http://news.bbc.co.uk/2/hi/business/4383296.stm


Exxon in biggest ever US profits

US oil giant Exxon Mobil has posted a quarterly profit of $9.9bn (£5.55bn), the largest in US corporate history, on the back of record oil and gas prices.

Profit was up 75% and revenue rose 32% to more than $100bn.

But the results were short of analyst forecasts due to production damage from Hurricanes Rita and Katrina, and lower profit at its chemicals division.

Exxon's record earnings were revealed on the day Royal Dutch Shell said it made $9bn net profit in the quarter.

The Texas-based firm is the world's biggest oil company.

"Our earnings in the third quarter reflect the impact of the relatively volatile industry environment on commodity prices and industry margins," chairman Lee Raymond said.

Exxon shares were down slightly in midday trade on the New York Stock Exchange.

Legislative threat

Oil and gas companies have been benefiting from the rising cost of oil, brought on by the two hurricanes which hit the Gulf of Mexico in late summer, disrupting output.

There have been calls for a windfall profits tax or other penalties on oil companies.

Others have been calling for expanded refining capacity to help bring down pump prices.

Analyst John Kilduff at Fimat USA said the record results "should intensify the scrutiny on the industry from lawmakers".

And earlier this week, House Speaker Dennis Hastert said oil firms must act responsibly to avert legislative efforts over the profits.

"Oil and gas companies are enjoying record profits. That is fine. This is America," Mr Hastert said.

However, he continued: "Our oil companies need to do more to inform the American people about what they are doing to bring down the cost of oil and natural gas. When are new refineries going to be built?"

They should be rewarded for their ability to make even more cash during difficult times.

whooda thunk

The real issue is that these oil companies make more money than the countries that supply the oil, and countries like Venezuela, which is the #1 exporter to the US, according to Fortune, are actually revolting against that. Hugo Chavez wants control over his oil, and he's gotta take it from these rich oil companies, so he is enlisting the help of OPEC and other national oil companies like Venezuela's PDVSA (which owns Citgo). He is fomenting petro-revolution against the monied interests by taking money out of the free market and putting restraints on how it can be used, ostensibly for the sake of his country. This all means something to the United States, and our way of life. This is why we fought the communists--over ideals. A socialist global petroleum industry would incur a lot of costs in the laissez-faire capitalist market And who pays these costs? We all know that...

It's too late to get into this now, I'll be up all night...I hope I'm making sense.

Honestly, I can't really say I have a problem with this. Companies are in business to make a profit for the most part. Exxon isn't a charity.
It's not like they've priced something to the point where people can't purchase it. I have long wondered why they didn't just jack up the prices in the US just for the sheer sake of profit. We'll pay for it. I personally won't consider another mode of transport until it's near $5 a gallon, it's just too goddamn inconvenient in 90% of America to go without a car.

On a related note, Wal-Mart has found that their healthcare costs are going up. Rather than risk billions and billions and billions of profits becoming only billions and billions of profits, they will begin to discriminate against older applicants.

http://thedaily.washington.edu/news.las ... 01&-search

There's a family values employer for ya'!

Very well said. In any business, you sell your merchandise for the amount that creates the maximum profit for you. Why would you do otherwise? I'm rather surprised it's taken oil companies this long to jack the prices up. But the only way to do something about it is to stop buying it, and I don't think most Americans will be doing that anytime soon.

After all the good that Exxon has done for America, we should pay more for gas during tragedy so that their profits can continue to grow. After all, think of all the people they employee. Hell, the Valdez spill alone employed thousands for 10 years!

too bad that we are so against science as a culture. you'd think that someone with a strong engineering background would try to create combustible engines that run on something radically different like vegetable oil or diesal made out of waste products. If they can get teh financial backing, they could be the exxon that we all bitch about in 90 years.

products that get too expensive generally pace the need for new products.

Diesal engines were originally designed to run on vegetable oil. Biodiesal engines are readily available and you can retrofit your diesal-powered car to run on vegetable oil. Try buying a gallon of vegetable oil though. It's certainly no cheaper than sweet crude.

I love how everyone is so shortsighted. Look at the oil companies during the early 80's when they weren't making any money and laying people off. Not to mention the 90's when gas was so ridiculously low at a $1.00. People have alot of nerve to call out the oil companies after they didn't do very well for the last 20 years. But some people don't like capitalism, they want communism. Stop your crying. Oh its not fair the oil companies are making all the money, boo hoo. Its pathetic.

I hope you plan on keeping the car for a very long time because once you put vegetable oil in your car, it has no resale value.

Yeah Exxon has served only several million people each year with gasoline. Your right B they haven't done anything for this country.

Sorry, I was wrong. They're heroes.

I believe there should be regulations and controls on companies that make billions of dollars. The way I see it, that money is taken out of the economy and is used to seed power. Then the powerful set the rules, and the pace of the economy. Sure, we got it pretty good here in the United States, but other folks aren't livin so high on the hog. I'm not saying I know how this can be done, but I think it's something we need to work on. And we need to think about things like sacrifice for the common good...

So B who do you buy your gas from?

Oh god...the communists are coming!!

In 2004, Exxon donated $106.5 million dollars worldwide.

http://www.exxonmobil.com/Corporate/Citizenship/gcr_contributionsworldwide_report.asp

Mostly from the State of North Carolina.

Geez! I hope not...look, I like capitalism as much as the next guy, but I've got this nagging guilt from seeing the world's problems as preventable if we actually try to work toward equality.

I don't think corporations are a bad thing, but I think that they have too much power and governmental leverage right now. I would like to see the government be more representative of the people. I think that there should be more regulations on business--especially bigness, otherwise we might have the same problems we had 100 years ago with the robber barons and the deskilling of the US labor force. I just always keep in mind that corporations are made up of people, and they're just as concerned with survival as any one person is. And they are protected by the constitution as if they were a person, so when you think of it like that, it's like some kind of super-powerful person making decisions and rules for all of us. And he controls everything; laws made by the congress and the senate, executive policies, what the stockholders know, etc. I just don't think we should willingly give up this much money and this much power to people who are ruthlessly seeking money and power. I'm not saying there shouldn't be corporations, but we need to start considering what is their fair share of the world's wealth.