Exxon earns 11 billion

[shooter65]

http://finance.yahoo.com/news/Exxon...Juc25l?x=0&sec=topStories&pos=9&asset=&ccode=

 

[427Cobra]

Re: Exxon earns 11 billion

So what Uncle Sam earned 10 times that off of gas.

 

[JSTARSZ]

Re: Exxon earns 11 billion

Did you see this type of reporting a couple of years ago when gas went below $45 a barrel and $1.75 a gallon? It is always interesting when this happens that the evil industries are gouging the market but no one says anything when everything is going the consumer’s way. Look at how much cotton is or corn. Farmers are making record profits. Should we take their money too?

 

[smokshwn]

Re: Exxon earns 11 billion

Right, the evil oil companies are gouging you again.....

http://finance.townhall.com/columnists/larrykudlow/2011/04/27/the_left_hates_oil_companies

 

[varmint slayer]

Re: Exxon earns 11 billion

That article pretty much sums it up smokshwn. Oil companies don't set the price so how are they to blame?

 

[jcfd2201]

Re: Exxon earns 11 billion

Thanks for the education Smokshwn. Now I know who/what to bitch about when complaining about fuel prices.

 

[smokshwn]

Re: Exxon earns 11 billion

I don't have the article handy but in general oil companies operate at approximately 6-10% profit margin.

If you want to get pissed at a corporate entity take a peek at consumer electronics which generally operate near 100% profit margins.

 

[jasonk]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: smokshwn</div><div class="ubbcode-body">If you want to get pissed at a corporate entity take a peek at consumer electronics which generally operate near 100% profit margins.</div></div>

And they have no where near the liability exposure.....

 

[The Mechanic]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: 427Cobra</div><div class="ubbcode-body">So what Uncle Sam earned 10 times that off of gas. </div></div>
Couldn't agree more
<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: smokshwn</div><div class="ubbcode-body">I don't have the article handy but in general oil companies operate at approximately 6-10% profit margin.

If you want to get pissed at a corporate entity take a peek at consumer electronics which generally operate near 100% profit margins.</div></div>
My parts dept has some items marked up as high as 200%
Just can not understand not drilling here. That will lower prices, put 10's of thousands of Americans to work, keep ALL the money in this country instead of funding terrorists, strengthen the security of our nation by not relying on a spigot of oil being "shut off" at a whim.

 

[Guest]

Re: Exxon earns 11 billion

Where the oil comes from has little to do with the pump prices. It's more a matter of how many times it gets bought and sold in the futures markets before someone finally takes delivery.
If you want to immediately drop the price by as much as 25%, then taking the speculators out of the market will get you there overnight.

Saudi Arabia can sell us crude cheaper than we can drill it out of our own fields.
There is no supply shortage. No one who wants to buy oil is getting left out.

I REALLY want to see tankers parked on Wall Street and making some of those assholes take delivery on what they "purchase".

 

[dmg308]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: tucker301</div><div class="ubbcode-body">Where the oil comes from has little to do with the pump prices. It's more a matter of how many times it gets bought and sold in the futures markets before someone finally takes delivery.
If you want to immediately drop the price by as much as 25%, then taking the speculators out of the market will get you there overnight.

Saudi Arabia can sell us crude cheaper than we can drill it out of our own fields.
There is no supply shortage. No one who wants to buy oil is getting left out.

I REALLY want to see tankers parked on Wall Street and making some of those assholes take delivery on what they "purchase". </div></div>

This^^^^^^^ For the win! If they had to take delivery and or pay in full it would be a whole different game.

 

[Maggot]

Re: Exxon earns 11 billion

If you want the real FUCK JOB, consider Bank of America. The government gave.....thats <span style="font-size: 20pt">GAVE </span> them 45 Billion...thats <span style="font-size: 20pt"> 45 BILLION</span>. Any one want to guess how much income tax theyve paid for the last two years??

$0.......yep, thats <span style="font-size: 20pt"> $0</span>.

Think about that one.

Then bend over, drop trou, and run backwards rapidly.

