ExxonMobil profits soar 69 percent in first quarter

ExxonMobil Corp., the world’s largest publicly traded oil company, said first quarter earnings jumped 69 percent on higher oil prices, improved performance at its refining and chemical units and increased oil and natural gas production.

Net income rose to $10.7 billion, or 2.14 per share, from $6.3 billion, or $1.33 a share, in the same period a year ago, the Irving-based oil giant said in a statement this morning. Revenues climbed to $114 billion, from $90 billion in the January-to-March period in 2010.

Analysts on average had expected Exxon to report a first-quarter profit of $2.06 per share, according to a poll by Thomson Financial Network.

The quarterly earnings were the company’s best since it reported $14.8 billion in profits in the third quarter of 2008, when oil prices spiked to a record $147 a barrel.

“ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices,” CEO Rex Tillerson said in a statement.

In the first quarter, crude oil prices once again topped $100 a barrel, after trading closer to $80 a barrel a year ago, amid civil unrest in the Middle East and the continuing economic recovery, which has boosted demand for petroleum products globally. Soaring crude prices have in turn sent retail gasoline prices in the U.S. above $4 a gallon in many parts of the country, and made higher oil company profits the subject of sharp criticism by politicians, special interest groups and the public.

ExxonMobil said higher sale prices for crude oil and natural gas increased its earnings by nearly $2.6 billion in the quarter.

The company said it also benefited from a 10 percent increase in production, to 4.82 million barrels oil equivalent per day.

Elsewhere, the company posted record earnings in its chemicals unit of $1,516 million, which were $267 million higher than the first quarter of 2010. And downstream refining earnings jumped to $1 billion, up from $37 million a year ago, as global demand for gasoline, diesel and other refined fuels increased.

73 Comments

  1. Pat

    They deserve a tax break so we can fire more teachers!

    Right Republicans?

    #1
  2. Maggie C.

    Yeah but will these profits carry down to the consumer? Probably not, they are just stingy oil company who wants nothing but profits. They care not about their consumer but about the money in thier pockets. If they cared about the consumer they would lower prices which in turn would have the consumer more willing to buy more of their product. We are so dependent on forigin oil it is not real. When will we notice that we don’t have to rely on foriegn sources?

    #2
  3. Dicky

    Right! We have too many anyway.

    #3
  4. mikey

    Hey Pat, take away their tax breaks so they can just pass those taxes to the consumer. Brilliant idea!! Because trust me, either way we will be the ones raped.

    #4
  5. Barb

    Awesome. But too bad the raises they have been giving long time employees is less than one percent.

    #5
  6. ntangle

    One thing I admire about companies like XOM: Even when they’re making record profits, they stick to the knitting. Like buying more oil & gas production (such as XTO), or stock buybacks. Rather than random purchases like the old days, when Mobil bought Montgomery Ward.

    #6
  7. pinnywoodsrooter

    Well surprise, surprise! Anyone check pump prices lately?

    #7
  8. TransAmer99

    XOM beats Shell once again: 9.3% return to 7.9%.

    #8
  9. denmond

    Net income of $10.7B on Revenues of $114B = profit margin of 9.3%

    For all you whiners about how much profits these oil companies make, I suggest you take into consideration the size of these companies and put that profit in perspective. $100+ Billion in Expenditures FUNDS a lot of JOBS and provides plenty of tax and royalty revenue. A profit margin of 9% is hardly a windfall.

    #9
  10. Matt

    Maggie, I don’t know where you work, but Exxon buys pipe, tools, heavy equipment, office supplies, they OFTEN pay their employees bonuses (I don’t mean the CEO’s I mean the average worker). All of those things carry down to the consumer. Oil companies employ a lot of people ranging from scientists, economists, secretaries, sales people, engineers, accountants.

    BTW, the government is making more per gallon than Exxon.

    #10
  11. Steven C.

    Tax these clowns into oblivion and divert the money to education, police, fire, and other essentials that are being destroyed by our ridiculous politicians.

    We’re giving them a tax break while $40K per year teachers are losing their jobs while executives at Exxon get hundreds of millions. I’ve become ashamed to be an American.

