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View Full Version : Money What would you do with $45,200,000,000?


T-post Tom
01-31-2009, 12:16 PM
Exxon Mobil sets record with $45.2 billion profit
By JOHN PORRETTO
AP Energy Writer

Exxon Mobil Corp. on Friday reported a profit of $45.2 billion for 2008, breaking its own record for a U.S. company, even as its fourth-quarter earnings fell 33 percent from a year ago.

The previous record for annual profit was $40.6 billion, which the world's largest publicly traded oil company set in 2007.

The extraordinary full-year profit wasn't a surprise given crude's triple-digit price for much of 2008, peaking near an unheard of $150 a barrel in July. Since then, however, prices have fallen roughly 70 percent amid a deepening global economic crisis.

In the fourth quarter alone crude tumbled 60 percent, prompting spending and job cuts in an industry that was reporting robust, often record, profits as recently as last summer.

With piles of cash and diversified operations, the majors like Exxon Mobil have fared better than many smaller oil and gas companies, but Friday's results show no one is completely insulated from the ongoing malaise.

Irving, Texas-based Exxon said net income slid sharply to $7.8 billion, or $1.55 a share, in the October-December period. That compared with $11.7 billion, or $2.13 a share, in the same period a year ago, when Exxon set a U.S. record for quarterly profit. It has since topped that mark twice, first in last year's second quarter and then with earnings of $14.83 billion in the third quarter.

Revenue in the most-recent quarter fell 27 percent to $84.7 billion.

Both the per-share and revenue results topped Wall Street forecasts. On average, analysts expected the company to earn $1.45 a share in the latest quarter on revenue of $69.1 billion, according to Thomson Reuters.

Shares rose $1.52, or 2 percent, to $78.52 in early trading.

The nation's second largest oil company, Chevron Corp., reported profits of $4.9 billion for the fourth quarter, though revenues slid 26 percent with oil prices in sharp decline.

It earned $2.44 per share in the three months ended Dec. 31. Like Exxon, Chevron easily beat expectations of analysts, who were looking for profits of $1.81 per share.

The industry went into retrenchment toward the end of the year with demand falling.

As expected, Exxon Mobil's bottom line took a beating from its exploration and production, or upstream, arm, where net income fell 31 percent to $5.6 billion. The culprit: lower crude prices, which the company said decreased earnings by $3.2 billion in the fourth quarter alone.

The company, which produces about 3 percent of the world's oil, said overall output fell 3 percent in the most-recent period, a troubling trend in previous quarters. Exxon, which generates more than two-thirds of its earnings from oil and gas production, said production-sharing contracts and OPEC quotas contributed to its lower output.

Results were better at its refining and marketing unit, where earnings rose 6 percent to $2.4 billion as higher margins overcame costs related to last summer's hurricanes and other factors.

The company's chemical division also took a hit, posting net income of $155 million versus $1.1 billion a year ago. Results were hurt by lower volumes and margins and hurricane-repair costs.

Exxon Mobil said it bought 119 million shares of its common stock in the quarter at a cost of $8.8 billion. Roughly $8 billion of that amount was dedicated to reducing the number of shares outstanding; the balance was used to offset shares issued as part of the company's benefit plans.

Exxon said it spent $26.1 billion on capital and exploration projects last year, up 25 percent from 2007. Its earnings release provided no information about its planned spending for 2009.

For the full year, Exxon Mobil's massive profit amounted to $8.69 a share, versus $7.28 a share a year ago.

DaKCMan AP
01-31-2009, 12:17 PM
Buy a NFL team.

Bearcat
01-31-2009, 12:17 PM
Two chicks at the same time.

Buck
01-31-2009, 12:19 PM
Two chicks at the same time.

Silly, you only need $1,000,000 for that...

luv
01-31-2009, 12:21 PM
Pretty much whatever I wanted.

Scorp
01-31-2009, 12:22 PM
Burn it all........................money is the debil.

Bearcat
01-31-2009, 12:23 PM
Silly, you only need $1,000,000 for that...