 

[shooter65]

Re: Exxon earns 11 billion

Cohen has a point that Exxon doesn't control the price of oil or gasoline. Oil is traded around the world on public exchanges, and experts point out that the world is consuming more oil now than it did before the recession, raising demand. When oil prices go up at the exchange, Exxon sells oil for more money to refiners and other buyers.

Gasoline is made from oil. So while gas prices can rise and fall based on other factors, like refining problems or natural disasters, they generally go up as oil prices rise on the New York Mercantile Exchange.

Exxon noted that only 6 percent of its profit came from refining and selling gas in the United States. Other parts of its business, like selling oil and natural gas overseas, accounted for much more.


http://finance.yahoo.com/news/Somewhat-sheepishly-Exxon-apf-479576777.html?x=0&.v=17

 

[E3C3H3O3]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: tucker301</div><div class="ubbcode-body">Where the oil comes from has little to do with the pump prices. It's more a matter of how many times it gets bought and sold in the futures markets before someone finally takes delivery.
If you want to immediately drop the price by as much as 25%, then taking the speculators out of the market will get you there overnight.

Saudi Arabia can sell us crude cheaper than we can drill it out of our own fields.
There is no supply shortage. No one who wants to buy oil is getting left out.

I REALLY want to see tankers parked on Wall Street and making some of those assholes take delivery on what they "purchase". </div></div>


LMAO, love it well said

 

[Guest]

Re: Exxon earns 11 billion

Goldie,
If you really want to see how things work, go and look up Matt Taibbi's Rolling Stone article on the Real Housewives of Wall Street.

You may want to have your WTF!? hat on when you hit the part about how the Fed gave the banks money at 0% so that the banks could buy T Bills from the Fed at 3% yield.

If that one doesn't get you then surely the story about the Arab Banking Corporation and the $35 billion will.

 

[smokshwn]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: tucker301</div><div class="ubbcode-body">Goldie,
If you really want to see how things work, go and look up Matt Taibbi's Rolling Stone article on the Real Housewives of Wall Street.

You may want to have your WTF!? hat on when you hit the part about how the Fed gave the banks money at 0% so that the banks could buy T Bills from the Fed at 3% yield.

If that one doesn't get you then surely the story about the Arab Banking Corporation and the $35 billion will. </div></div>

+1 as left leaning as Rolling Stone is I was very surprised at that article as it shows without equivocation that Geitner, Bernanke, et al and anyone supporting the bailouts is part and parcel of scam.

http://townhall.com/columnists/rachelale...american_wealth

 

[WhiskeyWebber]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: 427Cobra</div><div class="ubbcode-body">So what Uncle Sam earned 10 times that off of gas. </div></div>

This is not completely true but it is directionally correct. The govt taxes are about $0.50 per gallon and Exxon makes about $0.02 profit per gallon. So, actually the govt makes <span style="text-decoration: underline"><span style="font-style: italic"><span style="font-weight: bold">25</span></span></span> times as much from a gallon of retail gasoline than Exxon does.

 

[shooter65]

Re: Exxon earns 11 billion

Ten giant U.S. companies avoiding income taxes: Sen. Bernie Sanders list
By Lynn Sweet on March 27, 2011 9:54 AM | No Comments
WASHINGTON---With federal income taxes due in a few weeks, Sen. Bernie Sanders, the Vermont independent allied with Democrats, on Sunday released a list of ten big profitable U.S. companies paying little or no taxes. Sanders wants to close the loopholes that make this tax avoidance legal. Some people call the income tax system with generous loopholes for big companies corporate welfare or corporate entitlements. As Congress returns to work this week--after yet another break--to negotiate over big budget cuts--with social safety net programs facing reductions--Sanders is pushing for corporations to pay more of a fair "share."

The Bernie Sanders Ten, per release....

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.

below, release from Sen. Sanders....

Tax Time? Not for Giant Corporations

Sanders Calls for Shared Sacrifice

BURLINGTON, Vt., March 27 - While hard working Americans fill out their income tax returns this tax season, General Electric and other giant profitable corporations are avoiding U.S. taxes altogether.