    #11
  12. Dollar

    Maggie C. , your worst nightmare would be artificially low oil prices. Because that would ensure a day in the not too distant future, when there would not be gasoline to fill up your car.

    Oil must be sold at its fair market value, so that consumers can treat the commodity with the respect it needs, and plenty of incentive exists to increase production of the commodity.

    These are basic free market principles that our economy has been based upon for forever.

    I am forever amazed, that our schools do not teach this, that so many people have no understanding of free market economics.

    We are capitalists, not communists. Do you know the difference ?

    We have free markets, not government distribution of commodities.

    #12
  13. MrOldMan

    So I guess that means they’ll be hiring more people now, right? We’d better not hold our breath…

    #13
  14. Emily

    start fueling up with companies that don’t get their oil from overseas.
    List of Gasoline Companies who DO NOT import oil from the Middle East
    Department of Energy

    Posted on Wednesday, April 09, 2008 4:08:56 PM by Dallas

    WHERE TO BUY YOUR USA-GAS, THIS IS VERY IMPORTANT TO KNOW. READ ON–

    Every time you fill up the car, you can avoid putting more money into the coffers of Saudi Arabia Just buy from gas companies that don’t import their oil from the Saudis.

    These companies import Middle Eastern oil:
    Shell………………………205,742,000 barrels
    Chevron/Texaco………144,332,000 barrels
    Exxon /Mobil……………130,082,000 barrels
    Marathon/Speedway…117,740,000 barrels
    Amoco……………………..62,231,000 barrels

    Citgo Gas comes from South America, from a Dictator who hates Americans.

    Do the math at $30/barrel, these imports amount to over $18 BILLION! (Oil is now $100-$110 a barrel)

    Here are some large companies that DO NOT import Middle Eastern oil:
    Sunoco…………….0 barrels
    Conoco…………….0 barrels
    Sinclair……………..0 barrels
    BP/Phillips………..0 barrels
    Hess………………..0 barrels
    ARC0……………….0 barrels

    Also: Pilot, Flying J, Love’s, RaceTrac, Valero.

    All of this information is available from the Department of Energy and each is required to state where they get their oil and how much they are importing.

    ——————————————————————————–

    #14
  15. James

    I’ve already read two “evil corporation” posts already. Tax breaks to fire teachers? First, this is an ad hominem. Second, the districts decide who to fire, not the politicians. The politicians set the budget. And since it’s in the Texas constitution to have a balanced budget, even though you dems only like the law to apply to what suits you, the budget must stay balanced. Third, and maybe most important, any new costs to the oil companies will be passed down to the consumer, as it is with any company. So if you dont like gas prices now, and you want to raise taxes on oil companies, you’re an idiot.
    Will the profits carry to the consumer? If you invest in their stock, which any red blodded American can do, then yes. Since when is a company not in the business to make money? What school or person has convinced y’all that a company is about anything but making money. What is the reason to start a business? To make money obviously. And since we are still a free nation, it is none of your damn business how much someone profits. Here a good one, if you dont like it, dont buy it. Thats the beauty of the free market. When enough people start to feel the way you do, you can all protest, not buy gas, and force the price down. And I’ll protest with you. But this whole evil corporation, too much money, evil rich people, class warfare has to stop. I do agree with your oil dependency portion though. Its a damn shame we give so much money to people that hate us.

    #15
  16. Waves

    but but but…it has nothing to do with the price of oil and high gas prices, this profit is from another division….right….friggin crooks!

    #16
  17. lab-handler

    I don’t buy their products , but I do buy their stock.

    #17
  18. Dollar

    ntangle, don’t you think , that when Exxon uses income to buy back stock, or uses acquisitions to increase reserves ………….. that it could possibly relate to the absence of new places to explore ?

    Where are they going to spend their exploration budget ?

    It sure will not be domestically. Obama says no drilling off the east coast or Alaska or the Arctic, and he’s barely allowing drilling in the GOM.

    More and more countries oil exploration is done by their national companies and they only let Exxon and the other majors in to play a role of consultant or to gain access to their knowledge base.

    Where are they going to drill ?

    And if you can’t put profits back into exploration, would not buying back stock be a good strategy ? I think so. Its very conservative.

    And the purchase of XTO just further emphasizes my point, that is a complete departure from oil production and venture into domestic nat gas.

