Here's a question for all you geniuses out there...

How do you think Exxon just returned the largest quarterly profit ($11,000,000,000+) in history (by ANY company)?

I know, this is a tough one. But please, think hard and we can figure this out...

Cheers,
-v


PS- Isn't there something wrong with this picture? Shouldn't we do something about it? Realistic ideas anyone?

www.time.com...

and don't forget... we're in the middle of a recession and flirting with a depression. ...my behind is a little sore. how's yours?

[edit on 8/2/2008 by verbal kint]

[edit on 8/2/2008 by verbal kint]

Before answering, can you show proof that this was indeed their profit? It doesn't show in the stock earnings anywhere for the company.

Actually, it was more like $12 billion...but they got sued for something and it cost them $3 mil. I just heard it on NPR.....

Originally posted by jetxnet
Before answering, can you show proof that this was indeed their profit? It doesn't show in the stock earnings anywhere for the company.

Found the quote on this obsucre news agency called CNN. Here's the link:

money.cnn.com...


According to the article it's 11.66 billion.

Vas

reply to post by jetxnet


Actually, their stock fell after the announcement. Apparently, 11.68 billion came in short of market expectations. I can barely believe we're talking about this. I doubt there's a person on ATS that can accurately grasp the immense size of the number 1 billion; much less 11.

reply to post by verbal kint


Because, obviously, gas isn't high enough to stop people from driving their vehicles..

reply to post by juniperberry


Amen. Slammed that nail right through the 2x4. I was wondering if anyone was going to actually answer the darn question. And just to voice you implication - prices are gonna go as high as the market will sustain - I have a feeling that's quite a bit higher than $4 per gallon.

And we'll all just sit here, munching on 'Great Value' nuts and soda, thinking, "Wow, Exxon sure is making a lot of money... broke the quarterly record for the 12th time in a row!" Gee, wish I were that rich...


So as not to 'one line post' - to the post that follows - good related point - i hadn't got to thinking about Governor Bush yet...

[edit on 8/2/2008 by verbal kint]

reply to post by verbal kint

Well honestly, not pointing out the obvious, instead, I'd say it originated when a company owned by exxon hired a computer programmer to write code into the voting machines to rig the election. Don't know which rigged election he wrote the code for though it was either 2000 or 2004. Pick your poison. Oh and having relevance to george w bush kinda helps to.

Their business is selling oil. When oil prices are high they are going to make a bunch of money. Their mission to their shareholders is to make as much money as possible for as long as possible. It is not to look out for the general public.

Do I agree that this should be the case? No. The system sucks. I do not think that any resource that is vital to the well being of the general populance should be in the hands of a for profit organization. that would include health care, telecommunications, basic food, water, sewage, energy/electricity, highways, etc. The quest for profit almost guarantees that these companies will not act in the benefit of the majority of the people.

Blame the system not the company. As long as oil is the driver of our energy program these companies will rake it in. Don't bitch about their profits, bitch about why such a neccesary part of everyday life is in the hands of profiteers.

reply to post by verbal kint


And once the ceiling is hit the untapped reserves in Alaska will be rediscovered. The prices will not go down then you'll be scratching your head in wonder again when you glaze over while looking at quarterly profit reports.

a bit of topic, but in my opinion the question is this: its not how or why they are pulling in this kind of cake... it's where is this money going?

what is it being used to finance? where is it being invested? blah blah blah dah dah dee dah dah...

reply to post by verbal kint


what is "wrong with this picture"? companies are supposed to make money. exxon is making a lot of money right now. that's the point of running a business. why do people fear and hate success so much?

concretezombie


There from the same school as the Federal Reserve and IRS. It's all about profit and control.

[edit on 2-8-2008 by Swingarm]

Capitalism at its finest!

*sigh*

I dunno, maybe they sold an awful lot of gas, diesel, heating oil, propane... did you buy any of it?

I was waiting on this thread ever since I heard the story. Their purpose is to make money. If the product is too expensive, you can always quit using it. The oil companies may do a lot of bad things, but making fuel for the nation isn't real high on my list of 'terrible evils'.

Oh, yes, and I have my own question: how much profit is acceptable for them to make? Can we get a good solid number as to what's acceptable on that? Remember that they can always just stop making fuel if the number is too low.

TheRedneck

Originally posted by Slothrop
reply to post by verbal kint

 

what is "wrong with this picture"? companies are supposed to make money. exxon is making a lot of money right now. that's the point of running a business. why do people fear and hate success so much?

Succeed all you like, may your life be filled with joy and self-esteem. But please don't do it at my expense. Here's a telling set of metaphors to clarify capitalism:

Suppose there are to relatively primitive guys living together in the wilderness - we'll call them Thug and Werko (I don't know anything about their sex lives). Thug went out today and killed a squirrel. He came home, cooked the squirrel, and ate. He gave the left overs to Werko, who was hungry 'cause he was tired and hadn't done squat all day.

That is NOT capitalism.

Take the same situation, except after eating, Thug goes to Werko, "If you go to the river and wash all my pelts, I'll give you the squirrel leftovers to eat." So off to the river with an armful of pelts Werko decides to go.

This IS capitalism. It is the creation of a power hierarchy and exertion of that power over others based on being in an advantaged position (that the advantage was or was not obtained via ones own efforts is irrelevant).

Conceivably Thug could get Werko to do quite a bit more work before handing over the leftovers. It's likely it may go beyond the point that Werko really regrets not going hunting today, but he's in this far so he may as well finish up.

With a trying time of change, the first scenario is possible, even with a population in the billions. Power and control over others is not a necessary component of human life.

I don't fear nor hate success. I just prefer a different definition of what it entails.

Or to simplify people with a large amount of capital are capitalist. They call the shots. So yes capitalists tend to focus on the aspects that can be controlled for profit.

reply to post by verbal kint


Interesting, but your premise is un-American, sorry. Don't think for one minute that Sean Hannity is not watching people like you...you must want higher taxes.

gents, i think its time we borrow some of the great tyler durden's ideas on the downfall of credit card comapnies, and apply it to gas companies?

whos with me!

[edit on 8/2/2008 by prototism]

[edit on 8/2/2008 by prototism]

hmmm lets see....they possibly made this money selling oil / gas to us people buying it.

It does seem rather strange that their profits surge as my expense surges

TheRedneck said something about capping profits something I am not sure I want to debate what I would like to say is that our nation is built on the foundation of the gas powered motor vehicle and therefore there is some sort of responsibility on the part of those supplying the fuel to manage prices in a manner that does not cause damage to our entire nation socially and economically. How this would be regulated is beyond me but that is my opinion.