Money What would you do with $45,200,000,000? - Page 3

T-post Tom · 01-31-2009, 01:16 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.

ChiefsCountry · 01-31-2009, 06:50 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, 07:17 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 mother****ers down and have chuck norris and vin diesel (they're both not doing much at the moment, are they?) give all you swirlies.

01-31-2009, 08:14 PM

Quote:

Originally Posted by stumppy

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, 09:19 PM

Bitch about taxes.

KcKing · 01-31-2009, 09:26 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, 10:09 PM

Citibank would garnish what my ex didn't get so I wouldn't see a dime of it.

Simplex3 · 01-31-2009, 10:16 PM

Quote:

Originally Posted by Bearcat

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, 10:18 PM

Quote:

Originally Posted by Bearcat

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, 10:19 PM

Quote:

Originally Posted by Valiant

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 ****ers. 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, 10:56 PM

Get stoned for a very long time

T-post Tom · 01-31-2009, 11:15 PM

Quote:

Originally Posted by Simplex3

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/da...124zdef14a.htm

01-31-2009, 01:16 PM
T-post Tom Busy in a Kohl's restroom Join Date: Aug 2002 Location: Milk/Honey/Gazland Casino cash: $1747293	What would you do with $45,200,000,000? 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.
Posts: 22,376

01-31-2009, 06:50 PM	#31
ChiefsCountry The Insider Join Date: Jan 2004 Location: Lake of the Ozarks Casino cash: $-1621248	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.
Posts: 52,171

01-31-2009, 07:17 PM	#32
Ebolapox remember, remember Join Date: Jul 2002 Location: como Casino cash: $-1810097	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 mother****ers down and have chuck norris and vin diesel (they're both not doing much at the moment, are they?) give all you swirlies.
Posts: 26,523

01-31-2009, 09:26 PM	#35
KcKing Starter Join Date: Sep 2005 Location: Olathe KS Casino cash: $10004900	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...
Posts: 686

01-31-2009, 10:09 PM	#36
Predarat Run Chiefs fans, run!! Join Date: Oct 2004 Location: Nashville, TN Casino cash: $9963863	Citibank would garnish what my ex didn't get so I wouldn't see a dime of it.
Posts: 10,776

01-31-2009, 10:56 PM	#40
Over-Head Boom, Boom , Crash Join Date: Sep 2000 Location: In my shed Casino cash: $9995760	Get stoned for a very long time __________________ ...Illegitimus non Carborundum est...
Posts: 12,040