    #18
  19. Pat

    Hey mikey, last time I checked, we’re already getting raped. Nice to see you enjoy giving the rapists a reward.

    #19
  20. Newsworthy

    Pat, you really don’t have a clue. Why does this president continue to allow speculators like his buddies at Goldmine Sackfulls into the market? Speculative trading on fears are driving up the prices. There is no issue with supply in the market and demand is not increasing. Many Republicans don’t like such high prices, all they do is slow growth and as the price of gasoline has doubled this takes money from everyone’s pocket and makes the poor poorer and lowers everyone’s standard of living. Ben Bernake doesn’t have a clue or else he has an agenda that is destroying America.
    On the tax break, every company is allowed to write off expenses. It is just immature what Obama is saying…the other day he’s in the media saying he’s going after speculators and if they are doing something illegal he’s gonna get them. Well, they are not breaking any laws so Obama’s statement is worthless and he’ll do nothing. How many libs took that as red meat, probably a bunch.

    #20
  21. denmond

    Tax these clowns into oblivion and divert the money to education, police, fire, and other essentials that are being destroyed by our ridiculous politicians.

    We’re giving them a tax break while $40K per year teachers are losing their jobs while executives at Exxon get hundreds of millions. I’ve become ashamed to be an American.
    ———
    Tax them to oblivion? And what happens to the price of gas when our domestic oil&gas producers downsize because you’ve now made it uneconomical for them to produce it? Do you not have a sense of cause and effect? Who educated you?

    Given your complete and utter lack of understanding of basic economics and inability to get past political talking points, I think it’s us American’s that are ashamed of you being one…

    #21
  22. Dave

    I’m surprise the idiots haven’t blame the president of USA yet.lol

    #22
  23. BOB

    But i believe GE may have earned as much if not more and paid no taxes – HMM – perhaps GE is a favorite of the president and contributed to various democrat funding sources.

    Re-elect Obama 2012 for best communism

    #23
  24. Newsworthy

    Emily, your data is from 2008 and is old. If you’re going to offer relivant information make it current. Amoco is long gone, it’s BP now. Some companies have sold their holdings. Realize that Shell has holdings all over the world and they don’t have much if anything in the US. Since oil is refined, I’d suggest that you look up all the refineries in the US and see where they buy their oil.

    #24
  25. Fred C. Dobbs

    I feel so sorry for Exxon Mobile. They had to earn all of that profit because they couldn’t find more oil to produce, therefore generating more expenses…then again, more oil production means more revenue offsetting the expenses…oh, well…I still feel sorry for those guys. Maybe they to will feel the pinch of the higher oil prices…you know, they do have to fill up their company cars and corporate jets just like the rest of us.

    #25
  26. ntangle

    @ $ – Who am I to question XOM’s exploration strategy? They’re the world’s largest public company, not me! Frankly, I don’t blame them for investing abroad rather than domestic, considering the way the US tax structure is rigged. Although some of BP’s domestic assets would’ve made sense, had there been a fire sale price. Regarding XTO, (you’ll notice that I said oil & GAS)…perhaps they paid too much, but a major domestic gas purchase makes sense to me at this juncture. Perhaps they should’ve consulted you too. Time will tell.

    #26
  27. Mike

    James, your comment is the reason why I am a liberal. Conservatives like you fail to realize that “the beauty of the free market” creates a society of winners and losers, which in my opinion, which I’m sure you disagree with me on, is UNFAIR.

    “…any new costs to the oil companies will be passed down to the consumer, as it is with any company. So if you dont like gas prices now, and you want to raise taxes on oil companies, you’re an idiot.”

    OK, the problem I fundamentally have with that is: why can’t companies, ALL companies, charge a fair price for their goods and services and NOT pass any new costs, such as taxes (which major corporations fight very hard NOT to pay their fair share of) to the consumer? Why not absorb some of those costs in other ways, like maybe, a pay cut for the CEO????? Consumers are hurting enough, in part because companies are too stingy to pay most workers a living wage.
    “…What school or person has convinced y’all that a company is about anything but making money. What is the reason to start a business? To make money obviously….”

