Has anyone heard about Exxon's $39.5 BILLION profit?

Question

Does anyone still think this war has nothing to do with oil?

WOW, thanks so much for the economics lesson! You people have me beat in the sarcasm department!

OOOOO profit!! Thank you SO MUCH for explaining that!

Answer 1

Imperialism is an institution under which one nation asserts the right to seize the land or at least to control the government or resources of another people.
~John T. Flynn

In times of universal deceit, telling the truth will be a revolutionary act.
~George Orwell

War is not a word, it's an acronym for "Wasting Another's Resources."
~Ramman Kenoun

Answer 2

I have neither seen nor heard of a single oil truck roll through Baghdad, and I've been here for six months. Yes, Exxon makes a profit, but if there's any foul play, it's on the part of Exxon. The simple fact is, people go into business to make money. That money is called profit. Most companies will make as much money off of its customers as it can. Fortunately for the oil companies, many Americans enjoy driving rediculously large SUVs that they don't use to anywhere near their potential.

Answer 3

So when Exxon made a record profit back in 1998, what was the cause?

When Exxon made a record profit back in 1999, what was the cause?

When Exxon made a record profit back in 2000, what was the cause ?

Have you ever thought, maybe Exxon makes so much profit because people buy so much gasoline and other refined oil products?

Exxon had revenue of 377.64 billion dollars, so thier profit was only 10.4%.

Answer 4

Take a look around you.
See the plastics,the carpet, paint, some of the things in your medicine cabinet, your computer.
Petroleum products are everywhere around you , not just in your gas tank.
Out of a 55 gal barrel of crude oil, you might get 7.5 gals of gasoline, the rest goes to other products including the asphalt paving you drive on.
There's where the profit is,in the by products.
If we did away with the gasoline powered car, we'd still need oil for other things.
And NO the war is not about oil.

Answer 5

Wow, and that amount of profit would amount to, what, about one penny per barrel of oil they sold? Whooop-dee-freakin'-doo!

It sounds like a lot of money until you spread it out over all the employees and investors. Then it turns out to be really quite reasonable, unless you happen to be a socialist.

Remember the definition of a socialist = somebody who has nothing, and wants to share it with everybody.

Answer 6

And just what makes you think that Exxon's profits have anything to do with Iraq?

Oil is a commodity.

Addendum:
The number you reported is misleading. This was gross profit (income before expenses). Net profit was roughly $10 billion.

Sounds like a lot - right?

Not as much as you think when you do then math.
The earnings per share of stock equals $1.76. The price of each share of stock is $74.00. Divide the earnings by the cost per share and we get ~2.4%.

_If_ President bush owns shares of Exxon stock he would have made less income than if he had just left his money it in a savings account.

Answer 7

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Answer 8

Exxon drills in many places, and heavily in the gulf. They drill on my own land in the US. Just because they posted a profit does not mean it has anything to do with the war. They've been posting huge profits for over 50 years.

Answer 9

Have you ever heard of Saddam Hussein? Or Iran? Or the fact that Iran is right in between Iraq and Afghanistan(funny how that worked out huh?) and is trying to set up an Arabian Empire in the Middle East(remember Hitler anyone?). Or that Iran is funding Hezbollah and sending in Iranian fighters to kill Americans in Iraq. Or the teeny tiny minor detail that Mahmoud Ahmadinejad said he wants to wipe Israel off the face of the Earth and also claims the Holocaust never happened.

But oh yea, that is crazy that a business is making money. You have me convinced.

Answer 10

Hey, kiddo, delicatessens and dry-cleaners make small profits. The biggest market-cap on Wall Street (Exxon-Mobil) has a right to make a big profit. First rule of merchandising is that "It's not immoral to make a profit".

Meanwhile, if you REALLY think XOM is making ridiculous profits and that Nancy Pelosi won't at least make a big show of trying to curb their profits at the expense of honest shareholders who hold a bit of XOM as part of their retirement nest-egg, why don't you buy some?