Exxon Mobil Makes Monster Profit

Oil Giant Raked In $40.6B In 2007 - Biggest Annual Profit In History For U.S. Company

(AP)  Exxon Mobil Corp. on Friday posted the largest annual profit by a U.S. company - $40.6 billion - as the world's largest publicly traded oil company benefited from historic crude prices at year's end.

Exxon Mobil also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.

The eye-popping results weren't a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50 percent higher than a year ago.

Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10 percent since.

The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.

Also extraordinary was Exxon Mobil's revenue, which rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago.

For the year, sales rose to $404.5 billion - the most ever for the Irving, Texas-based company - from the $377.64 billion it posted in 2006.

In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."

"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.

Exxon Mobil produces about 3 percent of the world's oil.

[gunownerdan]

Now the filthy rich oil tyrants will be able to buy more jumbo jets, gold toilets, and million dollar chandeliers.
They wipe their behinds with $1,000 bills while we bend over and take it up the rear.
God bless corporate greed!

[mcv57]

Compliments from you U.S. government corruption.

The worst is not over, the billionare hording club will spawn corporate monopoly (Gates is making his move), lower wages, layoffs, law enforcement corruption, food shortages, and wars (people are starving to death as we speak - Haiti poverty is eating mud pies (dirt, shorting, and salt).

Find that really strange when Gates supposely donated million to Africa (probably want to coernstore the precious metals market).

[walt1944-2009]

The Great Emperor Bush II is overjoyed that Exxon-Mobil has made such a huge profit which means that other oil companies will follow suit.

All this falls into the plan of the Great Emperor who follows the philosphy of "Ferengi" economics which primarily states "Where''s the PROFIT in it FOR ME???"!

As far as what Exxon-Mobil will do with its huge wealth, it is extremely doubtful that it and other BIG OIL companies realizing such profits will re-invest the money into upgrading their infrastructures or exploring alternative "greener" forms of energy.

Instead, it is expected that Exxon-Mobil will give their corporate management huge pay raises, bonuses and additional "perks" for a "job well done in cheating the consumer" and will continue to inflate oil prices to achieve even greater profits and higher levels of GREED!!!!!!

As stated, the Great Emperor Bush II is very pleased, and he could care less what consumers think!!!

SIG HEIL, BUSH!!!!!

[killtheliars]

We need to stop de-regulating everythng and the government needs to figure out an efficient way to get inot the oil business on behalf of the American people. Imagine what we could do with 40.6 billion dollars a year?

[excoachken]

O.K. Cowardly Cowboy supporters, tell me again why I am paying almost $4 a gallon. Oh, yeah, the oil companies will let it trickle down all over me.

[drivelphobe]

Good for them. Nothing motivates like big bonuses and perks. These oil companies are flush and the employees are feeling good about themselves and their jobs. The taxes paid on all that income is a boon to the American economy. Go big oil.

[lochlan-2009]

$40Billion in one year!!! What an investment for corporate america in their strategy of buying the U.S. government. Put up a few million every four years for billions per year in returns. All at the expense of the ignorant, easily hoodwinked, American citizens.

[killtheliars]

drivelphobe,

Actually they have been given so many tax breaks they are not paying much in taxes at all. With a Republican oil administration it is all one way. Our tax dollars fund troops that protect their oil fields, pay grants they get for research and we do not get anything back. Once we have a dem pres as well as a majoirty in both houses that will all change. Better sell your exxon stock now.

[mswolfestock]

Those greedy, bloated b******s!!!! Why doesn''t the government grab a couple billion and make Exxon pay for the Alaska Oil Spill. While I know that all of the oil comes from the same spigot, I have refused to use Exxon gasoline since the Exxon Valdez wrecked. They make all of those mega-bucks while we are starving. Again, why doesn''t the government compel the oil companies to reduce the price of gasoline so we can afford to drive ourselves to work. It''s not like Exxon would go broke if gasoline was $2 per gallon again.

[antoniof123]

We need to stop de-regulating everythng and the government needs to figure out an efficient way to get inot the oil business on behalf of the American people. Imagine what we could do with 40.6 billion dollars a year?