    My response to that is: what school or person has convinced YOU that the reason for starting a business SHOULD be about a profit motive AT ALL? We need to RETHINK what the purpose of a business should even be, and flat out greedy pursuit of profit (as opposed to providing for the needs of society because of the simple fact that they are needs) is, again in my humble opinion (but since I’m a liberal you disrespect it) immoral, incorrect and unsustainable in the long term.

    “…But this whole evil corporation, too much money, evil rich people, class warfare has to stop.”

    Sir, come on now, be serious. It’s not us who started the class warfare. So I respectfully respond: heck NO I will NOT stop. It’s up to liberals to be a conscience, a check and balance on abuses that the corporate system will wholeheartedly inflict upon the common man if left unchallenged.

    #27
  28. Newsworthy

    Dave, the president can sign an order requiring a certain amount of money be put up front to make the trade. As it stand now, speculators can buy oil and sell it within a 30 day window and put up no money as they are buying it on their good credit. If they sell it within that window then they don’t have to send cash, just collect the profit. Some speculators lost heavily when oil went from $150 to $38 a barrel the last time and this time they are not going to allow the price to take such a dramatic drop. The cost of getting the oil out of the ground is relatively low compared to the $110/barrel price they get, ergo the high profit. Question is…is such a high price warranted? The economic effect of such high prices ruined the economy before and the president AND the Pelosio led congress did NOTHING. They could have but didn’t. Bernake and Obama are only now admitting inflation and this time it’s going to really hurt and will ruin everyone. Your buddy Obama and Bernake and the others policies are dead wrong and they must be stopped.

    #28
  29. I AM MATEO

    Ok President Obama, Here is the report you ordered in regards to Oil Price Gouging at the Gas Pumps. DO THE AMERICAN PEOPLE NEED TO SAY ANYTHING ELSE????????

    ExxonMobil profits soar 69 percent in first quarter
    Net income rose to $10.7 billion, or 2.14 per share, from $6.3 billion, or $1.33 a share, in the same period a year ago, the Irving-based oil giant said in a statement this morning. Revenues climbed to $114 billion, from $90 billion in the January-to-March period in 2010.

    #29
  30. CK

    Steven C. is ashamed to be an American yet he is talking like a Marxist Communist. Why is it to be proud to be an American you have to punish success? Besides, look at the results of the countries that have followed Marxist Communism, they fail 100% of the time.

    #30
  31. Jay

    Why is it that everyone is always so anxious to label profits by the oil industry as “greedy”, “evil”, or “stingy”. Yet, not a single person applies the same litmus test to Apple, Google, Sony, etc (are you even going to bother checking out their earnings reports?) Seems to me many of you should begin to think for yourselves rather than being swayed by the liberal rhetoric coming out of Washington. Have you taken a look at your pension plan, 401k, etc… lately. Guess what, I can guarantee you that you have energy stocks in there somewhere. So, when “evil oil” does well, “evil you” does equally well – so given you have ownership in these companies, this means you too our selfish and irresponsible (wow, I’m thinking like a liberal now). Being selective in your moral assessment of a corporations profitiability belies your intelligence; such a shame.

    #31
  32. Mike

    “Why is it that everyone is always so anxious to label profits by the oil industry as “greedy”, “evil”, or “stingy”. Yet, not a single person applies the same litmus test to Apple, Google, Sony, etc (are you even going to bother checking out their earnings reports?)”

    Yeah, good point! You ARE thinking like a liberal!!!!

    make ALL corporations in ALL sectors pay their FULL fair share of taxes!!!!

    #32
  33. Lee

    @Dollar: You really believe we live in a capitalist free market?

    How naive…I’m surprised they don’t teach this in schools, but oil is a *cartel*..the opposite of a free market.

    Please don’t believe everything you hear on Fox news.

    #33
  34. Energy Moron

    BOB:

    The GE financial statement is here:

    http://www.ge.com/investors/financial_reporting/financial_statements/index.html

    You are certainly correct about them getting a tax credit from the government (although I cannot tell in what year since they reference a note 14 but don’t include the note 14).

    Lee:

    I certainly don’t believe we are a market system anymore; witness the favoritism shown to Obama’s bud GE. No, I don’t listen to Faux news either but simply look at the data.