With Congress returning to Capitol Hill on Monday to debate steep spending cuts, Sen. Bernie Sanders (I-Vt.) said the wealthiest Americans and most profitable corporations must do their share to help bring down our record-breaking deficit.

Sanders renewed his call for shared sacrifice after it was reported that General Electric and other major corporations paid no U.S. taxes after posting huge profits. Sanders said it is grossly unfair for congressional Republicans to propose major cuts to Head Start, Pell Grants, the Social Security Administration, nutrition grants for pregnant low-income women and the Environmental Protection Agency while ignoring the reality that some of the most profitable corporations pay nothing or almost nothing in federal income taxes.

Sanders compiled a list of some of some of the 10 worst corporate income tax avoiders.

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

2) Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.

3) Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

5) Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

7) Goldman Sachs in 2008 only paid 1.1 percent of its income in taxes even though it earned a profit of $2.3 billion and received an almost $800 billion from the Federal Reserve and U.S. Treasury Department.

8) Citigroup last year made more than $4 billion in profits but paid no federal income taxes. It received a $2.5 trillion bailout from the Federal Reserve and U.S. Treasury.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

10) Over the past five years, Carnival Cruise Lines made more than $11 billion in profits, but its federal income tax rate during those years was just 1.1 percent.

Sanders has called for closing corporate tax loopholes and eliminating tax breaks for oil and gas companies. He also introduced legislation to impose a 5.4 percent surtax on millionaires that would yield up to $50 billion a year. The senator has said that spending cuts must be paired with new revenue so the federal budget is not balanced solely on the backs of working families.

"We have a deficit problem. It has to be addressed," Sanders said, "but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country. The wealthiest people and the largest corporations in this country have got to contribute. We've got to talk about shared sacrifice."

 

[BattleAxe]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: shooter65</div><div class="ubbcode-body">"We have a deficit problem. It has to be addressed," Sanders said, "but it cannot be addressed on the backs of the sick, the elderly, the poor, young people, the most vulnerable in this country. The wealthiest people and the largest corporations in this country have got to contribute. We've got to talk about shared sacrifice." </div></div>

Government is pretty quick to blame big business but big business didn't create the loopholes...the government did because their palms were greased by lobbyists. Blaming corporate America is a fraud perpetrated by elected leaders and propagated by the media to win the vote of dumbasses. You know...the sick, elderly, young, and vulnerable dumbasses.

Unfortunately being sick, elderly, young, and vulnerable does not make you noble or brilliant...it just makes you freaking gullible enough to vote for criminals posing as statesmen. Blaming corporate America for their tax breaks is like blaming maggots for road-kill.

My company gets raped by the government because I can't afford teams of attorneys to navigate the tax system for me. As a result the size of my business will always be limited. Corporate America needs those loopholes to have the money to create jobs for the dumbasses.

Don't buy into this shit guys.

If I could get those types of tax breaks I would hire someone tomorrow, virtually double the amount of money I could feed into the American economy, eliminate one more unemployed American, and do it almost overnight.

 

[WhiskeyWebber]

Re: Exxon earns 11 billion

I'm not a tax lawyer but it is pretty simple to see that these corps had capital loss carryovers from previous years '07, '08, '09.

 

[shooter65]

Re: Exxon earns 11 billion

Buy stock in the oil companies...


http://www.latimes.com/business/la-fi-oil-refineries-20110429,0,7502154.story

 

[RTO]

Re: Exxon earns 11 billion

Let me first say that farmers are not making record profits. With the price of oil going up it drives the price of diesel up, it also drives the price of fertilizer which is a petro product. Fertilizer has over tripled in the past 3 years. Pesticides have gone up as well as seed. Everything is going up more than the actual product so lets get this straight, we farmers are hurting just like the rest of you. Im just as pissed off about diesel prices as anyone else, not to mention that off road "ruby red" is now only 15-20 cents less than highway diesel. To get back to the topic, it is price gouging. Look at the price of diesel. It costs 40% of what gas does to produce as refinement process is much cruder. Although has anyone looked at the price of diesel over the past 2-3 years. My whole life its been much cheaper than gas but it apears those days are long gone as they continue to ream us at the pump, Because the Can.

