Profit Record shattered

[pvfan]

Profit record shattered

Exxon shatters profit records
Oil giant makes corporate history by booking $11.7 billion in quarterly profit; earns $1,300 a second in 2007.

NEW YORK (CNNMoney.com) -- Exxon Mobil made history on Friday by reporting the highest quarterly and annual profits ever for a U.S. company, boosted in large part by soaring crude prices.

Exxon, the world's largest publicly traded oil company, said fourth-quarter net income rose 14% to $11.66 billion, or $2.13 per share. The company earned $10.25 billion, or $1.76 per share, in the year-ago period.

The profit topped Exxon's previous quarterly record of $10.7 billion, set in the fourth quarter of 2005, which also was an all-time high for a U.S. corporation.

"Exxon can put out some amazing numbers and this is one of those cases," said Jason Gammel, senior analyst at Macquarie Securities in New York.

Exxon also set an annual profit record by earning $40.61 billion last year - or nearly $1,300 per second in 2007. That exceeded its previous record of $39.5 billion in 2006.

In the fourth quarter, the company said revenue rose 29.5% from a year ago to $116.64 billion.

Analysts were looking for the company to report quarterly profit of $10.36 billion on revenue of $114.9 billion, according to earnings tracker Thomson Financial.

Despite topping Wall Street's estimates, Exxon (XOM, Fortune 500) shares slipped in afternoon trading.

[imported_elp6n]

Oh my. I am so surprised. I mean, with cost/profit margins being SO close just how could they make any money at all (read: sarcasm)

blah blah blah blah

How dumb do they think we are? Isn't this the 3rd year in a row this kind of profit has been reported?

[TheBeast]

They only had an 11% margin, which is more than acceptable for any company. We had this discussion yesterday on a fishing forum i belong to, here are some posts.

11.59%

--The Russell 1000 Growth Index (a comparable index) had a composite return of 11.81% for '07 and the Dow returned 8.87% for the year.....is 11.59% really out of line?

--A lot of people just look at the amount of profit and forget how small the profit margin really was. For those who don't know what we are talking about, Total Sales, minus Total Costs, equals Profit Margin. This means that Exxon SPENT about $309.7 Billion (that's a LOT of jobs they created) to make their profit. As a publically traded company, Exxon has an obligation to its shareholders (and its employees) to maximize its profit. Exxon's profit margin is in line with other well-run businesses.

--Wal-mart made 240 billion dollars in profit and their full time employee cant afford health care through their health care benefits.

[imported_Coach]

if they'd just give me some vasoline first, it wouldn't hurt so bad.

[SunTzu]

Vaseline is also a petroleum product so even more profits when you lube up .

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: TheBeast</div><div class="ubbcode-body">They only had an 11% margin, which is more than acceptable for any company. We had this discussion yesterday on a fishing forum i belong to, here are some posts.

11.59%

--The Russell 1000 Growth Index (a comparable index) had a composite return of 11.81% for '07 and the Dow returned 8.87% for the year.....is 11.59% really out of line?

--A lot of people just look at the amount of profit and forget how small the profit margin really was. For those who don't know what we are talking about, Total Sales, minus Total Costs, equals Profit Margin. This means that Exxon SPENT about $309.7 Billion (that's a LOT of jobs they created) to make their profit. As a publically traded company, Exxon has an obligation to its shareholders (and its employees) to maximize its profit. Exxon's profit margin is in line with other well-run businesses.

--Wal-mart made 240 billion dollars in profit and their full time employee cant afford health care through their health care benefits.
</div></div> So do any of Exxon's people have ins? How much is just dumped on crude and doesn't cover people at all? Also the last 4 or 5 years , the stock doubled , with the help of the tax dollars . Just a thought. Congress is whining about a bill with a few bucks for coal, not just one company but all of them. We have more coal than the middle east has oil.

[TheBeast]

Just try and get all the [censored] head tree huggers to let you go and get any of that coal. We will have more coal than they have oil from now on beause it won't leave the ground.

We also have more oil than they do, but we can't get it either.

[pvfan]

Problem with the oil companies making a killing is that oil is something we all need. While the price of oil has risen 400% over the last 5-6 years the average American Citizen has not seen anywhere close to that increase. Which cuts away from the rest of the economy I can do without eating out I can't do without gas.

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: TheBeast</div><div class="ubbcode-body">Just try and get all the [censored] head tree huggers to let you go and get any of that coal. We will have more coal than they have oil from now on beause it won't leave the ground.

We also have more oil than they do, but we can't get it either. </div></div>
Just deep mine it and don't remove the tops of the moutain. I been at this 30 tears, we are still going.