    #34
  35. I AM MATEO

    Why is it that everyone is always so anxious to label profits by the oil industry as “greedy”, “evil”, or “stingy”.

    Why not! That is what is happening if you Tax these companies based on their Gross Profits I guarantee you the profits would not be anywhere near these GOUGED AMOUNTS!! Anytime that an Oil Company can RAPE the CONSUMER they will take it to the BANK as do the politicians that have their hands out!!

    DOBBS GIVE ME A BREAK THEY FILL THEIR TANKS UP AND JETS UP AS A TAX WRITE OFF SO EITHER WAY THEY ARE SCREWING THE SYSTEM!

    #35
  36. See Obama you ain’t very smart. Everything you do to drive prices and kill the market just makes big oil more money.

    #36
  37. Jay

    Yeah, good point! You ARE thinking like a liberal!!!!

    make ALL corporations in ALL sectors pay their FULL fair share of taxes!!!!
    **************************************************************
    Let’s throw in INDIVIDUALS for good measure…since we’re talking about FULL and fair. This includes no more entitlements OR TAX breaks.

    #37
  38. denmond

    Last reported Quarters

    Microsoft: Net income $6.6B on revenue of $19.9B = 33.3% profit margin
    Apple: Net income of $6.0B on revenue of $24.7B = 24.2% profit margin
    IBM: Net income of $5.3B on revenue of $29.0B = 18.2% profit margin
    Google: Net income of $2.5B on revenue of $8.4B = 29.8% profit margin
    GE: Net income of $4.5B on revenue of $40.3B = 11.1% profit margin

    I guess these companies are even more evil and greedy then Exxon?

    And to put it further into perspective, Yahoo Finance lists Petrobras, the Brazilian national oil companies profit margin as 16.5%.

    So yes, let’s attack our domestic producers. That will only help ensure that the only folks we’ll get our oil from will be foreign producers… I’m sure companies like Petrobras and Saudi Aramco will really enjoy that…

    #38
  39. HEAD IN SAND

    Why is it that everyone is always so anxious to label profits by the oil industry as “greedy”, “evil”, or “stingy”. Yet, not a single person applies the same litmus test to Apple, Google, Sony, etc (are you even going to bother checking out their earnings reports?)”

    Yeah, good point! You ARE thinking like a liberal!!!!

    make ALL corporations in ALL sectors pay their FULL fair share of taxes!!!!

    Miuke, Apple, Sony, Google etc make products that people can do without. We cannot say that about the oil companies. Even if you do not drive, you still need oil to heat your home and to produce electricity. Now, these are basic neccesities.

    There is not wrong with Liberalism;their is something wrong with GREED.

    #39
  40. I AM MATEO

    All of these Comapanies are owned by Middle Eastern Oil Tycoons why would they not import from there. Just like Real Estate 90% of America is owned by Foreign Buyers eventually they will own the US and take Over.

    These companies import Middle Eastern oil:
    Shell………………………205,742,000 barrels
    Chevron/Texaco………144,332,000 barrels
    Exxon /Mobil……………130,082,000 barrels
    Marathon/Speedway…117,740,000 barrels
    Amoco……………………..62,231,000 barrels

    Citgo Gas comes from South America, from a Dictator who hates Americans.

    Do the math at $30/barrel, these imports amount to over $18 BILLION! (Oil is now $100-$110 a barrel)

    #40
  41. Dicky

    The seller of oil and/or fuel can sell it for what ever they want, just because you can’t aford it doesn’t mean the seller should reduce their price. Either don’t buy fuel, walk, budget better or make more money.

    #41
  42. denmond

    @Lee:

    Oil isn’t a cartel. OPEC IS. The likes of Exxon, Shell, BP, etc COMPETE against the cartel. But yet, some of you seem to want to put the independent oil producers out of business leaving us with just OPEC to get our oil from.

    Perhaps you should stop believing everything on MSNBC.

    #42
  43. What the financial statement says is that ExxonMobil, in 2009, after a handful of deferrals, recorded a total U.S. income tax benefit (i.e., a refund) of $46 million.

    ExxonMobil, the world’s second-largest company, says it actually paid out 47 percent of its profits in taxes, but not to the good ol’ capitalist US of A. Says Forbes in a report on all the taxes of the US’s top 25 firms (with added emphasis):

    Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.

