[N8 v2.0]

:looney:

Exxon Quarterly Profit 5th Highest Ever
Apr 27 10:47 AM US/Eastern
By STEVE QUINN
AP Business Writer

DALLAS

Exxon Mobil Corp., the world's largest oil company, reported Thursday the fifth highest quarterly profit for any public company in history, posting gains from higher oil prices that were likely to stoke the furor over outsized oil company earnings.

Despite the 7 percent gain in earnings to more than $8 billion in the first quarter, Exxon Mobil said its earnings came in below its record fourth-quarter because all three of its business _ exploration and production; refining; chemicals _ didn't perform as well.

The earnings report comes amid consumer outcry in the U.S. about soaring gasoline prices. The average retail price of gasoline in the U.S. is now $2.91 a gallon, or 68 cents higher than a year ago.

It also comes as Washington lawmakers are looking to appease consumers with various proposals to make big oil companies pay more taxes or provide consumers with some other relief.

In January, Exxon posted the highest quarterly profits of any public company in history: $10.71 billion for the fourth quarter of 2005 and $36.13 billion for the full year.

In the first quarter, net income rose to $8.4 billion, or $1.37 per share, from $7.86 billion, or $1.22 per share, a year ago. Excluding a gain on the sale of an interest in China's Sinopec, the company's year-ago profit was $7.4 billion, or $1.15 per share.

But analysts polled by Thomson Financial were looking for a higher profit of $1.47 per share for the latest quarter, and shares fell $1.02, or 1.6 percent, to $62.08 in morning trading on the New York Stock Exchange.

Howard Silverblatt, a senior index analyst for Standard & Poor's, said the latest profit figure still places Exxon fifth historically among quarterly earnings. Exxon also holds the first, second and fourth spots; Royal Dutch Shell PLC has the third spot.

The company said its average sale price for crude oil in the U.S. during the quarter was $55.99 per barrel compared to $42.70 a year ago. It sold natural gas in the U.S., on average, for $8.31 compared to $6.18 during the same period one year ago.

Earnings from exploration and production of oil and gas rose to $6.4 billion from $5 billion a year ago. Refining profits fell from $1.4 billion to $1.2 billion and profits from its chemical business fell to 949 million from $1.4 billion

Revenue grew to $88.98 billion from $82.05 billion a year earlier. Higher crude oil and natural gas prices and improved marketing margins were partly offset by lower chemical margins.

Placed in perspective, Exxon's revenue for the three-month period was still greater than the annual gross domestic product of some major oil producing nations, including the United Arab Emirates ($74.67 billion) and Kuwait ($55.31 billion), according to statistics maintained by the Central Intelligence Agency.

Exxon said it invested $4.8 billion in capital and exploration projects, a 41 percent increase from 2005.

"In the first quarter of 2006, the results of our continuing long-term investment program contributed to a 5 percent increase in production," Exxon chief executive said in a prepared statement.

Exxon also said it returned $7 billion to shareholders through dividends of $2 billion and buying back $5 billion worth of shares.

 

[LordOpie]

Why did you post this in the Lounge??

 

[N8 v2.0]

Why did you post this in the Lounge??

 

[N8 v2.0]

Boycott Planned Against A Big Gasoline Company
LAST UPDATE: 4/27/2006 8:18:30 AM
Posted By: Lauren Jenkins

As gas prices near the $3 mark, some communities are keeping their money away from the gas tank and boycotting one of the nation’s largest gas companies.

Bee County judge Jimmy Martinez is asking for a boycott and has pushed a major county resolution encouraging citizens of Beeville, about 90 miles Southeast of San Antonio, to not get their fuel at Exxon-Mobil stations.

“We're in a crisis. This is absolutely a crisis,” Judge Jimmy Martinez tells News 4 WOAI. “Our families and our country are suffering from this.”

The Bee County judge says he’s had enough and has decided to take a stand.

“This is hurting not only the convenience stores, but its hurting our restaurants, its hurting our economy,” says Martinez. “It's hurting everyone.”

Starting Monday, Martinez wants people to stop buying gas at the Exxon stations until the price goes back down to $1.30 a gallon.

Beeville residents say it doesn’t matter what the price is, they have to have fuel to get around and aren’t sure the boycott will work.

“I'm hoping, I'm hoping,” says resident Lindsay Chavez. “If I thought I personally could make a difference, I don’t know. You know, you need gas.”

