Exxon Mobil posts biggest US quarterly profit ever

[spinbaby]

Source: AP

HOUSTON – Exxon Mobil Corp., the world's largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.

Bolstered by this summer's record crude prices, the Irving, Texas-based company said net income jumped nearly 58 percent to $2.86 a share in the July-September period. That compares with $9.41 billion, or $1.70 a share, a year ago.

The previous record for U.S. corporate profit was set in the last quarter, when Exxon Mobil earned $11.68 billion.
Revenue rose 35 percent to $137.7 billion.

Read more: http://news.yahoo.com/s/ap/20081030/ap_on_bi_ge/earns_exxon_mobil

[harun]

1. Exxon Mobil: Biggest profit in U.S. history

Source: Exxon Mobil: Biggest profit in U.S. history

NEW YORK (CNNMoney.com) -- Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.

Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.

Exxon's prior record was $11.68 billion in the second quarter of 2008.

The company said its revenue totaled $137.7 billion in the third quarter.

Read more: http://money.cnn.com/2008/10/30/news/companies/exxon_earnings/index.htm?cnn=yes

---

Folks, when B*sh and McCain say our economy is strong, this is what they mean. Their friends at Exxon are looting the American people and to them it is a success.

[flying_wahini]

2. eggzactly! Our "strong" economy is great for oil companies!

n/t

[Blue_Tires]

3. i hope people take notice of this

local mediots have been dancing in the streets thinking all our problems are over now that gas is $2 per gallon

[durablend]

4. Hell, I'm certainly not...

Not after the $5+/gallon rape by the propane company this morning.

Funny how energy prices supposedly are down sharply yet I'm paying more than ever before.

[SpiralHawk]

5. "Excellent. Smirk." - Republicon fatcat cronies

[tclambert]

7. That picture belongs on icanhascheezburger.com

Caption: Fatcat claims another unwary victim.

[tclambert]

6. US energy policy should have been to utterly destroy Exxon Mobil

since the 1970s. Brazil committed to achieving energy independence. It took them 30 years, but they did it. That should have been us! Instead we let Exxon Mobil set our energy policy.

Other than George W. Bush, can you name anyone who has harmed America and the world more than Exxon Mobil?

[radfringe]

8. only $14.83 billion?

OMG - mccain-palin should increase the tax breaks/cuts/credits for them. DRILL BABY DRILL /:sarcasm:

[jakem]

9. Well, no shit. Oils drops in half, gas goes down 25%

I am not mathematician, but series...

[lib2DaBone]

10. Record Oil Profit.. but no jobs in America....

but that's good news for Joe the Plumber. 'Friggin Idiots.

[gratuitous]

11. The Republican economic plan

Don't "spread the wealth," instead, let's pool our money and give it all to ExxonMobil. Now, cross your fingers and hope that something good happens. Fookin' brilliant!

[AwakeAtLast]

12. And they still get to spread the wealth, no wait - those are tax breaks

:yoiks:

[melm00se]

13. a couple of informational points

1) yes, this is a crap load of money but you have to factor in the total revenue $137 billion in revenue.

2) yes, gas and oil prices have dropped but the bulk of that drop occurred during October:

so that drop off wouldn't be reflected in XOM's 3rd quarter as the quarter had already ended (September 30) before the decline began. This fact is reflected in the forecast on XOM's revenue for next quarter: it is anticipated that their revenue will drop from Q3's $131.4 billion down to $93.3 billion in Q4.

[durablend]

16. Only $93.3 billion?

Shit--how will they survive on that?

Sounds like they'll be filing for bankruptcy soon!

:sarcasm:

[melm00se]

19. No matter how much revenue

a company or person has, if their costs are greater than their revenue, they will lose money.

if XOM's controllable costs don't drop in line with their revenue, they could quite easily lose money.

http://www.softwaretimes.com/files/income%20statement%20for%20dummi.html

is a nice quick read, if you read it, understand it and apply it to any company's balance sheet you will understand that revenue is only half the profit equation.

[tabasco]

24. No shit, Sherlock.

Massive executive bonuses are part of the balance sheet too.

[all.of.me]

14. and that's gonna trickle down, right? /sarcasm

The timing of this report is great, because this is the exact bullshit that has to come to a halt, and now it is front and center. Obama will pick up on it and use it, I'm sure.

[garybeck]

15. DON'T YOU SEE? We need to give them more tax breaks.

If we don't give them more tax breaks the economy will crumble.

[Winterblues]

17. How much of that is Government subsidy?

McCain wants to keep the huge tax relief to the Oil corporations and Exxon receives four billion dollars from this...This third quarter NET PROFIT works out to OVER One Hundred and Fifty Million dollars a DAY A friggin' DAY.. They have been making over a hundred million dollars a DAY in NET PROFIT Day in and Day out . week after week , month after month, year after year, for over six straight years....NET PROFIT after All Expenses have been paid. In the pocket money Over a Hundred and Fifty Million Dollars a Day.. Think about it...

[Overseas]

18. K&R to show who McLiar wants to continue subsidizing

while taxing the medical benefits of average Americans.

[DeepModem Mom]

20. K&R

[high density]

21. Clearly, Exxon Mobil needs a tax cut so they can create more jobs

:crazy:

[sarcasmo]

22. Just a sick number, 137.7 BILLION.

[tabasco]

23. Not surprising since they're running the country

through their puppets Bush & Cheney.

[machI]

25. Sounds like it is time to implement a windfall profits tax.

Theodore Roosevelt recognize 100 years ago that concentrations of money and power are detrimental to the country. The next President needs to address these international mega-corporations and either reign in their power, or break them into less powerful chunks.