    By contrast, the nation’s largest corporation, Wal-Mart, paid $7.1 billion globally in taxes, and the lion’s share of it—$5.9 billion, or 83 percent—went to the US government.

    It would seem that a resume including “tax consultant for ExxonMobile” is a Platinum level recommendation. Or a future indictment.

    #43
  44. denmond

    @mike:
    “James, your comment is the reason why I am a liberal.”
    “We need to RETHINK what the purpose of a business should even be, and flat out greedy pursuit of profit (as opposed to providing for the needs of society because of the simple fact that they are needs) is, again in my humble opinion (but since I’m a liberal you disrespect it) immoral, incorrect and unsustainable in the long term.”
    ———-

    Mike, you’re not a liberal. You’re a communist…

    #44
  45. john hemenway

    ANYONE SURPRISED! The market is flooded with oil….this was in the CHRON last week!!!!!!!!!!!!!!!!!!!!

    #45
  46. drumcorpse

    Pat
    April 28, 2011, 9:19 AM
    They deserve a tax break so we can fire more teachers!

    Right Republicans?
    ============================
    wrong, leftwinger. exxon paid 10 billion in taxes last year, but i guess that is still not enough for you.

    #46
  47. Energy Moron

    http://www.eia.doe.gov/dnav/pet/pet_move_impcus_a2_nus_ep00_im0_mbbl_m.htm

    You can get all of the oil import data here.

    Using 100 dollars a barrel, January 2011 imports were 37 billion dollars, or about 450 billion on a yearly basis.

    Most of those countries have horrible human rights records except for Canada. But the Keystone pipeline is considered “bad”.

    So, Obama is basically in bed with human rights abusers, even worse than Bush.

    I bet you don’t hear that on Faux news… both sides are sick.

    #47
  48. drumcorpse

    by the way, how much in taxes did obama’s pals over at GE pay? zero

    #48
  49. drumcorpse

    to the guy that reminded us all that the government makes more on a gallon of gas than the oil companies do: thank you, it’s a fact that doesn’t get repeated a whole lot in the media. where’s the statistics on those profits?

    #49
  50. Shelli

    Fabulous as we all contributed to their roaring success at the gas pumps. Way to go! In the meantime Obama is more concerned about showing his birth certificate to Donald Trump. Hey Donald, here’s a challenge for you…. ask him to do something about gas prices… you seem to be speaking his language.

    #50
  51. Dollar

    Thank you denmond, for the reply to Lee and mike .

    Good to know someone else gets it.

    @ntangle, you don’t blame them for investing abroad rather than domestic ………….. huh, I sort’ve think they have no choice. Where are they going to drill domestically that is not a tight shale mostly gas field ?

    That’s my whole point. They have no place to invest.

    I heard the CEO of Total speak on this a couple years ago, they have the money to explore, but a lack of places and projects to invest in.

    #51
  52. Dodson

    Matt, Where do you get your information about the bonuses? I am one of the average workers who have been with the company since the merger and we (the average worker)have never received any typpe of bonus. I was with Mobil prior to the merger and there the employees received bonuses based on the companies performance, but this was one of the first things eliminated when the merger took place. In fact, eeven though the CEO received an 8 percent pay raise plus millions in stock options and bonuses, the average employee at XOM received a 2% raise this year.

    #52
  53. Dollar

    @It’s-all-numbers,

    When 80% of the US major’s operations are international, then they are going to pay taxes in other places but the USA.

    Its not their fault that environmentalists in the USA make it impossible to invest domestically.

    #53
  54. Dodson

    I am Mateo, Did you just make up your facts or do you any documentation to support your claim that the companies you list are owned by Middle East oil tycoons? From the data I found, ExxonMobil has no individual that owns greater than 5 percent of its shares and the top institutional holder owns 3.84% and the top Mutual Fyund holder owns a paltry 1.08% of XOM shares.

    #54
  55. Newsworthy

    Mike, this is to inform you that you have failed Economics 101. The free market allows people of little means to rise to higher levels and achieve wealth. It allows all people to pursue their own self interests.

