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Exxon posts largest quarterly profit EVER

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Zach

Addicted to race cars
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http://www.usatoday.com/money/industries/e...ofit-usat_x.htm

Gain of $9.92 billion is the largest quarterly profit ever for a U.S. company

"The world’s largest publicly traded oil company said Thursday high oil and natural-gas prices helped its third-quarter profit surge almost 75 percent to $9.92 billion, the largest quarterly profit for a U.S. company ever, and it was the first to ring up more than $100 billion in quarterly sales."

They it's all about supply & demand. I say it's all about greed...

Comments/thoughts?
-Zach
 
While greedy to say the least the figure is not really a shocker. They saw an oppurtunity and took it/us for all it was worth. It is just business to them really, the rich get richer.
 
I agree that it is on the line. But I'll still comment. ;)

The price of oil is not set by the oil companies. With the price of oil being where it is, it makes sense that all oil companies are setting record profits. This is an industry that's kicking ass profit wise, because of our greed. If you can find it and get it to market, well you're doing pretty good right now.

An oil companies job is to explore, drill, extract and sell. They are not inventors whose job it is to come up new fuels sources. Don't blame them for making a buck on where the price of oil is right now. Blame yourselves for driving petrol consuming monsters without a real need and being so damn dependent on the stuff that it hurts bad when prices go up.
 
Peekay said:
Blame yourselves for driving petrol consuming monsters without a real need and being so damn dependent on the stuff that it hurts bad when prices go up.
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Exxon may be doing well now, but it's a business with a definite shelf life. Same goes for gas-powered vehicles. There's only so much oil in the ground. In 50 years, the world will be a different place.

The light bulb went on over my head on this about a year ago. I did some research and bought 2500 shares of Evergreen Solar (ticker: ESLR) at $3.95. The stock closed at $8.38 on Friday.
 
Lumberg said:
I'm thinking the topic of this thread is borderline as far as the rules are concerned.
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Stop telling members what you think the rules are and mind your own stupid business. Nobody likes a bitch lump.

NA
 
Lumberg said:
I'm thinking the topic of this thread is borderline as far as the rules are concerned.
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I agree. Unless it's to note that the price of my cigars has gone up lately due to the increase in shipping costs because of the greedy bastids.

But it's not.
 
Lumberg said:
I'm thinking the topic of this thread is borderline as far as the rules are concerned.
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Care to elaborate? I didn't mention anything political... Just posted up a current event that deals with capitalism and a commodity citizens can't live without.
 
Just ignore the chuckleheads Vert. There's nothing wrong with your post that I can see.

NA
 
Well, I'm an Exxon Mobil shareholder, but sadly despite all the profit, the share price has done nothing but go down lately.
 
kevpriest said:
Well, I'm an Exxon Mobil shareholder, but sadly despite all the profit, the share price has done nothing but go down lately.
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From what I've heard from a few Exxon employees is they get no kickbacks either...
 
SamClemmons said:
Lumberg said:
I'm thinking the topic of this thread is borderline as far as the rules are concerned.
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Stop telling members what you think the rules are and mind your own stupid business. Nobody likes a bitch lump.

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How about minding yours then?
 
Was listening to a discussion of this very subject on the radio a couple of evenings ago. The host mentioned that stockholder dividends are up by about 6%. Not bad...but not a big whopping amount either. The profits are apparently being reinvested. Stock prices are pretty stable...if not slightly off. Seems that investors know this is a temporary boon and not indicative of long-term performance.

One thing I find more discomfitting than greed is bitter envy. The oil companies are doing exactly what they are supposed to be doing...making a profit for their stockholders and/or reinvesting in the company's stability, expansion, or what-have-you.

And exactly why must they invest in alternative fuels? I agree that doing so would be nice and it would be forward-looking but in the end, they're in the oil business...not the alternative fuel business.
 
Lumberg said:
SamClemmons said:
Whackjobs are my business. You're it.

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LOL! What does that say about you?
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Geez, I dunno what that says about me lump. Suppose you tell me?

NA
 
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So you're still just an ankle biter lumpkin. What made me think you would show any kind of integrity by answering a simple question. A coward dies a thousand deaths... I'm guessing you've only got 10 or 20 left. You are an exceedingly foolish person. I can make you disappear from here.

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