[Masthead] Mostly Cloudy ~ 88°F  
High: 91°F ~ Low: 71°F
Tuesday, July 22, 2014

A nation of their own

Posted Friday, May 2, 2008, at 3:14 PM

Oil giant Exxon Mobil reported first quarter profit at $10.9 billion Thursday. So, oil climbed up over $3.50 per barrel Friday.

Do the oil giants have a kind of nation all their own with with their unimpeded greedy thumb on all other of what we normally think of as political nations?

And, do the vast majority of politicians want the approval of the oil giants to dare speak out against them?


Comments
Showing comments in chronological order
[Show most recent comments first]

Exxon, Chevron, and ConocoPhilLips were all in the top 5 of this years Fortune 500 (and they were last year as well...)

REVENUES:

Exxon 2007- $372,824,000,000(+7.4%)

Chevron 2007- $210,783,000,000(+5.1%)

ConocoPhillips 2007-$178,558,000,000 (+3.5)

PROFITS:

Exxon 2007- $40,610,000,000(+2.8%)

Chevron 2007- $18,688,000,000(+9%)

ConocoPhillips 2007- $11,891,000,000(-23.5%)

Source: Fortune Magazine, May 5, 2008 ed. (Yes, I subscribe)

Of course, those are the big three in based in the United States, this doesn't even include, Shell or BP...

Those three combined made over $800,000,000,000 in revenues last year... Their capital quadruples many developing countries GDP for an entire year. How pathetic is that?

-- Posted by darrick_04 on Fri, May 2, 2008, at 11:50 PM

EXXON Profit Pirate or Tax Victim

With gas prices averaging $3.63 a gallon, consumers understandably aren't cheering Exxon Mobil's latest profit report. On May 1, Exxon Mobil announced first-quarter 2008 earnings of $10.9 billion--a figure that marks the second-largest U.S. quarterly profit ever, even if it slightly missed Wall Street's expectations.

Perhaps more surprising was this figure buried in the Exxon (XOM) report: $9.3 billion. That's how much Exxon paid in worldwide income taxes in the first quarter of 2008, representing a 49% tax rate on its gross income of $20.2 billion. While not generating as much heat as the income figure--which prompted Senator Hillary Clinton (D-N.Y.) to call once again for tax hikes on oil profits--it did prompt a vigorous discussion in the blogosphere. ...

In tax terms, the U.S. government is kinder to oil companies. According to Securities & Exchange Commission filings, Exxon paid an effective tax rate of 34% to the U.S. government in 2007, or $5.12 billion. While cheaper than rates from some foreign governments, it's still a higher rate than many U.S. companies pay.

From Business Week

I guess this begs the question of how much is too much not only with profits but with taxes also.

-- Posted by devan on Sat, May 3, 2008, at 9:20 AM

Interesting discussion. I think that if you look at the profit per share of stock oil companies are pretty average. Prices are being driven up by speculators looking for a profit since the stock market has underperformed during this mortgage debacle. As far as taxes, yep they're pretty steep. But historically the US is kinder to companies on taxes hoping to lure them from overseas markets. Overseas countries look at taxes as a way to fund huge government programs so oil companies are a huge cash cow.

My .02$

-- Posted by Tim Baker on Sat, May 3, 2008, at 12:49 PM

I JUST WANT TO GET TO WORK WITHOUT RUNNING OUT OF GAS ON THE WAY OR STARVING TO DEATH. SIMPLE!

-- Posted by wheresmyjoygoneto on Sat, May 17, 2008, at 1:01 AM


Respond to this blog

Posting a comment requires free registration. If you already have an account, enter your username and password below. Otherwise, click here to register.

Username:

Password:  (Forgot your password?)

Your comments:
Please be respectful of others and try to stay on topic.


Bo Melson is a retired sports and police beat editor of the Times-Gazette.
Hot topics
Just Some Thoughts
(80 ~ 6:13 AM, Jul 22)

Iraq...Again
(40 ~ 5:53 AM, Jul 11)

Recreational Marijuana
(42 ~ 9:30 PM, Jun 26)

Shelbyville Mills School
(757 ~ 10:07 PM, Jun 25)

Gift Of Life
(2 ~ 12:25 PM, May 27)