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Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:16 AM
Original message
Exxon Mobil posts lowest annual profit since '02
Edited on Mon Feb-01-10 10:31 AM by Lone_Star_Dem
Source: Associated Press

NEW YORK (AP) - Exxon Mobil Corp. said Monday its annual income of $19.3 billion was the smallest in seven years as higher oil prices squeezed profit margins in its refining business.

The results for the world's largest publicly traded oil company reflect the volatility in the price of crude oil over the past years and the impact of the global recession.

When oil spiked above $147 a barrel in mid-2008, Exxon became the king of corporate profits, setting ever-higher marks for earnings by a U.S. company. Then oil prices plummeted late last year, and Exxon suffered a yearlong hangover that included the smallest quarterly earnings in several years.

The Irving, Texas company finished 2009 with a 23 percent decline in fourth-quarter income. Exxon earned $6.05 billion, or $1.27 a share, for the final three months of 2009. That compares with $7.82 billion, or $1.54 a share, a year earlier. Revenue increased 6 percent to $89.8 billion.

Exxon now has posted lower profits for five straight quarters after setting a record of $14.83 billion in the third quarter of 2008.

Read more: http://www.theglobeandmail.com/globe-investor/exxon-posts-lowest-annual-profit-since-02/article1451612/
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AndyA Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:21 AM
Response to Original message
1. Coincidence?
When there were two oil men in office, profits soared. About the time they left office, profits dropped.

Coincidence? Or two guys taking care of their buds, knowing that those buds would take care of them?

Considering what the price of oil did during the Bush years, I think that alone just screams for an official investigation. What is in that super secret Bush Energy Policy anyway?

Hey, Barack...remember what you said about transparency? That should apply to the Bush years as well!
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Lost4words Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:23 AM
Response to Reply #1
4. And to the Obama admin as well! We havent gotten it yet!


your quote

"Hey, Barack...remember what you said about transparency? That should apply to the Bush years as well!"

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liberal N proud Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:43 AM
Response to Reply #1
10. My thoughts exactly.
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Mon Feb-01-10 10:21 AM
Response to Original message
2. Deleted message
Message removed by moderator. Click here to review the message board rules.
 
Lone_Star_Dem Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:29 AM
Response to Reply #2
5. Actually
The link was open from when I read this article earlier in LBN:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x4251026

You may want to work on your people skills a bit there, Sparky.




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Lost4words Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 01:23 PM
Response to Reply #5
19. You learn to give what you are given, poopsie
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Sabriel Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:22 AM
Response to Original message
3. I'm starting a fund for donations
Who's with me on this?
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Jefferson23 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:41 AM
Response to Reply #3
8. Yea, we need to have a telethon of some such event. Bush and Cheney could
sing a duet.
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HCE SuiGeneris Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 11:47 AM
Response to Reply #8
15. I assembled the crew. Let's siphon some cash!
Edited on Mon Feb-01-10 11:49 AM by HCE SuiGeneris
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Jefferson23 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 07:18 PM
Response to Reply #15
28. ROFL
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belpejic Donating Member (431 posts) Send PM | Profile | Ignore Mon Feb-01-10 10:39 AM
Response to Original message
6. Gas prices will start to rise
Can't have falling profits in the oil industry now, can we.
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harun Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:41 AM
Response to Original message
7. I think they want B*sh back in office.
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santamargarita Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:41 AM
Response to Original message
9. Hopefully, less funds for the 2010 elections
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 10:44 AM
Response to Original message
11. Gee, only $611.59 PER SECOND in profit every single second of the entire
year.

Jesus wept.
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Winterblues Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 03:22 PM
Response to Reply #11
24. That's NET PROFIT by the way
After every single expense has been paid. Over fifty million dollars a day. Every single day seven days a week, week after week, month after month.
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mbperrin Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 03:53 PM
Response to Reply #24
27. Yep. Damn shame, isn't it?
But there's no money for healthcare, education, or even routine space forays to keep our satellites alive.

Hmmm...
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theophilus Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 11:19 AM
Response to Original message
12. Poor babies. They sure raked it in summer before last.....helped
start the recession, imo. Anyway, if they want profits they best diversify and start building solar panels and wind turbines. Get busy big oil! Get off you cans and start helping humanity for a change!
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L0oniX Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 11:41 AM
Response to Original message
13. AW the poor little CEO millionaires and congressional stock holders
Edited on Mon Feb-01-10 11:42 AM by L0oniX
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MilesColtrane Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 11:46 AM
Response to Original message
14. I have a feeling that oil companies invest in their infrastructure more intensely...
during Democratic administrations.

This leads to a lower bottom line which they can display in defense of any proposed windfall profit tax on the industry.
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Arctic Dave Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 03:35 PM
Response to Reply #14
25. If that is the case, then I'm for it.
That means the money gets recirculated into the economy and not in to the pockets of a few people. More people working and less chance of an environmental problem caused by poor maintenance on a facility.
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CatholicEdHead Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 11:51 AM
Response to Original message
16. Let's give them a bailout to get them up to the expected levels
:sarcasm:
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Froward69 Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 11:54 AM
Response to Original message
17. Gee I feel soo bad for them...
I suppose they will have to reinvest all that profit they made under bush to stay afloat... :sarcasm:

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cufford Donating Member (57 posts) Send PM | Profile | Ignore Mon Feb-01-10 01:10 PM
Response to Original message
18. Not surprising, actually.
Edited on Mon Feb-01-10 01:46 PM by cufford
1) The systematic collapse of the U.S. economy is obviously going to make a big dent in the biggest consumer market of oil on the planet, and as such those companies supplying it.

2) After driving gas prices through the roof a while back, in tandem with a collapsing economy, Americans woke up and changed their driving habits big time, suddenly consuming far less gas than they used to. This fundamental shift in the American psyche as it pertains to their cars and how they use them, resulted in an over-supply of oil on the market that the cartels haven't been able to recover from. Prices remain very low and even OPEC cutting production hasn't helped them much.

They got greedy and sabotaged their own market. Serves them right! Just like most big corporations did over the past few decades of so-called "Free Trade", firing well-paid American workers, and now there's no market left for them either. In a manner of sense, they fired their own best customers.

Just goes to show how this short-term-profits mentality of big corporations is ultimately self-destructive to their own well-being over the long term.

They killed their own markets over the long term in the interests of rapacious profits in the short term.

Welcome to American Corporate Capitalism!
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aquart Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 01:43 PM
Response to Original message
20. Were the bonuses down, too? By how much?
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winyanstaz Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 01:56 PM
Response to Original message
21. poor babies......
I say its time to investigate all their books too.
Don't we have laws against war time profiteering?
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truthisfreedom Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 02:15 PM
Response to Original message
22. Our goal is to shrink the oil companies so much that we can drown them in the bathtub.
Screw 'em.
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MrsBrady Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 02:16 PM
Response to Original message
23. Cry me a freaking river. n/t
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dugaresa Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Feb-01-10 03:36 PM
Response to Original message
26. Crying over profit, what a laugh
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