Ellington

Some companies, for instance, are doing just fine as a result:

Exxon Mobil Corp., the world's largest publicly traded oil company, on Thursday said quarterly profit surged 75 percent to nearly $10 billion, raking in a bonanza from record oil prices. The profit was the highest in the company's history, surpassing the record it set in the 2004 fourth quarter. Revenue jumped 32 percent to just over $100 billion.

That's quarterly profit and quarterly revenue. Yowza. That's $400 billion in annualized revenue. By way of comparison, the Gross Domestic Product (GDP) of Australia was a little over $600 billion last year.

Previous Comments

ID

103377

Comment

I'm you noticed this, Todd. Why the hell were we paying such high prices for gas? They should be taxed to no end... I know -- wet dream. We had a "gas shortage" and drastic price hike while they had $10bil in extra funds they could have flexed to fill their tanks and ours? Tsk tsk... It's enough to make you walk and bus everywhere you possibly can!

Author

kaust

Date

2005-10-28T01:25:37-06:00

ID

103378

Comment

By coincidence and speaking of taxes on oil companies, I heard on the news today that Bush's reply to this was to continue to say he wants NO additional taxes on oil companies.

Author

Steph

Date

2005-10-28T07:57:26-06:00

ID

103379

Comment

It seems that this is not a new issue. In 1974 this happened, too. What were we doing then? Having our first energy crisis! http://www.nytimes.com/2005/10/28/business/28oil.html?ex=1131163200&en=6172f19e56cd8ef1&ei=5040&partner=MOREOVERNEWS

Author

Steph

Date

2005-10-28T08:59:14-06:00

ID

103380

Comment

By the way, Exxon may not be publicly owned for long - they used a lot of this profit to buy their shares back before this report came out. Talk about inside trading.

Author

Steph

Date

2005-10-28T10:42:12-06:00

ID

103381

Comment

AP is reporting that Oil Execs to Be Asked to Justify Profits. Sounds like a good idea to me. Top executives of three major oil companies will be asked by senators next week why some of their industry's estimated $96 billion in record profits this year shouldn't be used to help people having trouble paying their energy bills. Lee Raymond, chairman of Exxon Mobil Corp., Jim Mulva, chief executive of ConocoPhillips, and John Hofmeister, president of the U.S. unit of Royal Dutch Shell PLC, will be among the industry executives to be questioned at a Senate hearing, according to congressional and industry officials. The officials spoke on condition of anonymity because a final list of witnesses yet to be completed. The three companies together earned more than $22 billion during the July-September quarter this year when crude oil prices soared briefly to $70 a barrel and motorists were paying well over $3 gallon at the pump after Hurricanes Katrina and Rita struck the Gulf Coast.

Author

kate

Date

2005-11-02T13:03:59-06:00