Exxon profits soar 53%

[Enrique]

Source: Guardian UK

http://www.guardian.co.uk/business/2011/jan/31/exxon-mobil-profits-and-output-rise

Profits at Exxon Mobil, the world's largest oil company, soared 53% in fourth quarter profits powered by rising oil prices and natural gas.

Exxon's profits were $9.25bn (£5.8bn) compared with $6.05bn for same the period a year ago. The profits were Exxon's largest for more than two years. Total revenue in the quarter was $105.2bn, up from $89.8bn in the quarter a year earlier. For the year Exxon made $30.46bn compared to $19.4 bn in 2009.

Demand for oil and gas rose last year and is expected to rise again this year. The company benefited from higher profits in its chemicals and refining units. Analysts said it also benefited from a lower tax rate in the fourth quarter of 38% compared with an expected 46%.

Oil and natural-gas output rose 19% during the fourth quarter to the equivalent of 4.97m barrels a day, the most in the 128-year history of the company. Last year Exxon made its biggest acquisition since 1999, buying XTO Energy, the US's largest natural gas company for $41bn.

(...)

Read more: http://www.guardian.co.uk/business/2011/jan/31/exxon-mobil-profits-and-output-rise

[joanbarnes]

1. Exxon

How much did they pay in taxes?

[florida08]

2. and that's tax free

[Robb]

6. Not remotely.

Actually, most oil companies pay nearly 50% of their earnings in taxes. None of it, however, in this country, but in the ME countries where they do most of their business (where the tax rates are ironically higher).

ExxonMobil paid US $15 billion in 2009, a 47% rate. We just didn't see dime one of it.

[pdefalla]

3. Makes you wonder

Exactly why we give them billions in subsidies.....?

http://www.exxposeexxon.com/ExxonMobil_politics.html

[RC]

9. So they can pay their foreign taxes.

Stuff like this happens when our Congress critters sell themselves to the highest bidder.

[BobbyBoring]

11. An interesting point in the kinked article

Exon is second ONLY to Koch Industries, a "Small oil firm".

Funny thing about Koch. It took the tea party douche bags to expose them~

[Broderick]

4. sigh

Meanwhile I watch fixed income folks counting pennies for fuel.

[aquart]

5. Energy is too vital to national security to be left in private hands.

[Ghost Dog]

12. The international financial system is too vital to national security to be left in private hands.

Touché.

[RUMMYisFROSTED]

21. Health care, the military...

[Paper Roses]

7. And I'm paying $3.42 a gallon to heat my house. Some are paying more.

Good luck to you Exxon. When we all declare bankruptcy or die off, your profits might just drop a little.

[RedCloud]

8. Keep polluting. What harm could there be in that?

[tomm2thumbs]

10. oh goodie, here comes the trickle down...

I hear a slow drip at the far side of the world ... sounds promising

[Amonester]

13. oh, it's trikeling down alright

straight into secret off-shore banksters acc't, that is...

[Kingofalldems]

14. Excess profits tax needed

[defendandprotect]

15. And we want to argue that capitalism isn't criminal? NATIONALIZE oil industry--!!

[dd2003]

16. sick

I am just sick over this...meanwhile they kill everything in their path

[Bombero1956]

17. I just ordered an oil delivery for tomorrow

100 gallons for $325. Maybe I should just write the check to Exxon.

[xchrom]

18. ...

:mad:

[hobbit709]

19. Funny how every time the prices go up so do their profits.

If you're just passing on increased costs, then your profit margin shouldn't see a big jump.

[Doctor_J]

20. And still not a single guillotine in sight

we've become a really pathetic species.