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Exxon breaks record for profits this quarter

post #1 of 12
10/30/08 at 9:58am
Thread Starter 
http://money.cnn.com/2008/10/30/news...ion=2008103009

Quote:
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.

The company's prior record was $11.68 billion in the second quarter of 2008.
Wow - and what have we been paying for gas the last few months? I know that prices have dropped just recently, but this is profits from their last quarter. Did they finally lower prices because they were making too much money off of us?
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post #2 of 12
10/30/08 at 10:26am
I knew they were lining their pockets the whole time I struggled to get back and forth to work.
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post #3 of 12
10/30/08 at 2:55pm
I fully expect prices to skyrocket after the election is over.
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post #4 of 12
10/30/08 at 3:07pm
Thread Starter 
Quote:
Originally Posted by Essayons89 View Post
I fully expect prices to skyrocket after the election is over.
Me too. It's been really convenient to have the prices drop right before the election.
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post #5 of 12
10/30/08 at 3:33pm
If anyone wants to read the conference call transcript (where management talks to investors and analysts about the quarter, earnings, projects and outlook), it is available here: http://seekingalpha.com/article/1030...all-transcript

Here's the official press release: Exxon Mobil Press Release on Businesswire

...and here's the "plain english" version: Exxon Mobil breaks record...

Laurie
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post #6 of 12
10/30/08 at 3:53pm
Quote:
Originally Posted by Essayons89 View Post
I fully expect prices to skyrocket after the election is over.
Really? I doubt it. Fundamentally, there has to be demand. With lower gasoline prices, people are driving more in the U.S. than they were so I guess there's a chance we see gas prices rise here for a little bit, but "skyrocketing" I don't think is feasible. As to crude? Basically we're in a global recession. Don't think we see $130 again for some time. And the dollar has been rising (well - it's not that so much as other world currencies have been falling ). Part of what caused the run in crude prices was the low value of the dollar.

Also, gasoline prices tend to fall in the Fall because the blends sold to gas stations are different in the fall and winter than in the spring/summer: http://www.theoildrum.com/story/2006/9/13/234043/431

Laurie
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post #7 of 12
10/30/08 at 4:34pm
Quote:
Originally Posted by Essayons89 View Post
I fully expect prices to skyrocket after the election is over.
i hope not but i would count on them going up before to long. It seems like every time they go down a little they go back up a ton then go back down a little and everyone is happy even though they are still way higher then they were 6 months before
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post #8 of 12
10/30/08 at 4:36pm
if people dont want them to make money, DO not buy gas.
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post #9 of 12
10/30/08 at 5:22pm
Quote:
Originally Posted by theimp98 View Post
if people dont want them to make money, DO not buy gas.
You crack me up.
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post #10 of 12
10/30/08 at 6:07pm
people complain complain complain about the money they make,
coke makes more profit on a bottle of coke, then the exon does on a gallon of gas.
where are the people complaining about a drug company making 2000% profit on one pill?

i find the wlhole crying about gas prices funny. If people dont want them to make that amount of money, then get out a bike, or walk.
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post #11 of 12
10/31/08 at 1:14pm
Quote:
Originally Posted by theimp98 View Post
i find the wlhole crying about gas prices funny. If people dont want them to make that amount of money, then get out a bike, or walk.
Thats all fine and dandy but when you live in a rural area with no mass transit it's a little hard to walk or ride a bicycle 80 miles round trip to work. My husband has been driving his harley to work everyday and it's been mighty cold in the mornings! The motorcycle saves us lots of gas $$.
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post #12 of 12
10/31/08 at 1:37pm
Are any of you honestly surprised about this? It's been common knowledge for a while now. They keep racking up the prices and no matter if they get fined for it eventually or not, they've made enough money that it won't matter.
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