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Exxon Posts Enormous Profits

Posted on Apr 28, 2011
Flickr / World Economic Forum

Exxon Mobil CEO Rex Tillerson addresses a World Economic Forum meeting in Switzerland in 2009.

While a host of social welfare programs sit on the congressional chopping block, Exxon Mobil pulled in a near-record first-quarter profit of $10.65 billion.

The numbers are the highest the taxpayer-subsidized corporation has seen since 2008, when it made a grand total of $45 billion. —ARK

The Hill:

Oil giant Exxon Mobil Corp. reported a $10.65 billion first-quarter profit Thursday, a 69 percent jump from the same period last year that will likely fuel political battles over U.S. oil-and-gas policy.

The company is benefiting from higher refining margins, but also a surge in the price of oil that has led to $4 per gallon gas prices in the U.S. It’s also made oil companies a rich political target for the White House.

Exxon’s profits are its highest since its record in 2008, when it posted profits of $10.9 billion in the first quarter, $11.7 billion in the second quarter and $14.8 billion in the third quarter (and $45 billion for the year).

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Leefeller's avatar

By Leefeller, April 29, 2011 at 8:29 pm Link to this comment

Now that corporations are people too, I want to vote for Exon as president in 2012,... that way there is none of this mamby pamby underhanded paying other people to run in their interests and would mean much more trickling down for the unwashed masses to buy a bar of soap or some of that Repulican preemption H!

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PatrickHenry's avatar

By PatrickHenry, April 29, 2011 at 2:02 pm Link to this comment

Another reason to trim the military and get out of Iraq, Afganistan and the myriad of other nations we find ourselves concerned with.

How much oil does the U.S. military consume each day? ANSWER: The U.S. military is the largest consumer of oil in the world - about 300,000 barrels per day, more than the entire nation of Sweden. In Iraq the U.S. military uses the equivalent of about 16 gallons of oil per soldier per day. In 2007, the oil companies Exxon Mobil, Shell, Total, BP, and Chevron were paid $4.1 billion by the Department of Defense, with Shell leading the way at $2.1 billion.

This ‘fact’ is from 2007, I’m sure it has increased since then.

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rico, suave's avatar

By rico, suave, April 29, 2011 at 9:07 am Link to this comment

If Exxon grossed, say 120 billion for the quarter, the profit was around 9% of that. Let’s reduce Exxon’s gas price at the pump by 9%. The price will still be about $3.50 per gallon. Tax revenues to the Feds will go down around 3 billion, and there will be no dividend payouts to the Wisconsin teachers’ union pension fund. Is that a good thing?

If the Feds raise Exxon’s taxes, don’t you think that just maybe Exxon’s smart enough to add those taxes to the price at the pump? If we really are slaves to our cars, we’ll pay the price and Exxon will keep rolling in dough. Don’t forget the old axiom- businesses/sellers don’t pay taxes; customers/buyers pay taxes.

The only way to bring gas prices down is to increase supply. As long as China and India keep on growing, the demand will not go down.

(For my part, I don’t understand why anybody buys Exxon gas- where I live the Exxon pump prices are always about 10 cents more than any other dealer’s. And, really, unless you’re driving a Ferrari, gas is gas.)

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By Tom Weidermeijer, April 29, 2011 at 8:59 am Link to this comment
(Unregistered commenter)

Boo hoo hoo… don’t take away our tax breaks!

It is the greedy station owners that are the real theives!

BS!  YOU and your oily breathen are the ones screwing almost every person on this planet for your ENORMOUS PROFITS.  Please die in an oil fire.

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By Jim Yell, April 29, 2011 at 7:19 am Link to this comment
(Unregistered commenter)

One more act from the sign of the “double cross”. Need we say more?

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By NZDoug, April 29, 2011 at 12:36 am Link to this comment

God is great!

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By SteveL, April 28, 2011 at 8:34 pm Link to this comment

Think they will pass all this out to the shareholders (suckers) as dividends?

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