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By John Porretto
HOUSTON
Exxon Mobil is reporting a profit of $45.2 billion for 2008, breaking its own record for full-year earnings by a U.S. company, but fourth-quarter profits tumbled 33 percent.
The fourth-quarter decline is not a surprise with oil's swift 60 percent plunge in the final three months of the year.
The previous record for annual profit was $40.6 billion, which Exxon Mobil set in 2007.
Crude prices began the year by passing the $100 mark and by July neared $150 per barrel. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.
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Bob Farinelli
Of course the profits would be present. Please explain how the oil market completely departed from the typical supply/demand issues which drive market prices. What made that possible? Do you remember? Do you honestly believe that those prices would only have an effect on the energy market? Or is it easier to dismiss others on some sort argument relating to public shools?
Oil Company Profits
Well, I guess that this means that the democrats want to go back to the price controls and windfall profit taxes of the 1970s. It didn't work real well then, and it won't now. But what the heck, this is one to stimulate everyone's emotions and this is what is important, not the reality of the situation. I did see that the profits fell the last quarter of the year along with the prices. I expect our new leaders in Washington to take full advantage of this situation to stir up the government educated masses into a frenzy so that they can control this section of the economy as well.
Give an oil man the keys to the White House
and what do you expect?
To all his fans...
GeorgeDubbedYa!
It's not necessarily capitalism at work with oil
Traders artificially inflating prices, a cartel affecting supply, and big oil (with certain "American" companies) making billions while breaking the back of the average American. Fuel costs played a big role in this recession by the way. This is an example of out and out greed. Don't you think high gas prices had an effect on the housing market to? Don't you think that assisted in defaults in some manner?
Boycott EXXON!
It's not that hard to make an insane profit when your headquarters is in Texas, your best friend is Halliburton(aka Dick Cheney), and you outsource to the philippines paying $100 for a months worth of wages on an oil field on the islands surrounding the phillipines. They spent more money finding oil in third world countries than renewable energy. Not to mention they also process Iran's fuel into gasoline since they don't have the technology or resources to refine crude oil.
wow!
That comes to a tidy $14 Grand per second profit...non stop. I'm sure they're next on the bail out list. TARP anyone?
Bush and Dick
United
Scam
Artists
oh how terrible a business mad money for its stock holders
unlike government which just takes what it needs and then decides that it needs more so it takes more. A company actually has to compete. I just read the shell lost money for the first time ever. You have a choice as to whether or not to purchase gas and who to purchase it from. What was the their total net profit? Care to venture a guess how much cash they have to float just to make a few percent of profit? I guarantee without looking it up starbucks made more money on its investment than exxon did. Why no outrage about that? Oh and I find that fuel for my car is far more useful than an over priced cup of coffee...
Good
At least someone made some money last year. Why is everyone so upset when an organization makes money but is willing to bail out ill run corrupt companies when they lose money?