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Exxon Posts Record Profit

Outstanding!

Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.

The previous record for annual profit was $40.6 billion, which the world’s largest publicly traded oil company set in 2007.

The extraordinary full-year profit wasn’t a surprise given crude’s triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

It’s good to see a strong American company that employs thousands of Americans continue to be successful. 

Bear in mind that this is based on $477,359,000,000 in revenue.  That’s a 9.47% profit margin.  Hardly obscene.  Exxon is just a huge American company and we should be happy that it is doing well. 

Also, don’t forget this:

The Corporation distributed a total of $40.1 billion to shareholders in 2008, up 12% or $4.4 billion from 2007. This reflects a 13% increase in per share dividends versus 2007 and an overall reduction in shares outstanding of 7.5%.

Posted by Owen at 1006 hrs
Economy

1. By 1pm today - you will hear Reid decrying the evil Oil companies and promising windfall profit taxes.

   Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1034 hrs
   
   
   

2. Exx-cellent!

   Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1145 hrs
   
   
   

3. Before I came to the comments page of this post, I said to myself. “The first post will be a member of the political right complaining about what the political left hasn’t said yet.”  If you all just need a room to set around in and complain about the left, B&S;might be it. I recognize that in this case, it was simply a prediction about what might be said, but still, I got awfully close.

   Posted by Mike on January 30, 2009 at 1203 hrs
   
   
   

4. gah! How’d that semi-colon get in there?

   Posted by Mike on January 30, 2009 at 1204 hrs
   
   
   

5. Good for you; you win a cookie.

   Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1207 hrs
   
   
   

6. Then there’s this:

   One of Wisconsin’s nine operating ethanol plants are taking the legal steps of filing for bankruptcy protection. Board Chairman Paul Olsen said the company plans to continue producing ethanol and run its corn dry-milling operation.

   Olsen also unveiled that sources have told him that at least three other ethanol plants in the state will likely close down before March 1. He did not elaborate on what factories they were.

   Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1221 hrs
   
   
   

7. What isn’t stated is the effect the high prices have had on farmers and the transportation industry. While I defend the right of Exxon to strive to turn a profit, let’s not hold them up as a model for all to follow. Why aren’t we celebrating Amazon.com or McDonalds, they seem to be fairng well.

   Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1233 hrs
   
   
   

8. Absolutely, we should celebrate those companies too! 

   As for the high oil prices, the price of oil is determined by the global market.  Exxon certainly benefited somewhat from the high prices (the slump in demand because of the high prices mitigated that benefit), but they didn’t cause it.

   Posted by Owen on January 30, 2009 at 1305 hrs
   
   
   

9. thanks Pelican.  For the cookie and the proper use of the semi-colon!

   Posted by Mike on January 30, 2009 at 1328 hrs
   
   
   

10. gah! How’d that semi-colon get in there?

    A semicolon always shows up after the letter following an ampersand; I have no idea why.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1559 hrs
    
    
    

11. I blame the Masons.

    Posted by Owen on January 30, 2009 at 1600 hrs
    
    
    

12. What did Corey Mason’s family ever do to you?

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1720 hrs
    
    
    

13. It’s all Scott Walkers fault.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1754 hrs
    
    
    

14. Oh, no - it’s all Bush’s fault.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1917 hrs
    
    
    

15. One of Wisconsin’s nine operating ethanol plants are taking the legal steps of filing for bankruptcy protection. Board Chairman Paul Olsen said the company plans to continue producing ethanol and run its corn dry-milling operation.

    Olsen also unveiled that sources have told him that at least three other ethanol plants in the state will likely close down before March 1. He did not elaborate on what factories they were.

    Just in case anyone is wondering, the aforementioned plant is Renew Energy in Jefferson.

    They are filing Chapter 11. Renew Energy files Chapter 11

    I’m kinda thinkin that maybe a 130 million Dollar investment by some members of State Government wasn’t such a bright idea after all?

    Posted by Michael J. Cheaney on January 30, 2009 at 1945 hrs
    
    
    

16. Hey Owen! What’s Harley’s profit margin?

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 1945 hrs
    
    
    

17. H-D is publicly traded - they have to publish there numbers too.  While its horrible that a bunch of people are losing their jobs, it has been a long time coming.  They make expensive jewelry and were horribly over-staffed.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 2136 hrs
    
    
    

18. True. I always thought they were overpriced. Of course, they have to pay for all those fancy buildings the dealers built. I was just wondering if H-D’s profit margin is larger than Exxon’s. If so, I hear no one complaioning.

    Posted by .(JavaScript must be enabled to view this email address) on January 30, 2009 at 2306 hrs
    
    
    

19. H-D’s net profit margin in 2007 was 10.96% with an Operating Margin of 17.23%, they fell to 5.73% for 2008 with an operating margin of 9.14%.  The margins were much higher a few years ago - i.e. 18.04% in 2004.

    Other notables for the MKE area
    GE ended 2008 with an overall 9.91% (flat from 2007)
    Johnson Controls - 2.64% (up from .43% in 2007)
    Kohls - 6.58% (up from 5.77% in 2007)
    Nothwestern Mutual Life - 4.7% in 2007 (couldn’t find 2008)

    2008 was a tough year.

    Posted by .(JavaScript must be enabled to view this email address) on January 31, 2009 at 1246 hrs
    
    
    

20. Just a couple of questions regarding the rah rah sis boom bah for capitalism. To get this profit

    How many people had to be laid off?

    How much did in terms of research and development projects did Exxon throw out the window?

    Posted by .(JavaScript must be enabled to view this email address) on January 31, 2009 at 2314 hrs
    
    
    

21. Look it up yourself.  They are a public company.  Then come back and try to make an actual point.

    Posted by Owen on January 31, 2009 at 2317 hrs
    
    
    

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