I Hope The Government Bails these Guys Out

[PhilDernerJr]

"Exxon Makes $10 Billion in 3 Months"

http://articles.moneycentral.msn.com/In ... rkets.aspx (http://articles.moneycentral.msn.com/Investing/CNBC/Dispatch/060727markets.aspx)

I feel so bad for this company. I hope they turn it around and start doing better soon.

[T-Bird76]

I can't even put together a comment.... It's just mind numbing to think these bastards can't pass some of that along to the consumer. There is just no excuse none at all, none that even the most intelligent human on earth can think of why they are charging us what they are for gas with profits like these.

[Mellyrose]

Poor guys. They'll have to sell their super fancy private jets and get less expensive super fancy private jets....while we take MTA so that we don't spend our rent and food money on gas. :x

[pgengler]

Putting it into perspective, Exxon earned $114 million per day in the second quarter. That's $79,000 per minute or $1,300 per second.

That's just mind-boggling. I thought the $55,000 per minute that BP reported a few days ago was insane, but $79k? That means that their profit in one minute is more than 150% of my gross pay for a whole year!

[Matt Molnar]

Yeah it's fun to joke around about Exxon's giant profits because the raw numbers are so big. But the reality is they're not ripping anyone off. Exxon's modest profit margin of 10% ($10 billion profit on $99 billion in revenue) is greater than that of Southwest Airlines (8.7%) and far greater than Wal-Mart (3.5%), but pales next to Citigroup (31%) or Google (25%).

[T-Bird76]

Matt I'm not sure what you getting at here? 10 billion is still 10 billion above their operating expenses. I'm not sure you can compare revenue between Southwest and Exxon. While margins may be tight 10 billion is a huge profit. Tell me how it would affect them to throw 2 billion at consumer incentives and discounts?

[hiss srq]

It is disgusting and our prices go up based on what the per barrel cost is at that moment and THAT oil is not even out of the pipe in the refinery yet. My folks hod a pretty good amount of stock in Exxon/Mobil and I know that last year due to the profilts made by the company the CEO was given a FOUR HUNDRED MILLION DOLLAR BONUS! This is what my father told me. It is pothetic. I drive a Expedition and a Jetta and it cost me to fill the two of them up if I do on the same day almost 110 dollars . Absolutely nuts! I love my truck but not for much longer at this rate. Poor MR. CEO might have to downgrade from a BBJ to a legacey this year at this rate.

[Matt Molnar]

Matt I'm not sure what you getting at here? 10 billion is still 10 billion above their operating expenses. I'm not sure you can compare revenue between Southwest and Exxon. While margins may be tight 10 billion is a huge profit. Tell me how it would affect them to throw 2 billion at consumer incentives and discounts?

You're right. But when you think about how ridiculously expensive it is to explore for oil and build drilling platforms and refineries, $2 billion missing from your balance sheet starts to hurt. In addition to their quarterly statement, ExxonMobil announced their capital spending (exploration, construction, etc) would reach $20 BILLION this year.

[T-Bird76]

I understand they do have expenses but where is the line in the sand? I can understand if wages went up along with consumer prices but the disparagy is getting larger and larger and I'm not even talking about folks who make less then the average American income. Gas prices are eating into lots of industry.

Ok this may sound snobby but I have a boat and I hardly take it out as goes the same with others because gas on the water is well over $4.00 a gallon. The affect is very noticeable to, marines this year are empty, business at beach communities who rely on boaters are hurting. Price increases need to be consistent with income. Retail is another area being affected by gas prices. Most major retailers are reporting less then stellar results.

[hiss srq]

Matt I'm not sure what you getting at here? 10 billion is still 10 billion above their operating expenses. I'm not sure you can compare revenue between Southwest and Exxon. While margins may be tight 10 billion is a huge profit. Tell me how it would affect them to throw 2 billion at consumer incentives and discounts?

You're right. But when you think about how ridiculously expensive it is to explore for oil and build drilling platforms and refineries, $2 billion missing from your balance sheet starts to hurt. In addition to their quarterly statement, ExxonMobil announced their capital spending (exploration, construction, etc) would reach $20 BILLION this year.



But the CEO still gets his huge annual bonus that equal more than all of us combined will probaably make in our lifetimes so do I have sympathy for them not really. I am a right side to middle of the road person and I think this is rediculous. Where are they going to explore where are they going to build. If it is not state side I do not want to hear it. The winey NIMBY people may be an issue for drilling and such but to build a refinery and staff it with AMERICAN people? Not so much an issue. It is all B.S. . My Bilogical dad was very prominent in the NYC home heating oil business through the 90's when his facility was closed down on College Point Blvd. so I know the way that industry works.

[Mellyrose]

closed down on College Point Blvd

HOOO! ;)

[PhilDernerJr]

Mel, no one here knows about College Point Ho.

COLLEGE POINT HOOOOOOOOOOOOOOO!

HOOOOOOOOO!

HOOOOOOOOOOOOOOOO!!

[hiss srq]

((scratches chin in confusion))

[PhilDernerJr]

It's a College Point phrase.

Where was your father's oil place?

[hiss srq]

right off the parkway I beleive it is now a bus depot 3170 College Piont Blvd. Coastal Refining And Marketing was the company it is now a bus Depot if I remeber correctly but I used to be in my glory days as a little kid sitting in the trucks and watching US Air Shuttle 727's flying into LGA

[PhilDernerJr]

Wow, Coastal, yeah. It's not a bus depot, though. It's a limosine company that has limo buses, although I believe they still do some oil work because the trucks are still there.

In fact, there are signs there saying that photography is not permitted, apparently because of the oil. No photography. HAHAHAHAHA. What funny signs.

[hiss srq]

It is strictly a terminal depot. New York State forced us out of the home heating oil business in all but the distribution part. Now they can only sell oil to other companies if you would like to look indepth as to why they cannot do as they used to feel free as it is public records. Can anyone snap a shot of the Neon red C for me I miss that thing. I lived for going to my dad's office when I was little.

[PhilDernerJr]

What a great article. This guy is telling us that we are wrong for criticizing Exxon for their profit. Instead of being fair and not ripping off the whole country, this guy affirms corporate greed by telling us that maximizing profits for the shareholders is the important thing.

http://articles.moneycentral.msn.com/In ... tsJob.aspx (http://articles.moneycentral.msn.com/Investing/JubaksJournal/StopWhiningExxonMobilIsDoingItsJob.aspx)

Congrats, Jubak! You've one this award:

http://images.amazon.com/images/P/B0000530B0.01._SCMZZZZZZZ_.jpg

[Mellyrose]

Making the rich richer....woot!

[T-Bird76]

What does this guy care about the price of gas?? He makes over 100 grand a year. I hope the parking brake fails on his Hummer and runs him over.