 

[Early Cuyler]

Re: Exxon earns 11 billion

Quick question Shooter65- What were the tax rates for examples 2,3,4,5,6,8,and 9 in Sanders' list? All that said was that they received refunds. Well, even if I'm taxed at 90%, if I pay 95% in taxes I expect that 5% back.

What my point is that you need to keep that in perspective. Who said it? A politician. So its misleading. R, D, or I by their name, they lie/distort the truth to serve them.

Personally I believe all corporations should pay income taxes and that the all powerful government should close loopholes and just flat out simplify the tax code. But as long as we have lawyers and accountants making decisions, they will always decide to keep their jobs. I also think we need to get away from entitlements.

Dems say they want to raise taxes but don't cut much, Repubs say they want to cut a lot but don't touch tax rates. Well, its time for compromise and do both.

 

[Early Cuyler]

Re: Exxon earns 11 billion

"Then Cohen took an unusual step and spoke to reporters after Exxon reported the big profits. He said Exxon pays more taxes than any other company in the Standard & Poor's 500 index -- $59 billion in the United States over the past five years.

After taxes, the company earned $41 billion from U.S. operations during that period."


That seems to me like a 59% tax bracket...

Mine is 25% federal and around 30-31% when you take into account SS and state and all that.

 

[WhiskeyWebber]

Re: Exxon earns 11 billion

Even if we taxed 100% of the profits from the Fortune 500 we would get nowhere close to paying for the multi trillion dollar budget we currently have. We have a spending problem.

Even a corp that paid zero taxes in 2010 due to past year carryover losses pays lots of taxes through payroll taxes, property taxes, licensing and compliance, and the income taxes of employees, and on and on. Corporations are very complex business enities that have complex subsidiary and tax structures. You can't read somebody's interweb list and compare it to a simple 1040EZ. A head of household is not playing the same game as a corporation... if you don't like that then incorporate yourself and diversify your income streams with your own business.

 

[Early Cuyler]

Re: Exxon earns 11 billion

I know its not a 1 to 1 comparison. I'm just saying if you're the CEO and you're looking at an overall tax rate of 59%, I don't know about you, but I'd shit a brick. Granted, I've never owned my own business so I don't know what smaller businesses operate at.

I whole-heartedly agree that we have a spending problem from entitlements to even some military spending. Its all gotten out of control. But we need to attack the deficit from both sides, taxes and spending cuts. I understand higher corporation taxes will lead to higher prices in general due to the costs being passed onto the consumer, but I believe they will also mean a lower margin for major corporations softening the blow. Also a lot of programs in the gov't should end. It'll hurt but it will be best for the long term.

 

[WhiskeyWebber]

Re: Exxon earns 11 billion

Totally agree. If the Govt were like a family... Pop would be going to Mama about right now and saying "Hun, I think it's about time for me to sell my Bass boat and my second hunting rifle until the house finances are in a little better shape" and then Mama would say "Wow, if you can that then I can do without Netflix, HBO, 3 out of four of our cell phones, Onstar, our Wine club membership, the country club membership, QVC, HSN, all 8 of the inane celebrity gossip magazine subscriptions, pedicures, manicures, and I'll go to Food Lion instead of Fresh Market and Harris Teeter" ... hypothetically speaking

 

[gei]

Re: Exxon earns 11 billion

They made 11 billion, but they never say what they invested to make that. Also Exxon doesn't waste money the way our politicians do.

 

[kthomas]

Re: Exxon earns 11 billion

Isn't making profits the goal of any company? Doesn't make them more "evil" over any other company. They are a huge multi-national corporation, so profits such as that are really not that surprising.

Apple made over $20 billion in 2010, does that make them worse then Exxon?

 

[Sportin Wood]

Re: Exxon earns 11 billion

Nothing we can do about it....

 

[JWV]

Re: Exxon earns 11 billion

When the Executives of these massive corporations go to government, which they often do, they are required to sell all but 10% of shares and are tax exempt. The CEO of Goldman Sachs, Henry Paulson received a 50 million dollar tax saving on his 495 million dollars in stock when he left for Secretary of Treasury.