Posted by killtheliars at 09:48 AM : Feb 01, 2008

That 40.6 billion is after they pay their bills the cash flow is a lot more.

Just think you and I pay over 3 dollars per gallon of gas. Your electric bill is probably 40 percent higher now.

Thank you Republicans want to bet you never see power again in our life time.

[shutupnvote]

This is a bill the Cheney Energy Bill, that Obama actually showed up for, pushed the right button and voted Yeah for energy company tax giveaways......and against America

Hillary voted Nay and for the American People

[passerby2]

Are they teasing us? Trying to see how angry they can make us?! ***!!

[olebd]

Funny how this type of article doesn''t feel shocking as it once did. I guess the majority of us just give a big sigh and keep going on with our lives. Commutes remain at 45 minuutes to one hour on average with most of that time spend idling in traffic.

How much would it cost to bring out smarter stoplights? Ones with sensors that change the lights quicker when there is no traffic coming the other way. The switch would be simple. How about we make big oil give up some of these record profits to invest in better and more available public transportation.

Bush asks the Saudis to lower oil prices but there it remains. Just words. None of our present or future leaders are talking or taking any real action.

[random_radar]

I have been saying to buy stock in oil companies rather than complain about profits. If you listened, you would be very happy to hear this news.

[killtheliars]

random_radar

Just remember what goes up must come down.
Just don''t dry for a government bailout when a breakthrough in energy technology hits the market.

[hotpaulie]

King George is accomplishing something!

[theusa1st]

the b-a-s-t-a-r-d-s !!

[hockeymanvt]

"Mission Accomplished!" - Bush

[mrbrill]

By the way, all of you should realize this approach for the oil industry to "buy" their profits from the government is the same process other industries use as well, such as the pharmaceutical industry. Remember the Medicare program passed by the Republicans a few years back which PREVENTS the government from negotiating better prices for Medicare? Is this ridiculous or what?

[theusa1st]

hey hockeymanVT - you live in Vermont?

[gunownerdan]

Greed will be the downfall of the human race.

[neoconslayer]

This is the ultimate achievement of the Bush Administration.

[barbjc1]

And the Bush administration and Congress still do not feel the oil companies come under the windfall profits law. The country is in recession and Bush and Congress refuse to look at what caused it. I wonder if there will be a big enough Democrat majority next election do to something about this. I doubt it because Nancy Pelosi does not have the backbone to force any changes at all and in the U.S.Senate there isn''t a big enough majority to change anything. Of course, our Senators and Representatives always vote along party lines.
Voters of America, there is an election next year, if your Senator or Congressional representatives are not doing their job (WHICH IS REPRESENTING YOU) get them out of office.
HAS YOUR PAYCHECK GONE UP 300%

[marcpcbs]

What do Exxon and Mendocino County CA. Pot Growers have in common?

They both cleared $40,000,000,000.00 in profits last year.

70% of the pot went to school kids

Both have a similar way of dealing with addictions.

Ruthless drug dealers and oil companies acting the same? Who Knew!

[mediapreachr]

These are good news considering what''s in planning-Exxon,coal,oil industry etc.will make the bulk of the state industry after a major takeover.
There will come a fiscal crisis and this is the logical response.We need money for troops and social services(millions of baby boomers who retire).

[killtheliars]

The reason I want Obama to win is this: how great will it be if the day after he takes office he pulls all of the troops out of Iraq and the middle east and leaves Exxon and Chevron all alone to protect their own oil fields. I would bet a years pay if that happens the oil fields will be pried out of the oil execs cold dead hands by Iraqis within a month of our troops leaving.

[omnibus66]

Let''s be sure to get another Republican president, so that the the billions of dollars in tax cuts for oil companies and the richest 2% of Americans will be made permanent.

On the other hand, maybe, just maybe, all of the idiots out there who voted for the idiot-in chief will come to their senses. But don''t count on it.

[tool105]

those mother#&*#ers!!!!!!!!!!!!!

[mcv57]

Greed will be the downfall of the human race.

Posted by gunownerdan

The Bible did warn: "The root of ALL EVIL is avarice." The greedy pastors will use the interpretation, "the love of money is the root of all evil," that is before and after they take your last dollar.