Once a day for the next 123 years.

JuicesFlowing
01-31-2009, 12:23 PM
Sell all of my possessions and live as Christ did.

Bearcat
01-31-2009, 12:24 PM
I think I'd start by buying Exxon Mobile.

JuicesFlowing
01-31-2009, 12:25 PM
Sell all of my possessions and live as Christ did.

OR .... have a mansion in every exotic location of my choosing with a brothel of exotic, beautiful virgins who submit to me.

Either way ...

Ultra Peanut
01-31-2009, 12:26 PM
I would buy the Montgomery Biscuits.

chiefqueen
01-31-2009, 12:26 PM
Retire

luv
01-31-2009, 12:31 PM
I think I'd start by buying Exxon Mobile.

Oh sure. Be smart about it. :rolleyes:

:p


You could put it all in a bank, and live well off the interest.

JuicesFlowing
01-31-2009, 12:35 PM
Oh sure. Be smart about it. :rolleyes:

:p


You could put it all in a bank, and live well off the interest.

Why bother with interest, 45 billion could last you a few years.

Bearcat
01-31-2009, 12:40 PM
Oh sure. Be smart about it. :rolleyes:

:p


You could put it all in a bank, and live well off the interest.

If you want to get real smart about it, do you know that chunk of change only accounts for 0.4% of the national debt? That's crazy.

bishop_74
01-31-2009, 12:41 PM
I would save the world then buy a T shirt that said I saved the world.

Nightfyre
01-31-2009, 03:20 PM
OMG WINDFALL PROFITZ DUE TO GAS PRICESSSSS, WE MUST TAX!!

Seriously, where are all those clowns now?

Otter
01-31-2009, 03:38 PM
"profit" "margin"

I'd have a competent captain who enjoys shore leave driving me around the world in one of these:

(avoiding the coast of Somalia)

http://blog.danshamptons.com/entertainment/wp-content/uploads/2008/08/motor-yacht-jo-cruifaefeaefaedfadsfasddfesing6.jpg

bishop_74
01-31-2009, 03:50 PM
"profit" "margin"

I'd have a competent captain who enjoys shore leave driving me around the world in one of these:

(avoiding the coast of Somalia)

http://blog.danshamptons.com/entertainment/wp-content/uploads/2008/08/motor-yacht-jo-cruifaefeaefaedfadsfasddfesing6.jpg

Does that boat have a poop deck?

Valiant
01-31-2009, 03:54 PM
offtopic

One thing I find funny.. Had to fill up my Avalanche finally this year.. Have not been driving a lot lately so one gas tank almost lasted me 6weeks but they passed a law in Missouri that unleaded gasoline now contains 10% ethanol but prices did not drop 10%..

My question is if this is a law now in Missouri and probably will spread isn't the mpg rating false on all vehicles??

Balto
01-31-2009, 04:16 PM
Try to double it so I could get close to what it will take to get Cowher out of retirement

stumppy
01-31-2009, 04:17 PM
"profit" "margin"

I'd have a competent captain who enjoys shore leave driving me around the world in one of these:

(avoiding the coast of Somalia)



http://blog.danshamptons.com/entertainment/wp-content/uploads/2008/08/motor-yacht-jo-cruifaefeaefaedfadsfasddfesing6.jpg

Wouldn't be fun to mount a couple of SAW's on the top and go trolling through there ?

angelo
01-31-2009, 04:19 PM
I would buy the chiefs and become the Jerry Jones, Mark Cuban and Al Davis of Kansas City.
I would be even more eccentric and act like a general ass.

I would also drive thru the plaza in a 1970 convertible Cadillac, chauffeured by a midget in lederhosen sp, throwing cheese at people.

oh and I would donate a lot to charity.

I think I would like to help pregnant teenage mothers get their start.

Ang

Adept Havelock
01-31-2009, 04:25 PM
I'd buy a small Pacific Island, build a few research stations, stick a giant electromagnet in it, and watch the ensuing hijinks.