    With your great wisdom, please name one other country or system that allows that to happen? There are winners and loosers and that is a fact of life that you clearly can’t conceive and don’t want to accept. Not everyone is born with the same abilities, many people are lazy and won’t work hard. You liberals seem to think that all this can be corrected by the government and they have all the answers and the solution is to tax those that produce. Government is not there to redistribute wealth and to promote social justice.

    Allow people to be creative and come up with ideas and get rich from their efforts. I know many people that are lazy and don’t want to work hard yet they sit around and complain about the rich. Many people that start companies do so because this country and capatilism allows it. Obama thinks that people that become wealthy owe this country for that opportunity, like he owns it and you must pay. He’s wrong and that mindset is like a cancer that only the democrats promote. Right now they are trying to create chaos among people and the unions are their useful idiots. America is loosing the economic war and we have a president whose policies are inept and a media that won’t admit the growing dislike of him has nothing to do with his color and completely with his dunderheaded policies that many people can clearly see are just plain economically wrong. But they want to play the race bait game and play the rich against the poor card.
    Life isn’t fair and never will be…if it were then those that headed west and died along the way and those that gave their lives to defeat Hitler should not have died. The sparrow that falls from the tree and dies…you’d like to save them all with tax money from the fed…but you can’t

    #55
  56. good ol Ronnie Reagan “trickle Up” effect-what a joke! Until uppity “write off” fanatics start going to jail (real jail) for zillion dollar fraud, speculation, and theft we still resemble a host of countries, Mexico, Central America, Africa, that are currupted to the hilt, and wondering where did da money go!

    #56
  57. Helen

    For those of you who don’t think Exxon Mobil pays taxes, the last published annual report indicates an average tax rate of 49%. What was YOUR tax rate? Also, look at the profit margin, which really makes more sense than the dollars. With a corporation of such size, just plain dollars don’t bring any relevance to the conversation, but the liberal media likes to get a rise out of you guys. Check out pharmaceuticals, whose profit margins are in the 20% range. Frankly not many business can stay viable with a profit margin of less than 10%. But you wouldn’t know that, would you?

    It really would be better to remain quiet than to prove how stupid you are.

    #57
  58. richeyrich

    Ludicrious

    #58
  59. Helen

    Emily, please try to understand a little bit about energy companies. It would save you the embarrassment factor when you find out everything you said is fantasy.

    There are a limited number of refineries in the United States. All oil, imported or domestic, is processed in these refineries. The products that come out of the refinery couldn’t possibly be identified as to their origin so your statement simply makes no sense.

    For example: Gasoline is just one byproduct of the refining process, but the gasoline you might purchase at say, a Chevron station, could have come from oil imported from Saudi Arabia as easily as from oil produced in Idaho. Gasoline is gasoline, no matter where it comes from. Chevron might have a tanker pull into an Exxon Mobil rack to fill up, and on its way out of the facility they tell the operator to fill them up with whatever additives Chevron is using this week. So you see, NOT buying gas from one company or another simply makes no sense whatsoever. You are just making youself drive further in a silly hunt for what????

    #59
  60. mikey

    Hey Pat, I don’t like it either. But do you understand my point? If we stop the tax breaks them I’m willing to bet that these companies will simply raise prices to make up for it!

    #60
  61. David

    Don’t like the oil companies….boycott their products. Don’t buy gas, oil or petroleum-based products (which probably make up the majority of your possessions).

    You talk the talk, but do you walk the walk?

    #61
  62. mikey

    Hey David, I talk the talk and I walk to work!

    The best decision I’ve ever made was moving so close to work. This year I could care less about gas prices, although my trip to Austin is gonna $uck!

    #62
  63. Newsworthy

    Joel….stick your thumb back in your mouth.

    #63
  64. mark

    Am I just naive or did I know this was coming. About ten years ago all the majors started incorporating,merging of the refineries. So there is no competition. It’s corrupt and led to this massive speculation of oil. It doesn’t matter what the cost of a barrel of oil is or how much is on the market. Speculators driven buy and sponsored by the new Gods produce massive profits. I said it ten years ago that our government should build it’s own large refinery and produce at a reasonable capped fee. I wanted them to build a modern one and give us some jobs, but now it appears the want an antiquated one already built from the Texas city BP plant. I’m not for a socialist platform, but if my taxes go into it and it’s run correctly. I would rather buy gas from them.

