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The official boycott Exxon thread


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24 minutes ago

NEW YORK (Reuters) - Exxon Mobil Corp (XOM.N) said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.

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Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

Exxon -- the world's largest publicly traded company -- previously set the high-water mark for quarterly earnings in the fourth quarter of last year, when it brought in $11.66 billion.

Despite the new record, Exxon's results lagged behind analyst expectations.

The company posted operating earnings of $2.27 a share in the quarter, which exclude a $290 million charge related to the recent Supreme Court ruling in the Exxon Valdez case. Analysts, on average, had expected the company to earn $2.53 a share, according to Reuters Estimates.

Revenue in the quarter rose about 40 percent to $138.07 billion.

Exxon both produces oil and refines it to make gasoline, and profit margins for gasoline were weak during the quarter, holding back earnings slightly.

The company said earnings from its exploration and production business rose about 68 percent to $10.01 billion. But its refining and marketing earnings fell about 54 percent to $1.56 billion.

U.S. oil prices averaged slightly less than $125 a barrel in the quarter, nearly double prices from a year earlier. Gasoline prices only rose 25 percent during that same period, resulting in weak profit margins for the fuel.

Shares of Exxon Mobil fell 2.2 percent in pre-market trade after its earnings were announced. Through Wednesday's close, they were down about 10 percent this year, underperforming the Chicago Board Options Exchange's oil index (.OIX), which has fallen about 5.2 percent over the same period.

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What is your opinion of PSL's?

They suck, period. But it's their right to charge it and the consumer's right to not pay it.

Severe demand for oil has driven up the price siginificantly and as a result, those that produce oil are making more money.

It's basic Supply & Demand economics which are the backbone of the American form of Capitalism, which hasn't worked out too badly for this nation in it's 232 years.

If you don't like the price of oil and gas, don't buy it. Or.....tell the buttwipes that won't allow us to drill for our own domestic supplies to get their act together.

W. removes a symbolic presidential moratorium on off-shore drilling and oil plunges $20 in 2 weeks. If congress got off their fat asses and made it official, it would plummet. Period. End of story.

They tried income redistribution in the Soviet Union once, didn't work out too well.

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I guess it is alright to earn 12 billion in one quarter.

3 issues here:

1 - exxon mobil is publicly owned (calif public employees returement system and california teachers retirement system are 2 of the largest shareholders)

2 - exxon pays a king's ransom in taxes every year. the $12B profit is after taxes - they paid many billions in corporate income tax.

3 - if you don't want to drive, that's fine with me. if enough people stop driving prices, profits, and the taxes they pay will all go down.

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We fought a revolution against the Brits because of taxes.

I'm about ready to sign up for the next revolution if taxes continue to increase and the government gets any bigger.

The founding fathers are up in heaven with an ulcer at this point.

and a Latin Kings initiation line waiting for Bush and Cheney whenever they get....oh wait those mother f@^s ain't going to no heaven

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