Leticia Munoz owns all three of the Exxon/Mobil stations in Bee County, and says she’s feeling the pinch just like her customers.

“My cost of my fuel has gone up, double in the last six months or so,” says Munoz. “Yes there is a lot of frustration. Not just from my customers, but for me personally.”

Munoz says gas sales make up between 20% and 30% of her revenue. It isn’t a majority, but says if the boycott works, it could make a difference.

“Hopefully our customers will continue to shop and come into the store. I don't want to lose any sales, over something I have no control over,” she tells News 4 WOAI. Munoz’s employees say the boycott is wrong, and not the right way to go about getting change.

"What I’m concerned about, is everything that comes with the boycott,” says Maria Gonzales. “Who's going to pay our bills if they give us the layoff, or lower our hours?”

Gonzales has worked at the Exxon/Mobil station for 15 years and fears her job may be in jeopardy if the boycott is successful.

Judge Martinez says he doesn’t expect anyone to lose their job, but he wants to send a message and make a point.

“It’s time for local officials to take a stand, to take a vote on what's happening to our own families in our own backyard,” says Martinez.

The judge says he hopes the Bee County boycott will set a precedent throughout the state. He’s in the process of emailing and faxing the resolution to all 253 Texas counties, and says he’s getting a good response.

 

[N8 v2.0]

LOL!!!


Going a Short Way to Make a Point
By Dana Milbank
Thursday, April 27, 2006; A02

Ladies and gentlemen, start your engines.

Gas prices have gone above $3 a gallon again, and that means it's time for another round of congressional finger-pointing.

"Since George Bush and Dick Cheney took over as president and vice president, gas prices have doubled!" charged Sen. Barbara Boxer (D-Calif.), standing at an Exxon station on Capitol Hill where regular unleaded hit $3.10. "They are too cozy with the oil industry."

She then hopped in a waiting Chrysler LHS (18 mpg) -- even though her Senate office was only a block away.

Sen. Charles Schumer (D-N.Y.) used a Hyundai Elantra to take the one-block journey to and from the gas-station news conference. He posed in front of the fuel prices and gave them a thumbs-down. "Get tough on big oil!" he demanded of the Bush administration.

By comparison, Sen. Maria Cantwell (D-Wash.) was a model of conservation. She told a staffer idling in a Jetta to leave without her, then ducked into a sushi restaurant for lunch before making the journey back to work.

At about the same time, House Republicans were meeting in the Capitol for their weekly caucus (Topic A: gas). The House driveway was jammed with cars, many idling, including eight Chevrolet Suburbans (14 mpg).

America may be addicted to oil, as President Bush puts it. But America is in the denial phase of this addiction -- as evidenced by the behavior of its lawmakers. They have proposed all kinds of solutions to high gas prices: taxes on oil companies, domestic oil drilling and releasing petroleum reserves. But they ignore the obvious: that Americans drive too much in too-big cars.

Senators were debating a war spending bill yesterday, but the subject invariably turned to gas prices. Senate Minority Leader Harry Reid (D-Nev.) engaged his deputy, Dick Durbin (Ill.), in a riveting colloquy. "Is the senator aware that the L.A. Times headline reads today, 'Bush's Proposals Viewed as a Drop in the Bucket'?"

"I'm aware of that," Durbin replied.

Sen. Pete Domenici (R-N.M.) responded with an economics lesson. "Oil is worth what people pay for it," he argued.

Sen. Hillary Clinton (D-N.Y.) sounded the alarms. "We are one accident or one terrorist attack away from oil at $100 a barrel!"

Sen. Lisa Murkowski (R-Alaska) made a plea for conservation. "We have to move quickly to increase our fuel efficiency," she urged.

But not too quickly. After lunchtime votes, senators emerged from the Capitol for the drive across the street to their offices.

Sen. John Sununu (R-N.H.) hopped in a GMC Yukon (14 mpg). Sen. Jim DeMint (R-S.C.) climbed aboard a Nissan Pathfinder (15). Sen. Ben Nelson (D-Neb.) stepped into an eight-cylinder Ford Explorer (14). Sen. Dianne Feinstein (D-Calif.) disappeared into a Lincoln Town Car (17). Sen. Edward Kennedy (D-Mass.) met up with an idling Chrysler minivan (18).

