Exxon's profit soars 69 percent, tops Street [Revenue rose 26 percent to $114 billion....]

Reuters ^

[Sub-Driver]

Exxon's profit soars 69 percent, tops Street

8:34am EDT

HOUSTON (Reuters) - Exxon Mobil Corp's quarterly profit rose a better-than-expected 69 percent as the world's largest publicly traded oil company benefited from higher crude prices and better margins for its refineries.

The Irving, Texas, company reported a first-quarter profit of $10.65 billion, or $2.14 per share, up from $6.3 billion, or $1.33 per share, a year earlier.

Analysts on average had expected Exxon to report a first-quarter profit of $2.07 per share, according to Thomson Reuters I/B/E/S.

Revenue rose 26 percent to $114 billion.

[CPT Clay]

Yes! I want to know how much they paid in taxes!!!

[VRWCmember]

Yes! I want to know how much they paid in taxes!!!

The Irving, Texas, company reported a first-quarter profit of $10.65 billion...

and paid taxes of $26.24 billion.
(or just about 2.5 TIMES their profit)

[Smokin' Joe]

Did they mention that Exxon Mobil bought XTO Energy, which gives Exxon a large stake in the Bakken and Three Forks. XTO had bought one of the companies which got in early and extensively in the Elm Coulee Field in Richland County Montana, the first of the big Bakken fields of the type being drilled today. The crude is on par with WTI, pricewise "light, sweet, crude oil. No doubt this affected the bottom line somewhat.

Also, Exxon Mobil have been aggressive about positioning themselves to have the product to deliver on the upstream end in time to take advantage of price changes.

Now for the real reason the numbers seem larger than anticipated: inflation makes today's profits seem large compared to yesterday's expenses, even though the 'income' dollar buys less.

[Royal Wulff]

They made 2 cents per gallon, moocher.

[Cronos]

Begin building wealth by becoming a shareholder of successful companies

Quite correct. I read a lot of these books and articles when I was in my teens and started saving money from my first salary. Now, while I'm not "well off", I own a house and have a good amount in mutual funds and the market that is slowly ticking away each year (I don't touch it) -- and I'm in my early thirties. I'm not particularly financially brilliant (if I actually followed all the smart opportunities I missed I would be a multi-millionaire now), I just followed good advice like yours.

[Cronos]

Need to add on that a lot of the stuff we buy is really not needed. Let's be honest -- do we all need that better car, tv set etc.? Or even changing mobile phones every year? Or even buying that new tablet PC instead of reading or using the older PC?

Sometimes we need something, so good, buy, but otherwise, it's better to wait a week or two and see if one really needs it.

Even going out -- do we really need to do this every week? how about a picnic? or a meal at home with friends? Couldn't that be more fun?

There are a lot of ways to save money for the really important things in life (say if you like holidays, ok,good, don't splurge on those coffee shop visits or expensive clothes or fancy car ) etc.

[SunkenCiv]

Gosh, it's almost as if cost and price went way up and margin stayed the same as a percentage, or perhaps declined a little. Thanks Sub-Driver.

• More people applied for unemployment benefits (429,0000)

[bigheadfred]

I'm a little suspicious here.

I heard a rumor you were taking a break.

Must have been a heroin harrow wean harrowing experience.

I prolly ott knot out you as a junkie, but maybe you know someone. A professional. You know. To get some help.

teehee

[SunkenCiv]

Yeah, I would have been smart to set up a second FR ID long ago, so I could get away with it.

[bigheadfred]

That is really outstanding.

Instead of looking for ways to deal with the problem, you look for ways to hide it.