Exxon Mobil 2Q profit sets US record, 11.68 billion

[god is my protector]

HOUSTON (AP) - Exxon Mobil Corp. (XOM) (XOM) reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares fell.




http://apnews.myway.com/article/20080731/D928TAV80.html

[Tall Timbers]

When I see a company make what appears to be a large profit like that, I can't help but wonder at how much money our Federal govt spends each year... and where on earth do they get the money? It just doesn't seem like there could ever be enough tax revenue to fuel Federal spending (and yes I know, there isn't and probably never will be).

[cbressler1976]

hmmm....we are paying a whole lot of money for gas....and exxon sets records...

[luvjc]

Keep in mind that their profits are something like 8% of what they take in ...... and 8% is not that high considering what many other businesses take in profit. I'm of the understanding that insurance companies make some 16% in profit. I heard on Rush Limbaugh that the government profits into the trillions of dollars from their oil taxes .... so maybe that should be brought up to the politicians in a bigger way. There was a list of what the average profits were for different types of businesses but I can't remember what they were. I do remember that the profit margin for oil was not outrageous .... it's just that so much is used/sold that's it quite easy to make $$ off it.

That's the beauty of capitalism .... you start a business, it grows, it profits, you benefit. Why should someone who owns a business be punished for providing something to us we need and use? The world is out there for folks to find their niche .....

If I own a business, I don't expect the government to tell me what I can and cannot do with my profit .... and then take a larger portion of it just because "it's not fair to those who don't make it".

[WhitemoonG]

It's probably not unintentional that most coverage of this story just somehow doesn't mention the 30 BILLION Exxon paid in taxes last year!

I guess if leftist demagoguery succeeds in fomenting a public backlash to drive a dagger through the heart of this "evil" oil company, they won't have anyone or anything's tax burden confiscations left to pay for their government utopia!

[BornAgain123]

It's probably not unintentional that most coverage of this story just somehow doesn't mention the 30 BILLION Exxon paid in taxes last year!

I guess if leftist demagoguery succeeds in fomenting a public backlash to drive a dagger through the heart of this "evil" oil company, they won't have anyone or anything's tax burden confiscations left to pay for their government utopia!

When it comes to the financial/stock market side, investors don't care didly about whatever amount they pay in taxes.

[LukeL007]

That is the thing their profit margin is in line with most other companies. You also forget that the majority of the price of oil comes from the raw crude form which is mostly foreign (Arab)

Oil could drop on average $.25 right now if all taxes on it were repealed.

[felixthecat]

Keep in mind that their profits are something like 8% of what they take in ...... and 8% is not that high considering what many other businesses take in profit. I'm of the understanding that insurance companies make some 16% in profit. I heard on Rush Limbaugh that the government profits into the trillions of dollars from their oil taxes .... so maybe that should be brought up to the politicians in a bigger way. There was a list of what the average profits were for different types of businesses but I can't remember what they were. I do remember that the profit margin for oil was not outrageous .... it's just that so much is used/sold that's it quite easy to make $$ off it.

That's the beauty of capitalism .... you start a business, it grows, it profits, you benefit. Why should someone who owns a business be punished for providing something to us we need and use? The world is out there for folks to find their niche .....

If I own a business, I don't expect the government to tell me what I can and cannot do with my profit .... and then take a larger portion of it just because "it's not fair to those who don't make it".

That is correct. Oil companies make 8% on oil.

Yes, inusrance companies make allot more ... . But all people hear and see are the BIG NUMBERS for the oil companies. Be prepared for Democrats to pursue nationalizing oil companies so the government can make MORE money.

[Ali Kat]

My father was fortunate enough to work for one of the big oil companies and though his stress level at work was high, they were very generous to their employees (this one was, anyway).

[IrishLass]

Oil is THE biggest commodity in the world, which is why we need to look at percentages rather than just $$ to see the full picture.

Unfortunately, the media would rather try to deceive the masses into thinking that evil "big oil" is gouging us at every turn..... however, when you look at the actual numbers- the government actually profits more from each gallon of gasoline than those 'evil' "big oil" companies do.