Next came Sen. Bob Menendez (D-N.J.), greeted by a Ford Explorer XLT. On the Senate floor Tuesday, Menendez had complained that Bush "remains opposed to higher fuel-efficiency standards."

Also waiting: three Suburbans, a Nissan Armada V8, two Cadillacs and a Lexus. The greenest senator was Richard Lugar (R-Ind.), who was picked up by his hybrid Toyota Prius (60 mpg), at quadruple the fuel efficiency of his Indiana counterpart Evan Bayh (D), who was met by a Dodge Durango V8 (14).

As a political matter, Democrats clearly sense that they have the advantage on the high gas prices, judging from the number of speeches and news conferences. "The cost of Republican corruption when it comes to energy is hitting home very clearly for America's middle class," House Minority Leader Nancy Pelosi (D-Calif.) exulted yesterday morning.

Sen. Debbie Stabenow (D-Mich.) introduced an amendment to repeal oil-company tax breaks and distribute $500 tax rebates to consumers. It was quickly ruled out of order.

But Republicans were clearly feeling defensive. "We passed an energy bill last year, last July," House Speaker Dennis Hastert (Ill.) pleaded at a morning news conference. "It changes CAFE [corporate average fuel economy] standards. It changes some of the things that we can do -- I'm sorry, changes not the CAFE standards, but changes some of the supply issues, boutique fuels, all these things."

Only Sen. Mark Dayton (D-Minn.), who can speak freely because he is retiring, was willing to note the disconnect between rhetoric and action. "People say, understandably, 'Solve our energy problems right now, but don't make us do anything differently,' " he said on the Senate floor.

If the politics of gasoline favor Democrats at the moment, the insincerity is universal. A surreptitious look at the cars in the senators-only spots inside and outside the Senate office buildings found an Escort and a Sentra (super-rich Wisconsin Democrat Herb Kohl's spot had a Chevy Lumina), but far more Jaguars, Cadillacs and Lexuses and a fleet of SUVs made by Ford, Honda, BMW and Lexus.

A sampling of senators' and staff cars parked along Delaware Avenue NE found that those displaying Democratic campaign bumper stickers had a somewhat higher average fuel economy (23 mpg) than those displaying GOP stickers (18 mpg). A fuel-efficiency rating could not be found for the 1970s-era Volkswagen "Thing" owned by Sen. Richard Burr (R-N.C.).

Maybe, lawmakers are starting to learn. When GOP senators had a lunch Tuesday a couple of blocks from the Capitol, many took cars. Sen. John McCain (R-Ariz.) emerged from the lunch looking for his ride when he spied The Washington Post's Shailagh Murray. Reconsidering, he set out on foot. "I need the exercise," he reasoned.

 

[DVNT]

Damn.
Am I the only one that still boycotts Exxon because of the Valdez?

I must of missed the memo saying boycott over.

 

[LordOpie]

Damn.
Am I the only one that still boycotts Exxon because of the Valdez?

I must of missed the memo saying boycott over.

Amen.

That said, wasn't it just the captain who was drunk that was at fault? I forget, did Exxon jump on the problem with cleaning crews or was that a boatload of volunteers?

 

[blt2ride]

Damn.
Am I the only one that still boycotts Exxon because of the Valdez?

I must of missed the memo saying boycott over.

I watched a news story on the “boycott” that consumers were attempting to start against Exxon—in hopes that it would drive the price of gas down. According to one economist, Exxon, who owns several refineries, sells their fuel to quite a few different gas stations throughout the country. Even if consumers make a decision to boycott Exxon, chances are pretty good they are purchasing Exxon fuel…

 

[Westy]

I'm still glad we gave them tax breaks. Poor guys were having problems feeding their families.

 

[Tenchiro]

So what you're saying is that profits are down since the last quarter, I guess they better lay some people off.

 

[DVNT]

Amen.

That said, wasn't it just the captain who was drunk that was at fault? I forget, did Exxon jump on the problem with cleaning crews or was that a boatload of volunteers?