That, or buy a salvage yard and build a Moon Rocket out of a cement mixer, tanker cars, using an unstable explosive in liquid form as fuel.

Bowser
01-31-2009, 05:18 PM
They'd have Bowser Ave. in Vegas by the time I was done.

Guru
01-31-2009, 05:40 PM
I would pay off all of my friends and family's debts.

banyon
01-31-2009, 05:42 PM
I would make sure that I spent a least a portion of it on advertisements designed to make people think that the money had been earned through innovate eco-friendly technologies and the purity of free market enterprise.

Bugeater
01-31-2009, 05:47 PM
offtopic

One thing I find funny.. Had to fill up my Avalanche finally this year.. Have not been driving a lot lately so one gas tank almost lasted me 6weeks but they passed a law in Missouri that unleaded gasoline now contains 10% ethanol but prices did not drop 10%..
Ethanol isn't free.



My question is if this is a law now in Missouri and probably will spread isn't the mpg rating false on all vehicles??
They are anyway.

beavis
01-31-2009, 05:47 PM
Buy gold. Those dollars are going to be worthless pretty soon.

beavis
01-31-2009, 05:48 PM
"profit" "margin"

I'd have a competent captain who enjoys shore leave driving me around the world in one of these:

(avoiding the coast of Somalia)


I watched a really interesting show the other day on the History Channel about modern pirates. I'd avoid Indonisia also if I were you.

ChiefsCountry
01-31-2009, 05:50 PM
I would buy the Royals, try to buy a NBA team and NHL team move them both to KC and make more money off of them. :)

Ebolapox
01-31-2009, 06:17 PM
1) I'd buy an nfl team.
2) I'd buy houses and cars out the ying yang
3) two words... scarlett johansson.
4) I'd hunt all you motherfuckers down and have chuck norris and vin diesel (they're both not doing much at the moment, are they?) give all you swirlies.

Phobia
01-31-2009, 07:14 PM
Wouldn't be fun to mount a couple of SAW's on the top and go trolling through there ?

SAWs? Probably wasting your time. .50 Cals might be worth something.

DeezNutz
01-31-2009, 08:19 PM
Bitch about taxes.

KcKing
01-31-2009, 08:26 PM
Adopt 100,000 o' them 70 cents a day kids... Bring em back to the US, and make them clean houses, do landscaping, and open nail shops...

Predarat
01-31-2009, 09:09 PM
Citibank would garnish what my ex didn't get so I wouldn't see a dime of it.

Simplex3
01-31-2009, 09:16 PM
I think I'd start by buying Exxon Mobile.

Meh. Oil companies can go years in the red, then have some big profit years. Sadly, even in the good years their margins suck.

Simplex3
01-31-2009, 09:18 PM
If you want to get real smart about it, do you know that chunk of change only accounts for 0.4% of the national debt? That's crazy.

Good thing we have politicians who are being smart with our money and not pissing it away, like doubling the budget of the national parks.


Oh, wait.

Simplex3
01-31-2009, 09:19 PM
offtopic

One thing I find funny.. Had to fill up my Avalanche finally this year.. Have not been driving a lot lately so one gas tank almost lasted me 6weeks but they passed a law in Missouri that unleaded gasoline now contains 10% ethanol but prices did not drop 10%..

My question is if this is a law now in Missouri and probably will spread isn't the mpg rating false on all vehicles??

Mother fuckers. If that ethanol claim is true then I just figured out why my gas mileage went to shit a while back.

Over-Head
01-31-2009, 09:56 PM
Get stoned for a very long time

T-post Tom
01-31-2009, 10:15 PM
Meh. Oil companies can go years in the red, then have some big profit years. Sadly, even in the good years their margins suck.

It sucks to work for Exxon. Lee Raymond only received a $400,000,000 retirement package. That's right, four hundred million.

http://www.sec.gov/Archives/edgar/data/34088/000104746906004990/a2167124zdef14a.htm