 

[mavrick10_2000]

Re: Exxon earns 11 billion

People need to learn what a profit margin is and what it means. Microsoft, Apple and most major companies have higher profit margins than ANY oil company.

Most oil companies only make $.02 per gallon of gas. State and local governments make $.40-$.65 per gallon. No one is bitching about that though are they? What exactly did the state and local government invest into obtaining that oil, and the refining equipment? Jack and SHIT!

 

[shooter65]

Re: Exxon earns 11 billion

I'll be damned..... the price of oil is going down.

On Monday May 2, 2011, 10:47 am
NEW YORK (AP) -- Oil prices are rising again after falling below $111 a barrel on news that U.S. forces killed al-Qaida leader Osama bin Laden.

Benchmark oil for June delivery rose 37 cents to $114.30 a barrel in Monday morning trading on the New York Mercantile Exchange. In London, Brent crude gained 22 cents at $126.11 a barrel on the ICE Futures exchange.

Analysts say traders are trying to determine if bin Laden's death will lead to more stability in the region or if retaliation attacks could affect oil supplies.

Oil rose as the dollar retreated from an early rally following news of bin Laden's death. Oil is priced in dollars. A weaker dollar makes crude more attractive to buyers with foreign currency, and the price tends to rise.

 

[cap2031]

Re: Exxon earns 11 billion

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: mavrick10_2000</div><div class="ubbcode-body">People need to learn what a profit margin is and what it means. Microsoft, Apple and most major companies have higher profit margins than ANY oil company.

Most oil companies only make $.02 per gallon of gas. State and local governments make $.40-$.65 per gallon. No one is bitching about that though are they? What exactly did the state and local government invest into obtaining that oil, and the refining equipment? Jack and SHIT!</div></div>

+1

You are exactly right. Exxon made 11B on 110B Revenue. So it took 100B to make 11B.

I would say that roughly a 10% margin is not raking it in, you could invent 100B and make more money that Exxon. Apple makes magnitudes more profit margin than 10%. Exxon also gives more money back to community programs around the country, and they provide great jobs for Americans with great health care and good retirement benefits.

I'm in the Oil and Gas business (Exxon is one of my customers) and its unreal what it costs to get oil out of the ground. 1 of my tools that I rent to the field costs 990K for me to make. Now because of BP spill 2 of these tools are required on each rig for stand by. I can't make enough of them right now and there are so many shortages of steel and materials out there that I've got to pay 40% premiums to materials to make and get them out to the field. So that means now we are looking at 1.2M roughly to get these to the field.

 

[Nidstyles]

Re: Exxon earns 11 billion

So what if they made money, that's what they are in business to do. If you have an issue with it, start a non-profit Oil Firm.

I would think that QE measures, Inflation, and the wealth effect would be bigger issues to the common man.

 

[SeanRT]

Re: Exxon earns 11 billion

What most people don't seem to understand is that you can't look at the total amount of money that a corporation earns, you need to look at all of the factors that affect their business model and their costs.

Ultimately, what you need to look at is a corporation's net operating income (you can find this on their statement of cash flows). This figure takes into account their expenses, costs-of-goods-sold, etc. You can then apply certain financial ratios in order to determine what the true profit margin is for these large corporations.

 

[rpk762]

Re: Exxon earns 11 billion

Yes take oil of the market. For those who do not want to do that we should put the housing market on the futures market. Then let’s see what happens. It was the high gas prices that toppled the USA the last time we are just priming up for round two.

 

[Shooter McGavin]

Re: Exxon earns 11 billion

The problem is that most people don't understand. So, when a politician attacks big business his constituents believe him. What they don't understand is that if the government taxes these corporations at a higher rate; these companies will increase the prices or find cheaper labor to keep the same profit margins. Therefor, the taxes are just transferred to all of the idiots who voted for these politicians and unfortunately everyone else too.

 

[Brandon05_88]

Re: Exxon earns 11 billion

Free economy size jar of Vasoline,
With every fill-up of gasoline!