I believe it was cleaned up by tax payer money

history lesson:

The National Transportation Safety Board investigated the accident and determined five probable causes of the grounding:

(1) The third mate failed to properly maneuver the vessel, possibly due to fatigue and excessive workload;

(2) the master failed to provide a proper navigation watch, possibly due to impairment from alcohol;

(3) Exxon Shipping Company failed to supervise the master and provide a rested and sufficient crew for the Exxon Valdez;

(4) the U.S. Coast Guard failed to provide an effective vessel traffic system; and

(5) effective pilot and escort services were lacking

Captain:
A blood test showed alcohol in his blood even several hours after the accident. The captain has always insisted that he was not impaired by alcohol.

The state charged him with operating a vessel while under the influence of alcohol. A jury in Alaska, however, found him NOT GUILTY of that charge. The jury did find him guilty of negligent discharge of oil, a misdemeanor. Hazelwood was fined $50,000 and sentenced to one thousand hours of community service in Alaska.

 

[DVNT]

.....Even if consumers make a decision to boycott Exxon, chances are pretty good they are purchasing Exxon fuel…

Yeah I'm pretty sure this true.

with only BP and maybe Hess as the exceptions.

I dunno.

 

[blt2ride]

Yeah I'm pretty sure this true.

with only BP and maybe Hess as the exceptions.

I dunno.

Yeah…it’s pretty hard to say. I would imagine that there are a lot of “backdoor” deals that go one between oil companies. They can pretty much do what they want, and there isn’t much we can really do about it…

 

[Echo]

Shoot, I always figured I was destined to be poor because I suck at football, baseball and basketball. When in reality all I needed to do 20 years ago was buy some Exxon stock.

 

[dante]

huh, I guess it would never occur to these dipsh!ts to boycott *all* gas companies and try to reduce their own consumption of oil.

1) ride a bike to work
2) if not possible, take mass-transit
3) drive slower (ever wonder why mpg ratings are taken while doing 48mph?)
4) (if possible) walk to do small chores like get groceries or take out food
5) combine trips so that you can get all of your chores done at once instead of going out and coming back several times
6) buy a more fuel efficient vehicle?

But I guess its much easier to say "I'll boycott xxxxxxx gas station" and just fill up your gas-guzzler across the street. <sigh>

 

[narlus]

Shoot, I always figured I was destined to be poor because I suck at football, baseball and basketball. When in reality all I needed to do 20 years ago was buy some Exxon stock.

too bad the company's stock you have has most of the same letters (trade an "R" for an "N" and you will be OK!).

 

[sanjuro]

Gas profits at the highest. Sweet!!!!!!

Still own my oil company stock, btw.

 

[Echo]

too bad the company's stock you have has most of the same letters (trade an "R" for an "N" and you will be OK!).

Not much money to be made there... although it has done ok since it bottomed out under 5 bucks a few years ago.

 

[Secret Squirrel]

I always love the boycott days that are planned...."We'll show those fuel companies...Watch this! We'll not buy gas on the 22nd...."

All of a sudden, profits on the 21st shoot through the roof....Then when you look at month end profits, they're the f*ckin' same....some real geniuses at work for that plan.....meh...I'll just grab a hybrid suv when they get good enough.

 

[golgiaparatus]

I always love the boycott days that are planned...."We'll show those fuel companies...Watch this! We'll not buy gas on the 22nd...."

All of a sudden, profits on the 21st shoot through the roof....Then when you look at month end profits, they're the f*ckin' same....some real geniuses at work for that plan.....meh...I'll just grab a hybrid suv when they get good enough.

I'm with you... when they get the technology down I'm just going to buy a hybrid car that I can load a bike or 2 in. Still, currently at 28-29 mpg avg I'm not doing too bad.

 

[sanjuro]

I always love the boycott days that are planned...."We'll show those fuel companies...Watch this! We'll not buy gas on the 22nd...."

All of a sudden, profits on the 21st shoot through the roof....Then when you look at month end profits, they're the f*ckin' same....some real geniuses at work for that plan.....meh...I'll just grab a hybrid suv when they get good enough.

the other reason why i can laugh about gas profits is that i mostly take the train or ride my bike (only a 40 mile commute one way).

Those boycott days are stupid, but it is really it is just encouragement to stop driving period.

 

[bigdrop05]

I hear alot that the "PROFIT Claims" are misleading compared to the profit margain..
I know CNN hates Bush so they will print the total profit {before the cost of doing buisness.}= profit margain (the actual profit)

I'm not taking up for Bush or the oil circle at all no way,but just pointing out this.

Am i right? Clarify...

 

[macko]

Damn.
Am I the only one that still boycotts Exxon because of the Valdez?