[jeepmanjr]

Gov involvement? Get real! Think about it... What better way to push the Green and global warming BS on Americans than to make gasoline too expensive to buy? In the meantime big oil and their investors make big bucks and we''re footing the bill. Sounds like they have a pretty good gig going on to me!

[marcpcbs]

Now we know who''s causing this recession.

[mboatwr]

I think the American people should get a refund check like we did on taxes that one year or get money back like Discover does. If it wasn''t for us and the usage they wouldn''t be in the nice cozy houses and jets that they have.

I am not very religious but I can see where the world especially American Businesses are leading us right to revelations.

[mcv57]

There will come a fiscal crisis and this is the logical response.We need money for troops and social services(millions of baby boomers who retire).

Posted by mediapreachr

Keep dreaming, most regional utility companies are already corporate monopolies. The pigs are already porking everyone.

[rasoto]

This may be how they must recoup the money that was spent on the Exxon Valdez oil spill accident.

[rasoto]

This may be how they must recoup the money that was spent on the Exxon Valdez oil spill accident.

[mcv57]

Ruthless drug dealers and oil companies acting the same? Who Knew!

Posted by marcpcbs

Oil corporation give reason for drug demand.

There are several reasons why the youth of today turn toward drugs, but the primary motive for drug abuse is to easy their personal depression. The present economic senario gives good reason for the drug dealers to get rich.

[tejasdemo]

How do these guys sleep at night ?

[amishcar]

Ron Paul Money Bomb Today. Celebrating 51 years of Marriage Dr. Ron and Carol Paul. www.RonPaul2008.com Stop the Mega Main Stream Media from telling you who to vote for.

[cbs_oliver]

And this is after they spent as much of their gains as they possibly could.

It''s getting to where it''s either the oil companies run America or America needs to run the oil companies.

We should nationalize them and split them up and spit them back out as littler ventures that actually compete.

[mcv57]

How do these guys sleep at night ?

Posted by tejasdemo

With pure colombian coke and a fresh *** every night - no shame.

Most corporations don''t give ethics or character a thought, CEO''s motto "CASH, CASH, CASH, nothing else matters."

[jjp735i]

What a huge surprise this headline is!

I think I can see the future so I predict: Gas prices will continue to rise, the consumer will scream and then Congress will look into price gouging charges against the oil companies to calm the comsumer and then declare to find no proof of it.

Hummm, maybe I am not predicting the future, just reliving the past several years. OMG I must be cought in some kind of time loop. The same thing keeps happening each spring and fall.

[joyous88]

Of course they did;

and so did Haliburton;

and so did Blackwater;

and so did the Bush Crime Family;

and so did all the churchs that got their mindless
congregations to vote for Bush.

[brianp55]

Now you know how a guy like GWB, with his obvious lack of credentials and intelligence became President.

[killtheliars]

maybe we need to collectively shut down the economy for a few days. If everyone would join together and just decide not to show up for work for a few days don''t you think corporate america would start thinking twice about *** us? Even if 50% of the workforce called out on the same day it would hurt the economy. Stay home don''t go out and don''t use gas.

[inventagod]

Bu$h stands to collect his royal AssKissing, while Americans shuffle off to borrow money to drive to work...

[brianp55]

You have witnessed the evolution of American democracy to its logical and inevitable final stage. A situation in which the government and society are controlled by large corporations. This is precisely what Marx warned against.

[inventagod]

The Cheney Secret Energy Plan worked!

[jw218389]

No Surprise, PRICE FIXING is very profitable...

Where the h@ll is our anti-trust enforcement!!!!??

IMPEACH BUSH CHENEY NOW!!

[billydee936]

Listen to the uneducted rant. Fact is that profit margins for oil companies are lower than banks, hollywood, lawyers and many other businesses. But the liberal media never points this out. Gasoline is one of the most used products so of course the sales and earnings will be huge. If oil companies controlled the price of gas so well they whey do prices go up and down? Why are they higher all over the world market? Because the world wants more and more and it will run out in the next 100 years. Stop driving pickup trucks and SUV''s!

[joyous88]

Lets all not spend any money for just two day a week,

NATIONAL STRIKE, TAKE BACK THE COUNTRY!