Exxon Sets Record Annual Profit!!!

Saludapaintballer · #1 02-01-2008, 03:09 PM

Exxon Posts Record Profit on Oil Prices

By JOHN PORRETTO,
AP
Posted: 2008-02-01 11:48:08
Filed Under: Earnings
HOUSTON (Feb. 1) - Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company - $40.6 billion - as the world's largest publicly traded oil company benefited from historic crude prices at year's end.

By Don Ryan, AP
Exxon shattered the records for both the largest annual and quarterly profit for a U.S. company, with $40.6 billion and $11.7 billion respectively. The oil behemoth benefited from historic crude prices at year's end. Quote: XOM
From BloggingStocks: Exxon Stock Slips Despite Record Profit
Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.

The eye-popping results weren't a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.

Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10 percent since.

The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.

Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago.

For the year, sales rose to $404.5 billion - the most ever for the Irving, Texas-based company - from the $377.64 billion it posted in 2006.

In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."

"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.

Exxon Mobil produces about 3 percent of the world's oil.

Its shares rose $1.45 , or 1.7 percent, to $87.85 in premarket trading.

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2008-02-01 08:23:50

Saludapaintballer · #2 02-01-2008, 03:10 PM

Does this frustrate anyone else?

USArmyManOfWar · #3 02-01-2008, 03:12 PM

It does me, I sold 500 shares of Exxon a few years back to buy a worthless penny stock. Pisses the hell out of me!!!!

CamoJester · #4 02-01-2008, 03:15 PM

Quote:

Originally Posted by USArmyManOfWar

It does me, I sold 500 shares of Exxon a few years back to buy a worthless penny stock. Pisses the hell out of me!!!!

Yes it dose make me mad. I hate the prices we are having to pay.

Ragtop1968 · #5 02-01-2008, 03:59 PM

Hey, they will just preach about supply and demand.

And how they made most of their profits selling product overseas anyway.....

Wait....If they sell it overseas.....it lowers supply here in the US.....

You got to love these "TRUE" patriots.

socoj2 · #6 02-01-2008, 04:04 PM

Quote:

Originally Posted by Saludapaintballer

Does this frustrate anyone else?

SLANTED article..

1. I hate oil companies as much as the next guy... BUT let me continue..

Profit means nothing when you look at just the end result, As Keith im sure will atest to if you look at profit % of total revenue they are at just under 10%, which is average at best, of the top 25 largest companies in the world, they dont crack the top 5 as % of revenue. So its not like they are totally gouging people.

Exxon is the LARGEST company in the world, thats why they get to throw around the *record* profit quote with them..

claydirt · #7 02-01-2008, 10:34 PM

The biggest frustration is that supply and demand constitute a lower price, but speculation seems to play a larger role and in turn keeps the prices moving ever higher.