Exxon Profit Rises to $9.92 Bln, Oil Industry Record $101B 90 day income

Exxon's third-quarter revenue rose to $100.7 billion.
Shell and Exxon earn a combined $18.9 Billion over 90 days.
http://www.bloomberg.com/apps/news?pid=10000087&refer=top_world_news&sid=aPITIheoNe1U
http://quote.bloomberg.com/apps/news?pid=10000103&sid=aBfEe2X7TS_s&refer=news_index

Exxon Profit Rises to $9.92 Bln, Oil Industry Record

Oct. 27 (Bloomberg) -- Exxon Mobil Corp., the world's largest publicly traded oil company, said third-quarter profit jumped 75 percent to an oil industry record of $9.92 billion as energy prices surged to all-time highs.

Net income rose to $1.58 a share, compared with $5.68 billion, or 88 cents a share, a year earlier, Irving, Texas-based Exxon Mobil said today in a statement. Revenue climbed 32 percent, topping $100 billion for the first time.

Prices for oil, natural gas and gasoline climbed to records in the quarter, spurred by demand growth around the world and hurricanes that crimped U.S. supplies. Profit margins on refined fuels widened as gasoline and diesel prices rose even more than the cost of crude oil.

``Profits continue to rise because of prices,'' Douglas Ober, who manages $2 billion, including Exxon Mobil shares, at Adams Express Co. in Baltimore, said today in an interview. ``We should continue to see high prices because so much production in the Gulf of Mexico is still shut in because of the hurricanes and a number of refineries are still closed.''<snip>

increased profits, when greater than the consumption, mean that the price has been articficially inflated to gouge the consumer.

So, then, now that Big Oil has Enroned the entire US, are we going to see the lawsuits?

Of course it is cheaper to take out full paid adds in newspapers telling us lies and redesigning logos with lots of green in them.

:-(

they don't deserve to be in control.

The media or the repubs have so discounted the Dems' ability to lead or there is a complete lack of leadership in the party - either way, it looks pretty bleak for our side.

In bush's 'merica.

Ever notice that about very rich Republicans? No amount is enough for them....The more these oil companies make the more gets funneled back to the GOP.. Nice system if you can make it work..

The richest man in the world is still diligently doing everything possible to squeeze out more profit regardless of who suffers. And don't fall for the philanthropy crap. It's peanuts compared to his net worth.

I might be getting senile, but didn't there used to be an excess profits tax on the oil industry? Did that disappear since the rethugs took power?

Somewhere down the line it is inevitable.

Hilliary sits on her ass, does nothing, says nothing.

Not a damn thing about the war, oil prices, not shit. She expect bloggers to do the work bringing down Bush and she just be waiting in the wings at the right time. She'll come forward and think she is entitled to step in and be prez.

Fuck her I'll vote for Jeb Bushs drunk daughter over Hilliary, or duyba drunk daughter. Either way, some Bush has drunken daughters who are better.

I have heard that thrown out as a talking point and then I heard that "no one was upset when oil dropped $10 a barrel".

Did oil companies lose money a few years ago?

Exxon Year Revenue Gross Profit Operating Income Total Net Income Diluted EPS (Net Income)
Dec 04 263,989.0 100,442.0 35,872.0..... 25,330.0 3.89
Dec 03 213,199.0 83,271.0 23,183.0...... 21,510.0 3.23
Dec 02 178,909.0 69,208.0 14,970.0...... 11,460.0 1.68
Financial Highlights
(millions of dollars) 1999 1998 1997
Total revenue 185,527 169,642 201,746
Net income 7,910 8,074 11,732







http://www.eia.doe.gov/emeu/CHRONOLOGIES/chron_aug2005.xls

attention for all to see.

oil price?

the more that can do something.

Never give up speaking truth to power.

Most people are now buying gas with credit cards at the pump. I think the card companies get 3% of the purchase price when you use one.

3% of three dollars a gallon is alot more than 3% of a dollar a gallon.

I don't think they are even on the radar screen when windfall profits are discussed.
No wonder Bank of America wanted MBNA. Last year MBNA's profits exceeded Exxon's. Something like 26 Billion vs. 24 Billion.

It's all a racket

Thank god we have usury laws to protect us.

Oh no, they're not gouging!
This is obscene! I don't have a problem with profits but this is clearly gouging!!! The worse part is it hits the poor far worse than the middle class. Everyone needs gas for their cars and fuel for their homes. Also fuel prices for business transportation cause the cost of needed goods to skyrocket as well. I don't know what the solution is but threaten them with nationalization.

Now that they've got us used to $3.00 a gallon prices, their profits are going to go even higher along with gas prices. How these people sleep at night is beyond me. They need a wake up call. We've already received ours.

I mean really, who are they to brag on the incredible profits they have made off our misery.

It's not hard to control supply if the industry is vertically integrated plus ya have the 'regulators' in your pocket.

I doubt anybody is fooled by this, not even Billy Bob.

Have 'they' gone too far this time? We'll see. The Fundies getting angry at the corporatist. It's getting better and better.

I guess Miss Marmellson, the preachers helper, won't be going out with Mr. Potter, the factory owner, for much longer.

poor, poor oil corps need our handouts while we have to put the heat down. My house is at 63F unless I'm right in front of the fireplace. (And a cord of wood is now $150).

These gougers should be INVESTIGATED and INDICTED. Demo candidates, do you hear us???

locking in their prices for 2006. The military AAFES gas coupons are only good for Esso (Exxon) on/off the autobahn, and Aral/BP on the autobahn.

Because everyone has to see how they rake in the profits using any excuse. If the prices had really gone up because of a supply problem, simple economics ssays the profits would have remained the same or dropped. It's obvious they have gouged--and been handed tax breaks for it--during Bush's time in office.

No company has ever EVER made profits like this (the article notes its "the largest in U.S. corporate history"), and all because they saw an opportunity in one of the worst tragedies the country has ever witnessed.

Democrats with power would never, NEVER have stood for this. The Republicans, complete assholes that they have become, have stooped to recommending tax breaks to these record-profit vultures as part of their "energy policy". Fuck them.

People understand money leaving their pockets and going to Big Oil, we need to PUNISH the Republicans for this.

Was saying that its not the oil companies fault that they have record profits.

The caller said something about how "they are taking in all this money, and its not like they are allowed to spend it or do any research".

... ... ...

first off, its complete bullshit.

Second, what would they research? New Places to drill?

Its not like they are going to try to find renewable energy, or better fuel economy.



Besides, isn't this something that the "Free Market" should take care of?

If they are making record profits and have "no control" over it, then why don't they lower prices?

I thought I saw on DU the other day that a Democratic Senator or Congressman was trying to get a "windfall tax" implemented against the oil companies - anyone have any more info???

"Windfall" tax

it on the chin.

We will never have a sane energy policy until these predatory capitalists are broken in power.