Posted on 04/28/2011 6:18:21 AM PDT by 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.
(Excerpt) Read more at reuters.com ...
Look out Exxon..... they’re coming to spread your wealth.
Does the devalued dollar have something to do with record profits?
Missing from the story is the fact tha Exxon also paid RECORD TAXES.
Yet his polices assures them record profits.
All prices increase with the weak dollar, so they use increased margins to cover that loss.
Turmoil in the middle east and a President who takes away oil leases is great for oil companies.
My response to anyone complaining about these oil profits is set aside $100 a month - easily done if you drop your cell package one down, cut a premium movie package, and don’t eat out 2 days a week for lunch - then set up an etrade account and buy shares. Begin building wealth by becoming a shareholder of successful companies.
“The Irving, Texas, company reported a first-quarter profit of $10.65 billion”
Or as I like to say they made as much Profit in three months as the Obama spends in ONE DAY!
BTTT
Amen......
Choices have consequences
Good for them!
The Irving, Texas, company reported a first-quarter profit of $10.65 billion...
and paid taxes of $26.24 billion.
I wonder why they left that part out????
EXXON MOBIL CORPORATION, FIRST QUARTER 2011
http://www.exxonmobil.com/Corporate/Files/news_release_earnings1q11.pdf
Attachment I, page 7
People can sit there and complain about Exxon's profits but until they demand expanded supplies from our own inventories then their complaints aren't worth a hill of beans.
$26.236 billion in taxes
http://www.exxonmobil.com/Corporate/Files/news_release_earnings1q11.pdf
page 7
What I want to see is their ROI, petroleum companies are heavily capitalized and just because they make billions doesn’t mean that their ROI is even close to companies such a Microsoft which are not heavily capitalized.
Go to MarketWatch and pull up Exxon’s (XOM)financials you’ll find that this article’s numbers are misleading unless put into perspective.
What is the net? That is what counts.
Oh! Less than 10%. Move along please. Nothing to see here.
So for every dollar that Exxon, earned, based on sales of it's products and services, various governments confiscated $ 2.6 dollars for doing nothing.
Not one government employee, drilled a hole, drove a truck, pumped a drop of gas, worked in research or did a single productive thing, but still wants more revenue from the company.
Exxon earns money, governments confiscate money.
“Not one government employee, drilled a hole, drove a truck, pumped a drop of gas, worked in research or did a single productive thing, but still wants more revenue from the company.”
Does the tax include whatever fee the Gov charges for each barrel of oil taken from Govt land, sales tax, payroll tax, or is it just a tax on profit?
That much of the tax money was wasted we know, but in theory it goes to pay for the army, for the roads and for the coast guard and for the.
$2.14
Approximately 10% return
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