Posted on 01/30/2009 6:54:55 AM PST by St. Louis Conservative
HOUSTON (AP) -- Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.
The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.
The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.
In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer.
With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday's results show no one is completely insulated from the ongoing malaise.
Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year's second quarter and then with earnings of $14.83 billion in the third quarter.
(Excerpt) Read more at finance.yahoo.com ...
Oh those eeeevil oil companies......
Sweet! This is about the only stock I own that isn’t in the tank.
How dare a giant American-based company make giant profit for their huge number of stockholders!
It would be much better if they lost money every year or if the Chinese had this huge company instead. /s
My, how financial success embarrasses the libs.
Clearly, our beloved Federal Government should confiscate all this eeeeeevil profit and give it away to those who DESERVE it.
Awesome news.
I look forward to hearing how much total tax they paid in 2008.
In 2006 they paid $97.5 billion in taxes.
In 2007 they paid $105.6 billion in taxes.
I’m guessing we will have another record.
If ONLY American Banks could turn a profit following Govt. Guidelines.
Way to go EXXON - POSITIVE economic news for America.
Found it, another record.
Total taxes in 2008 $116.261 Billion.
$36.530 Billion in income taxes for an effective rate of 47%.
Exxon, Buy some influence in Washington with those profits, they’re FOR SALE IN DC, ya know ?
The CEO should also point out how much they paid in taxes on all that money.
Ditto!!!!!!!!
LLS
They didn't pay any! Corporations collect taxes they do not pay them.
Great find. That is very relevant data when considering the profits.
CONGRATULATIONS to ExxonMobil. Put them in charge of our economy. Seriously.
And like never before, has a President went on record like Obama did this week and condemned America's Private Corporations and their executives for the bonuses they receive.
39.3% income tax was paid before the $45.2 billion net which is the highest corporate tax rate in the world. Actual taxes paid by evil Exxon was roughly $20 billion.
>> I’m guessing we will have another [corporate income tax] record.
That’s interesting. ONE US corporation, “funding” nearly one-eighth of the obscene Porkulus Maximus bailout by itself.
That fact deserves wider publicity than it’s getting.
Try your math again. Their income tax rate was higher.
And, do you also believe that those CEO’s don't pay any taxes on their salaries and bonuses?
Imagine what they actually pay in personal income taxes, above and beyond the severe write-off limitations that the government has for people in this income category.
Don't come off with your usual rhetoric either, actually look up what the rates are for this kind of income and what these people have to pay.
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