Intersting $1500 a second.

[Triton]

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


Thought some of you might like to see this.

Makes me sick.

[corndogggy]

It's not just Exxon though, not sure why everybody fixates on them... BP's profit is up 28%.

[Crockett]

"Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter."

If you put it into perspective it shouldn't seem so bad. In fact, it doesn't seem all that impressive at all to me. They only made a profit of 8.46% (unless my business/math skills are out of practice) 11.68 / 138 = .0846

If that makes you sick then hearing about Billy's Neighborhood Lemonade stand making $10 in one quarter out of $118 in revenue (sales) should make you sick as well. I for one would think that Billy doesn't know what the hell he is doing if out of $118 in revenue he only made $10. :)

I don't know about you but a profit of only 8.46% is a positive number but it is nothing to shake a stick at.

[corndogggy]

Shell's profit is up 33%. Why doesn't anybody complain about them?

[pedigo]

Shell's profit is up 33%. Why doesn't anybody complain about them?

Why complain? Most americans with 401k are invested in one or more the companies. If you own a mutual fund it very well could be partially invested in an oil company. Profit is the name of the game and they just happen to sell a product we refuse to do without, we wont drill in our ownbackyard, and we allow foreign countries (mainly Canada) to make money off of us selling us something we have already.

[Wildcat]

Here's another way to look at it.

"revenue of $138 billion in the second quarter."

How many gals of gas did they have to sell at $4.00 a gal to make that much money???

Most of you work for a private company now if YOU sold or got two or three times as much business as last year would it be a new RECORD for YOU and your company?

[Kentuck]

Chevron has reported record earnings also. For those that care, Downstream lost money. That's the business that refines oil. Folks, these companies aren't making their money on gasoline. They're making it producing oil.

[schroader]

Folks, these companies aren't making their money on gasoline. They're making it producing oil.


BS... you cant tell me there making all there money on oil. The gas we buy today at 3.89 was .99 10 years ago. You can not tell me it cost that much more to import it.

[Kentuck]

Ok, ten years ago oil was $11.92/barrel. Oil is $125/barrel today. It takes oil to make gas so how does everyone figure gas should still be$0.99 when the core product has increased a hundred fold? Some articles I've read recently quoted that 75% of the price of gas is related to the price of oil.

Am I happy about this? Heck no. My gas bill this past month was over $1300. Have to seriously look at whether I can afford to go fishing or hunting now. Sucks big time but to say the companies are making all that money from gasoline isn't correct.

Anyone bought the wife or girlfriend any gold jewelry lately? Gold is over $900/ounce right now. Should we hang the jeweler for the high price of his jewelry? It's not his fault.

[schroader]

What do they sale more of gas or oil? I would guess gas. They still made 100 and ?? BILLION, if they made A billion its still a profit. There is nothing wrong with making a profit but 100 billion come on now.....:mad:

[Snareman2]

Anyone bought the wife or girlfriend any gold jewelry lately? Gold is over $900/ounce right now. Should we hang the jeweler for the high price of his jewelry? It's not his fault.

I can live pretty happy without any jewelry, but I need gas to get around on a daily basis.

I don't mind people making a profit, that is how this world turns, but gouging us with record profits Zucks!

[TriStateHunter]

LS9 (http://www.ls9.com) will change the way we look at petroleum.... its a synthetic and will revelutionize the industry.... hopfully that will equal lower prices for us (one can hope anyway)

[droopy]

i read an article this week that said a brl of crude will only make 20 something gal of gas,so with that at 4.00 a gal thats only around 100 dollars of that brl cost so after reading that i can see to some extent the oil co's delima.i guess they make the rest up in the byproducts,which deisel is the biggest of them all and at 4.50 plus a gal it doesnt take much to make a lot of money,then that runs downhill to everything else that goes in the back of a truck.

[semperhunting]

They made $1500 per second in profit, but paid $4100 per second in taxes.

http://newsbusters.org/blogs/tom-blumer/2008/07/31/media-near-secret-exxons-taxes-almost-3x-much-profits

[jeffd34006]

They made $1500 per second in profit, but paid $4100 per second in taxes.

http://newsbusters.org/blogs/tom-blumer/2008/07/31/media-near-secret-exxons-taxes-almost-3x-much-profits

So, they made 1500 a second AFTER payining 4100 a second in taxes....

No one here thinks 8.4 % profit is over the top. BUT, the fact is they have a monopoly on the fuel and I resent all of the excuses that have been made since the price run up.. They need to just tell the truth and let it go at that.. Thereis not enough truth in the world today, only spin.

[corndogggy]

Why complain? Most americans with 401k are invested in one or more the companies. If you own a mutual fund it very well could be partially invested in an oil company. Profit is the name of the game and they just happen to sell a product we refuse to do without, we wont drill in our ownbackyard, and we allow foreign countries (mainly Canada) to make money off of us selling us something we have already.

I'm not the one complaining... I'm just saying that if you're going to complain about Exxon, you might as well include these other companies, as they're no different... just a little smaller.

[corndogggy]

Anyone bought the wife or girlfriend any gold jewelry lately? Gold is over $900/ounce right now. Should we hang the jeweler for the high price of his jewelry? It's not his fault.

Not that it matters, because I know what you're getting at, but just for the record, jewelry is kind of the opposite of gas... there is no shortage whatsoever, no exponentially growing demand, and the markup on that stuff is incredibly high, it's not a recurring purchase, and most of the time the jeweler IS to blame on their high jewelry prices.

With gas, you've got a gazillion people all around the world trying to get their hands on it as cheaply as possible every day, any kind of supply line kink at all severely impacts prices, more people are getting on the road every day, and there is just very little markup. You can't blame the retailer because they don't really make squat on a gas sale.