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Exxon 39.5 Billion in Profits in '06

Discussion in 'Political Discussion' started by DarrylS, Feb 1, 2007.

  1. DarrylS

    DarrylS PatsFans.com Supporter PatsFans.com Supporter

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    First saw this on Drudge, it is linked to a national story.. incredible profits, we all are paying for this at the pump and in our homes.. wonder if it is worthwhile for Exxon et al to continue to go against the global warming arguments as the Tobacco Companies went against the link to cancer as they did in the 60's & 70's. Guess capitalism is working well in Irving, Texas.

    http://www.breitbart.com/news/2007/02/01/D8N0VRD80.html


    HOUSTON (AP) -- Oil giant Exxon Mobil Corp. on Thursday posted the largest annual profit by a U.S. company _ $39.5 billion _ even as earnings for the last quarter of 2006 declined 4 percent.
    The 2006 profit topped Exxon Mobil's own previous record of $36.13 billion set in 2005.
    Revenue at the world's largest publicly traded oil company rose to $377.64 billion for the year, surpassing the record $370.68 billion Exxon posted in 2005.

    "Exxon Mobil continued to leverage its globally diverse resource base to bring additional crude oil and natural gas to market," Rex W. Tillerson, chairman of the Irvin, Texas-based company, said in a statement.
  2. Fogbuster

    Fogbuster Rookie

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    Yeah, I saw that, too. Makes me sick. So much money going to so few people. I don't want to think about it. Well, I will.

    Do you know that this kind of thing just feeds into others, like the Russians, for example. They're sitting on the world's currently largest reserve of natural gas and petroleum, and they are using it as an economic weapon, while "nationalizing" foreign investments (Shell and BP had their rigging and other materiels confiscated recently, told they no longer had any drilling or distribution rights, and to get their stuff out of Russia. They were paid about 35 cents on the dollar for their equipment.)

    70% of the profits from this venture go to about ten guys, the oil oligarchy; the rest goes to the Russian people, which isn't much when you average it among 100 million.

    So you know what's going to happen: the next time the U.S. says to Russia, "why are you monopolizing all your vast oil and gas holdings?" they are going to say, "Well, why do you have one company making trillions of dollars of profits that go to only a few mega-rich oil barons and a few thousand stock-holders?

    We need something better than selfish capitalism and wasteful socialism. There needs to be a new form of economic balance. Hm-m-m... still thinking...
  3. Real World

    Real World Moderator Staff Member

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    Dang, sure wish I owned some of their stock. :D

    So about those Hydrogen fuel cells.....
  4. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Well Exxon shareholders aren't too unhappy whcih may include the gov worker pension funds that puts food on your table.
  5. Fogbuster

    Fogbuster Rookie

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    I'm all for your pension fund, hope it stays healthy forever. But I would like to see some other accountability on this massive profit. I get nervous when I see guys walking away with $200 golden parachutes and their companies (along *with* the pension funds) get swallowed up in yet another hostile take-over. Something seems wrong with that picture.

    //
  6. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    The only accountability for the Exxon profit no matter the amount is by the corporate officers to the shareholders. BTW look at their revenue over the past 10 years and their profits, the profit as a % of revenues is not at all outrageous. below 10% IIRC.
  7. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Jackie Onassis once said "There's Them And There's Us"
  8. Fogbuster

    Fogbuster Rookie

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    Yes, well, I know that's the way it is now. I'm just saying.

    Oh, and as I'm not a government worker, their portfolio isn't doing me any good. :(


    //
    Last edited: Feb 1, 2007
  9. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    I worked for Hi Tech companies. I have no pension. I was refering the author of the thread who is a retired state employee.

    As to the issue of Golden parachutes and the like. again if the shareholders don't hold the board to account for the comp packages of the officers of the court that is their problem. Outside of government work the idea of a company of a company administered pension is obsolete. Let companies contribute to 401k plans and let the employees take their plan with them,simply the process for the employees then the employee doesn't have to rely on the continued success of the company. Look a the listing of the Fortune 500 from 1950 and the Fortune 500 today....Lotsa change. That is the myth about big business, these companies aren't omnipotent they come and go, they are always fighting for surviva; and many don't make it.
  10. Fogbuster

    Fogbuster Rookie

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    Yup, it's dog eat dog in business. Exxon-Mobil might be history tomorrow. But, in the meantime, they are generating mountains of cash, but where does it all go??? Well, you can now buy a supercharged 600bhp Bentley, does 200 mph right out of the Wellesley showroom, and all you need is about $300 grand. Hm-m-m

    And people are dying for lack of a dollar's worth of anti-biotics? or a buck's worth of food?
  11. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    I've been more than making up for the gas prices with my Vanguard Energy Fund investment. I kind of like it when the price of oil goes up, to be honest.

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