I must of missed the memo saying boycott over.

I refuse to buy anything Exxon (Exxon/Mobil). What an evil corporation.

 

[BurlyShirley]

I refuse to buy anything Exxon (Exxon/Mobil). What an evil corporation.

..boy you sure showed them.

 

[bigdrop05]

Ever seen the Steven Seagal movie "On Deadly ground"..

It's all about oil.& kicking arse !

 

[BurlyShirley]

Ever seen the Steven Seagal movie "On Deadly ground"..

It's all about oil.& kicking arse !

Did you know that eskimo is a derogatory term, and means "eater of raw flesh"?

 

[macko]

..boy you sure showed them.

It's not about showing them. It's about my personal convictions and morals. I can't justify supporting a company as environmentally irresponsible as they are. I know, I know, all oil corporations share in their contributions to global climate change and other negative impacts on the planet ... but I've got to start somewhere.

...and yes, I obviously drive and therefore am just as much a part of the problem as most Americans; but I also commute by bike 22 miles, 3 days a week. I'm not trying to make an elitest statement or stick it to "the man", it's just doing what I believe is right.

Go ahead and mock me if it makes you feel better.

 

[sanjuro]

It's not about showing them. It's about my personal convictions and morals. I can't justify supporting a company as environmentally irresponsible as they are. I know, I know, all oil corporations share in their contributions to global climate change and other negative impacts on the planet ... but I've got to start somewhere.

...and yes, I obviously drive and therefore am just as much a part of the problem as most Americans; but I also commute by bike 22 miles, 3 days a week. I'm not trying to make an elitest statement or stick it to "the man", it's just doing what I believe is right.

Go ahead and mock me if it makes you feel better.

Do you hate Exxon/Mobil and like other oil companies, or do you hate them all?

I used to work for a "major oil company", one of the Standard Oils, but not Exxon or Mobil.

I asked this question of one the old hands: does my company act ethically? His response, they do what the law will allow, no more, no less.

From an ethical standpoint, this not exactly what I wanted to hear. But we did nothing illegal in the time I worked there and I did not witness anything unethical.

Liking how oil companies operate is your prerogative. I know that oil companies have a heavy hand in the third world countries, particularily Nigeria (btw my old company did not do business in Nigeria). But I also understand that the oil business is a dirty job, and if I want to put gas into my tank, someone has to drill for it.

Personally, I am still waiting for offshore rigs along the Pacific. Until then, I don't really care about concerns about how oil companies do business.

 

[LordOpie]

I hear alot that the "PROFIT Claims" are misleading compared to the profit margain..
I know CNN hates Bush so they will print the total profit {before the cost of doing buisness.}= profit margain (the actual profit)

I'm not taking up for Bush or the oil circle at all no way,but just pointing out this.

Am i right? Clarify...

you're going to have to post a link to whomever is saying that, cuz "'profit' before cost of doing business" is revenues.

 

[LordOpie]

I asked this question of one the old hands: does my company act ethically? His response, they do what the law will allow, no more, no less.

That's Barry Bond's unspoken position... 'roids weren't 'illegal' at the time, so technically, it's not 'cheating'.

 

[DVNT]

Do you hate Exxon/Mobil and like other oil companies, or do you hate them all?

The boycott Macko and I posted about was concerning environmental disregard and really has nothing to do with current affairs and all the bs e-mails about boycotts and trying to affect global markets that'll never happen.

Really has nothing to do with the fact that Exxon is an oil company.

If a Hostess Cargo ship dumped 100 million pounds of twinkies onto the shore, I'd stop eating little debbies and star crunches too.

 

[sanjuro]

That's Barry Bond's unspoken position... 'roids weren't 'illegal' at the time, so technically, it's not 'cheating'.

Well, they were not "illegal" in baseball, but the use of steroid is a crime.

If Barry gets convicted of using illegal drugs, I guarantee you he will be banned and his achievements strickened. Not as a retroactive ban for drug use, but for being a convicted criminal. Sorta like Capone's tax evasion conviction.

As for me, what do you want me to say? I saw illegal dumping, price fixing, payoffs? I didn't see any of that and it wasn't in the corporate newsletter either.

I think people want to imagine oil companies are bad, but they produce a product and sell it for a profit.

 

[sanjuro]

Come on N8, back me!