Exxon is back at the top with record profits again
Ask yourself: what could possibly be better for Exxon Mobil than posting a record profit of $39.5 billion in 2006? Tough one, huh? How about beating that record-setting profit number with a new record of $40.6 billion the following year. Yeah, that'd do it! We've been covering the on-going record prices that a barrel of crude has been garnering over the last few months, and you can bet that Exxon has been tracking that same thing.
In case you were wondering, Exxon Mobil produces about three percent of the world's oil, making them the largest oil company in the nation. Numbers two and three, Chevron and ConocoPhillips, also recorded huge profits. Same story in Europe as well, as Royal Dutch Shell, Europe's largest oil company also made record profits of $31.3 billion. I'll remember that the next time it my tank is on empty.
[Source: Exxon Mobil]
Reader Comments (Page 1 of 1)
meme 5:49PM (2/01/2008)
In short, the only major oil company that still actively and publicly promotes the notion that global warming is a myth profited a whole bunch this year :P
Exxon-Mobil is really backwards. I look forward to watching them squirm, trying to catch up to the other supermajors when the CIGS cells, battery techs, carbon sequestration, etc they've been investing in take off. Which they will. A) CIGS is shaping up to be cheaper than coal even with Arctic levels of sunlight, B) battery tech is rapidly improving, and soon gasoline won't even be able to claim range or fill time over EVs., and C) carbon offsets is a lucrative business, and more and more politicians are pushing cap and trade, which would make sequestration technology a windfall.
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karen 9:01AM (2/22/2008)
I only hope that the AMERICAN PEOPLE will get mad enough about today's news and Exxon's recordbreaking profits... to BOYCOTT ALL EXXON products.
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Dad 7:21PM (2/01/2008)
What would we do if there was no Exxon-Mobil? Cry like a bunch of babies. Wish all the big oil hating lousers would just stop using oil and go home.
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BlackbirdHighway 8:00PM (2/01/2008)
So, that profit would buy 400,000 Teslas. About double that once they get the Whitestar out. Or, you could buy about 1.2 million Volts.
Remember, you don't have to eliminate all gasoline usage to see a big improvement. Because of the law of supply and demand even a 10% drop in national fuel consumption could have a very dramatic effect on prices, maybe cutting gas prices by half.
Short answer, if you don't like gas prices, use less gas. Otherwise, buy stock in Exxon-Mobil.
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Smith 9:02PM (2/01/2008)
As good as that might be; their stock price could still stand to be higher.
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rob 10:13PM (2/01/2008)
We already know how this story ends...
America can be completely off oil by 2050 -- without giving up our cars. Without hikes in CAFE. Without CO2 emissions legislation. And at a cheaper cost than what we're paying for oil now. The cost to avoid using a barrel is about $18. Considerably less, you will notice, than the recent cost of buying it...
The Pentagon co-funded the study that came to this conclusion in 2004. Those conclusions are peer-reviewed, unambiguous, and have not as yet been successfully argued against. Implementation is well underway both within the military, and in the private sector, and the smarter oil companies are changing themselves to survive after oil.
http://nc.rmi.org/NETCOMMUNITY/Page.aspx?pid=269&srcid=269
It's a *really* good read, and a free download (registration required). If you're sick of hearing about Exxon making record profits, it might be worth taking a look...
Thanks.
(And you can still hedge by holding some Exxon stock if you'd like...)
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ronal 1:39AM (2/04/2008)
that's BS
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natno 5:00PM (2/05/2008)
We all own these oil companys. We all have stock in them... at least anyone with a diversified retirement portfolio... You don't want companies to be profitable, but you also want to retire... If the price of oil goes up and you still keep the same profit margin, of course your actual dollar figure goes up.
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