higher profit margin that results in an overall profit margin of ~8%.

Remember we have had a drilling moratorium for 27 years.

Lifting the drilling moratorium will replace the oil we buy from the Mideast in 5 years and thats based on the oil we know is currently there.

When you hear about all the Fed land that is currently leased and not being drilled on please note:
1) unfortunately there is not oil under all leased land
2) the leasee has x years to drill or loses the lease.

The DNC leadership has publically stated no drilling, no nuc, no coal and no hydro. Rationing is what they want, for everything to reduce our "carbon foot print" including China's one child policy.

Reme,ber per the US Supreme Court exhaling is polluting. CO2 is a pollutant, start killing yourself and animals to stop polluting.

Hmmm, I've got an idea: Washington politicians are for the most part lawyers by trade. Let's take a cue from Willie Shakespeare, "'The first thing we do, let's kill all the lawyers...";)

[Leadfoot281]

Remember, Bush is a oil tycoon, and Cheyney's company is Haliburton which is supplying the War. It seems that they are legally robbing us while they are still in office.

I thought Bush was baseball tycoon. :confused: Didn't he used to own the Texas Rangers?

If we're going to talk conspiracy theorys lets not forget Jimmy "The peanut farmer" Carter. The OPEC oil embargos of the 70's was completely his fault and was used as a scheme to get us all to convert to bio-fuels made by, you guessed it, peanut oil. This in turn would have made him very wealthy.

Further proof you just can't trust the "big peanut" industry.

Sure there is 1,000 other much easier ways to get rich in politics but why go that route when you can spend 8 years trying to get your former employer rich instead.

All in all though, I'm glad big oil exists. Pushing my Marauder around would get old quickly.

[BruteForce]

Pushing my Marauder around would get old quickly.

Amen to that. :stupid: