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Post by ty on Apr 28, 2011 9:35:17 GMT -5
Exxon earns nearly $11 billion in first quarterread more: www.dailyfinance.com/2011/04/28/exxon-earnings-whopping-11-billion-in-first-quarter/Quote:"Exxon (XOM) earned nearly $11 billion in the first quarter, a performance that will likely land it in the center of the national debate over high gasoline prices. The world's largest publicly traded company on Thursday reported net income of $10.65 billion, or $2.14 per share, in the first three months of the year. That compares with $6.3 billion, or 1.33 per share. Revenue increased 26 percent to $114 billion. The results surpassed Wall Street estimates of $2.04 per share on sales of $112.6 billion, according to FactSet. The quarter was Exxon's best since earning a record-setting $14.83 billion in 2008's third quarter. It comes at a time when some drivers are paying $4 or more for gas and President Obama is threatening the oil industry's multibillion-dollar tax subsidies. Exxon Mobil Corp. increased earnings despite a slight drop in worldwide oil and natural gas liquids production. Benchmark crude prices increased 20 percent from the same period last year."
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billisonboard
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Post by billisonboard on Apr 28, 2011 9:37:33 GMT -5
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fairlycrazy23
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Post by fairlycrazy23 on Apr 28, 2011 9:59:32 GMT -5
US Oil companies don't have much control over the price of oil, so it seems quite logical that if the price of there product rises there revenue is going to rise.
Obviously subsidies should end, they should end for practically everything not just oil
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Deleted
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Post by Deleted on Apr 28, 2011 10:05:10 GMT -5
Oh the horror!!!! A company is making a profit.....SHAME ON THEM! They should try as hard as possible to make as little money as possible. Seriously? This is what you're getting your panties twisted about?
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floridayankee
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Post by floridayankee on Apr 28, 2011 10:26:27 GMT -5
$11 billon? Holy $%#^*!!! Damn evil, capitalist bass turds... Nationalize oil companies!!!!....on second thought...... Only the ignorant and uneducated get excited over this type of media "shock and awe" campaign any more. We're supposed to get excited over $11 billion in profit by a company producing a product purchased by the good majority of American citizens when the government is $14.3 trillion in debt? Puh-leezze.......
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jkapp
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Post by jkapp on Apr 28, 2011 10:28:51 GMT -5
If that's how much Exxon got with the 3-4 cent profit per gallon...think of how many more BILLIONS the states and feds received with their 30+ cent per gallon taxes!!!
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jkapp
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Post by jkapp on Apr 28, 2011 10:30:46 GMT -5
$11 billon? Holy $%#^*!!! Damn evil, capitalist bass turds... Nationalize oil companies!!!!....on second thought...... Only the ignorant and uneducated get excited over this type of media "shock and awe" campaign any more. We're supposed to get excited over $11 billion in profit by a company producing a product purchased by the good majority of American citizens when the government is $14.3 trillion in debt? Puh-leezze....... Darn, FY beat me to it...and even included a graph!
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Post by Deleted on Apr 28, 2011 10:31:10 GMT -5
Going by fy's graph......Exxon made $11B in profit while various gov't entities who taxed said gasoline made an $264B profit on the same product. Where's the outcry about that?
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Apr 28, 2011 10:50:28 GMT -5
Here's another thought...
95% of Exxon/Mobil stock is split among mutual funds, pension funds, public trusts, foundations, and ordinary people who own shares of stock.
Exxon employees and retirees own 2.5% of Exxon stock through payroll deduction plans, and the other 2.5% of Exxon is owned by Wall Street investment firms.
So if you pick up a pitch fork and join the mob heck-bent on windfall-taxing Exxon, just know you'll be stabbing yourself in the foot.
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vonnie6200
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Post by vonnie6200 on Apr 28, 2011 10:52:05 GMT -5
Darn - too bad they can't take some of that profit and put back into the company with such activities as drilling.
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Post by ed1066 on Apr 28, 2011 10:56:57 GMT -5
Here's another thought... 95% of Exxon/Mobil stock is split among mutual funds, pension funds, public trusts, foundations, and ordinary people who own shares of stock. Exxon employees and retirees own 2.5% of Exxon stock through payroll deduction plans, and the other 2.5% of Exxon is owned by Wall Street investment firms. So if you pick up a pitch fork and join the mob heck-bent on windfall-taxing Exxon, just know you'll be stabbing yourself in the foot. Exxon also paid about $10 billion in federal taxes in 2010. Compare that to Obama's friend Jeff Immelt's company, GE, which paid ZERO in federal taxes last year... www.exxonmobilperspectives.com/2011/04/27/gas-prices-and-industry-earnings-a-few-things-to-think-about/ExxonMobil is one of the largest taxpayers in the United States Last year, our total taxes and duties to the U.S. government topped $9.8 billion, which includes an income tax expense of $1.6 billion. Over the past five years, we incurred a total U.S. tax expense of almost $59 billion, which is $18 billion more than we earned in the United States during the same period. Critics often try to ignore these facts by saying the oil and gas industry receives “subsidies.” But what they really mean is that they want to increase our taxes by taking away long-standing deductions for our industry while leaving these same deductions in place for other sectors of the economy.
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Mad Dawg Wiccan
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Post by Mad Dawg Wiccan on Apr 28, 2011 10:59:25 GMT -5
<<Only the ignorant and uneducated get excited over this type of media "shock and awe" campaign any more.>>
Them and the class envious.
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cael
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Post by cael on Apr 28, 2011 11:00:55 GMT -5
::excited to go check what XOM is at these days and see what her stock is worth:: ::quickly runs from P&M again wondering why she's here again::
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Post by ty on Apr 28, 2011 11:12:29 GMT -5
If that's how much Exxon got with the 3-4 cent profit per gallon...think of how many more BILLIONS the states and feds received with their 30+ cent per gallon taxes!!!
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Post by ty on Apr 28, 2011 11:14:26 GMT -5
<<Only the ignorant and uneducated get excited over this type of media "shock and awe" campaign any more.>> Them and the class envious. YAAAAAAAAAWWWWWWNNNNNN...
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safeharbor37
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Post by safeharbor37 on Apr 28, 2011 11:48:38 GMT -5
My understanding is that an example what the Democrats call a subsidy is the oil depletion allowance for primarily independent [small] drillers in the United States. The allowance [subsidy] is actually a tax deduction so the "subsidy" doesn't actually cost the government anything. But, you say, Tax Deductions "cost" money for the government! It's money that is owed the government that it can't collect [and spend for the benefit of the people]. What that fails to take into account is that without the oil depletion allowance, it would be harder for independent drillers to finance their operations and simply wouldn't drill [because the taxes make it economically unfeasible] so that, since they won't be drilling, they won't be paying taxes at all, with or without deductions. Now. The government says it wants the US to be "energy independent" particularly from the Middle East and it would seem that development of domestic sources [of oil in this case] would be a move in that direction. So why does the government want to discourage oil exploration in the US? Why did Shell have to shut down in Alaska? Why are oil and gas wells in Texas being shut down to save a lizard? From what they do, it appears that the goal of Democrats in general is to force the use of "renewable" energy sources and, if you can't get there that way, you don't go. What sort of future do you want? What sort of future do you expect? Does it appear to you, as it does to me, that our leadership is leading us down a one-way street to a place we don't want to go? I won't be around to see the ultimate destination, but most of you will. Who is it making the choices for you and what are their motives?
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floridayankee
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Post by floridayankee on Apr 28, 2011 12:29:08 GMT -5
<<Only the ignorant and uneducated get excited over this type of media "shock and awe" campaign any more.>>
Them and the class envious. Class envy is a product of ignorance...that and the complete inability to use a simple tool like google.
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Mad Dawg Wiccan
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Post by Mad Dawg Wiccan on Apr 28, 2011 12:33:57 GMT -5
<<Only the ignorant and uneducated get excited over this type of media "shock and awe" campaign any more.>>
Them and the class envious. Class envy is a product of ignorance...that and the complete inability to use a simple tool like google.
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AgeOfEnlightenmentSCP
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Post by AgeOfEnlightenmentSCP on Apr 28, 2011 12:41:14 GMT -5
MODERATORS!!! Stock recommendations should be posted over on Market Talk!
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Post by ty on Apr 28, 2011 12:46:00 GMT -5
MODERATORS!!! Stock recommendations should be posted over on Market Talk! Politics and the Markets This is the Politics and Markets board.
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Value Buy
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Post by Value Buy on Apr 28, 2011 16:19:48 GMT -5
::excited to go check what XOM is at these days and see what her stock is worth:: ::quickly runs from P&M again wondering why she's here again:: STOCK CLOSED DOWN TODAY. Apparently 11 billion dollars profit, is not enough to support the stock price Also, I believe Exxon said they make "about" 7 cents per gallon profit on every gallon, which, is not much of a percentage return, considering the open market price on the commodity exchange is well over $3 a gallon. Wal Mart would go broke on that margin percent. Note: I own some Exxon shares, but not nearly enough of them...........and I will never sell them. Unless it goes to about $300 a share.
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floridayankee
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Post by floridayankee on Apr 29, 2011 8:57:52 GMT -5
Also, I believe Exxon said they make "about" 7 cents per gallon profit on every gallon, which, is not much of a percentage return, That's what people fail to realize. The oil companies deal in an extremely large quantity at a low rate of return. I think people would be shocked to see the markups on other every day items they purchase as most go through several sets of hands before getting to the retail store. My company wouldn't exist at that margin...that's for sure.
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Post by Deleted on Apr 29, 2011 10:56:01 GMT -5
Also, I believe Exxon said they make "about" 7 cents per gallon profit on every gallon, which, is not much of a percentage return, That's what people fail to realize. The oil companies deal in an extremely large quantity at a low rate of return. I think people would be shocked to see the markups on other every day items they purchase as most go through several sets of hands before getting to the retail store. My company wouldn't exist at that margin...that's for sure. NBC was playing up Exxon's' earnings report a week before it came out. NBC has either a huge disconnect with reality or is merely a puppet of this administrations political agenda. This sensational but incomplete coverage will only push their shrinking audience to other information sources, and they will follow the large liberal newspapers into obscurity and bankruptcy.
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Shirina
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Post by Shirina on Apr 29, 2011 11:58:14 GMT -5
LOL! Back when I originally posted the story about GE paying zero taxes, there were a bunch of counter-posts by conservatives claiming that they had, indeed, paid taxes that year.
But ... now that Jeff Immelt is Obama's friend (as if that has any relevance), it appears that GE paid no taxes, after all!
Wow!
The Class Envy Card is just as bad as the Race Card, and both are ridiculously over-played.
I think the legitimate question raised in this thread is why oil companies continue to make rather large profits (that's $11b for just this quarter, not the whole year) when average Americans are struggling with record gas prices?
One can try to "fog the mirror," as it were, by focusing the blame on the government and its gas tax, but did the price skyrocket lately because of increased state gas taxes?
No.
So taxes are irrelevant.
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Post by Savoir Faire-Demogague in NJ on Apr 29, 2011 12:01:31 GMT -5
Just curious, Exxon is a global company with operations in dozens of countries. Anyone have data on taxes paid to foreign jurisdictions?
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Post by Savoir Faire-Demogague in NJ on Apr 29, 2011 12:03:17 GMT -5
One can try to "fog the mirror," as it were, by focusing the blame on the government and its gas tax, but did the price skyrocket lately because of increased state gas taxes?
The price is rising in part to govt regulations, policies and the EPA, all of which have created supply shortages.
Exxon at the very most, controls 5% of the world's crude oil supplies, and that is a high end number. Exxon is small potatoes.
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vonnie6200
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Post by vonnie6200 on Apr 29, 2011 12:02:52 GMT -5
How much has their profit per barrel changed?
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Shirina
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Post by Shirina on Apr 29, 2011 12:09:49 GMT -5
Well, I, for one, do not want to see more pollution just so Exxon and other oil conglomerates can make even more profit.
I don't know every last environmental regulation so perhaps it's possible to relax some of them if they are proven to be ineffective. However, even if that were to take place, rest assured that the oil companies would pocket the money saved rather than pass the savings on to the consumer. When does that ever happen?
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Post by Deleted on Apr 29, 2011 12:12:56 GMT -5
LOL! Back when I originally posted the story about GE paying zero taxes, there were a bunch of counter-posts by conservatives claiming that they had, indeed, paid taxes that year. But ... now that Jeff Immelt is Obama's friend (as if that has any relevance), it appears that GE paid no taxes, after all! Wow! The Class Envy Card is just as bad as the Race Card, and both are ridiculously over-played. I think the legitimate question raised in this thread is why oil companies continue to make rather large profits (that's $11b for just this quarter, not the whole year) when average Americans are struggling with record gas prices? One can try to "fog the mirror," as it were, by focusing the blame on the government and its gas tax, but did the price skyrocket lately because of increased state gas taxes? No. So taxes are irrelevant. Oil companies have no responsibility to the welfare of the average American, only their shareholders. Which by the way, covers quite a few average Americans. ( no contradiction intended, I know you mean fuel cost ) As far as answering your perception of the legitimate question, the price of fuel is high because of demand and the devaluing of our dollar through QE-II. All commodities will be rising, including energy costs. That's why these items are left out when reporting "core" inflation.
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safeharbor37
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Post by safeharbor37 on Apr 29, 2011 12:19:37 GMT -5
It's a matter of opinion. I think that's an illegitimate question about as relevant as why Haig & Haig is making large profits while I'm broke and need a drink. If gasoline costs me $4.07/gallon and the oil company gives up its profit, gas would still cost $4.00/gallon which wouldn't make any difference at all. [20 gal @ $4.00 = $80.00 while $80.00 @ $4.07 = $81.40] You could buy 19.65 gallons for $80. So you'd gain 0.35 gallons on a $80 purchase [or pay $1.40 more for 20 gallons] Your point is irrelevant, misleading and trivial. You are the one "fogging the mirror" since the point of mentioning the tax was to compare the relative effects of tax compared to company profits, not to assign blame. The blame is the chronic interference of Democrats to the development of domestic fossil fuel resources. The US has the largest reserve of fossil fuel reserves in the world and we can't use them because some people don't want us to. That's where the blame belongs.
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