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  65. Emily
    Hess does import from the middle east. Hess buys oil from any one, “Jones Act”. Sends the ship to St. Lucia, unloads and reloads, then sent to St. Croix under a different flag, refined and sold on the east coast. Stockfeeds sent thru pipelines on the gulf coast….. Money machine!!!!

    #65
  66. FackzRtoN10z4u

    it would be funny to see all the CEO’s lined up at the banks with a few million 50 cal. toting tax payers there waiting inside the bank just as they were opening. how much you wanna bet the prices drop $3.00′s within the first hour !

    #66
  67. Jeff

    Same old worn out arguments bashing ‘big oil’ by ignorant liberals who think it is their right and government’s right to take more money from a company because they’re proposerous. Government taxes on gasoline far exceed the profit refining companies make on gasoline. If you want to whine about high crude prices blame, in part, Obama devaluing the dollar by increating the ENORMOUS deficit. Maggie C – you’re ignorant, it IS the primary purpose of a business to make money. Steven – I’m ashamed you’re an American also. You probably voted for Obama who makes me ashamed to be an American. I don’t want government taking anymore money from anyone or any company, all it does is make it bigger and take more of my rights away. You people are testament to the failure of our education system.

    #67
  68. David

    The Exxon Mobil profit equates to about 7 cents per gallon of the gas sold they sold domestically. Anyone want to guess what the Federal/State/Local governments take was per gallon? Texas’s take probably averages about 40 cents per gallon, and the Fed takes about 18.4 cents per gallon. So if you are mad at Exxon Mobile for making big profits, you should be furious at your state and federal governments for making 10 times more the profit on gasoline.

    #68
  69. Ben

    Exxonmobil made $0.02 per gallon from refining last year. Yes, that is right. $0.02.

    They do not control profits made from crude oil sales, the market sets the price.

    ExxonMobil paid $60 billion in taxes versus $40 billion in profit in the U.S. over the past 5 years.

    XOM’s profit margin is ~10%. Google/apple/microsoft make closer to 30%.

    Those are easily verified facts. Do your own thinking people.

    #69
  70. RBBR

    Exxon-Mobil, like all oil and gas companies, is taxed to the hilt by our tax-drunk government. Any so-called tax “breaks” are hugely offset by other taxes. So in summary, many “Americans” feel like corporate profits are BAD and EVIL, and higher taxes are GOOD and ARE USED WISELY BY OUR BENEVOLENT GOVERNMENT (i.e. food stamp cards re-sold and used for vacation trips). Nice, real nice.

    #70
  71. hgnis

    That damn war mongerer Obama only lining the pockets of his big oil buddies and looking to get re-elected.

    #71
  72. Jonathan

    Ben
    “XOM’s profit margin is ~10%. Google/apple/microsoft make closer to 30%.”

    The problem is that Google, Apple, and Microsoft are not make 30% off a market guiding necessity. The cost of phones and computers are not doubling and tripling and causing global depressions. The cost of computers is gradually shifting down in relative money. You can buy a budget laptop for ~$300 thanks to Intel, Google, Microsoft, and by association… Apple. As much as those companies hated netbooks and cheap laptops they embraced it and built platforms for it to sustain because in the long run people buying those laptops and netbooks meant people buying accessories and software which IMPROVES the market around them.

    Exxon and Oil companies are selling a necessary commodity for EVERYONE to function and live decently. Record profits, regardless of margin, is unacceptable in this situation.

    Is that clearer? This is not communism, it’s not allowing a group of private companies to bring the world to its knees for a group of shareholders and CEO’s.

    #72
  73. Steven

    Dear James,
    Just so you know: here are 2 companies that were founded without profit as a motive; unfortunately, they do a heckuva business, y’all.

    1) St. Jude’s Children’s Hospital, Memphis, Tennessee;

    2) Susan G. Komen for the Cure, Dallas, Texas.

    Also, just as in Monopoly, when you die, all your money goes back into the box – it was never yours to begin with. – Narrator, Zeitgeist: Moving Forward

    Happy Trails, Pardner
    Steven

    #73