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Old yellow member
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"The report is likely to generate more controversy as gasoline prices in the United States have been averaging about $3 a gallon. " You think???

Associated Press

IRVING, Texas -- Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.

The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost its revenue by 12 percent.

The report is likely to generate more controversy as gasoline prices in the United States have been averaging about $3 a gallon.

The world's largest oil company by market capitalization said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.

The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.

Analysts polled by Thomson Financial expected the company to earn $1.64 per share.

Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion - which also stands as record revenue generated by any U.S. public company ever in a single quarter.
 

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It's not the Oil companies fault that the price of gas is so high. It's the traders. It's a commodity just like Gold, Orange Juice, silver... We can't do sheet about it. You either buy stock in futures and collect later or not.
 

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dedicated fire poker
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Good for them! I need to buy some stock.

They are going to do something with those profits. Being in the oil business, most likely they are going to put that money toward exploration like in thier huge deep well project in the GoM. (Billions of $$$ & hopefully $BBB in reserves...but if it's just brine down there....oops! they have to be able to absorb that from profits.)

Gas prices aren't going down as long as there are speculators in the commodities market willing to buy at these high prices and consumers are willing to pay these high prices as well. Can't blame Exxon.
 

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How much do the traders make? I always see the traders get the blame for high gas prices, yet the oil companies are making big bucks.

Limits need to be placed on the traders. Their crystal ball is clouded and they have been wrong every time. And before someone jumps on me about them getting it right sonner or later...even a broken clock is correct twice everyday.
 

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There are traders that make huge money everyday, tens of thousands maybe hundreds of thousands. All I can say is get into the market, but it's like gambling. When the price starts to drop these guys will be jumping as well.
 

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Exxon is not alone in this one......Yesterday Conoco Phillips announced record earnings last quarter also.......And this is just the start. With all the problems in the middleast, the price for a barrel of gas is projected to hit 100.00. The bright side is for those who have invested stocks in oil companies because the are steadly climbing higher.....The dim side is, as the price for a barrel of oil goes up so will our gas prices......Now pres bush can open up our reserves to bring prices down but, they might be holding on to the reserves for the military when this big war, that sooner or later will come and involve us.....
 

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It (gasoline) is a supply/demand commodity. Exxon (and others) represent supply. We (you , me and our trucks and boats) represent demand. Be plenty disgruntled with your local gas retailer if you like but they truly only represent 1/2 of the game.

I will promise you that if demand were to fall below supply levels, prices would plummet. It's up to each of us to participate in that reality.

Hate the game, not the player. (or go drill your own well and build your own small refinery)
 

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it's about profit MARGINS....Notice they never post the change in Exxon's profit margins...... it stands to reason that as costs go up, overall revenue is going to go up as well.

Should Exxon (or any other oil company) cut their margins because people think they're making "too much" money?

Last time I checked, Exxon was reported to have around 9% profit margins.... not exactly huge by today's standards.
 

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I just did a little research... looks like exxon's revenue was around 80 billion for the second quarter....so their margins are around 10%....


does anyone here have 80 billion? I know a way we can make 8 billion!
 

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Exxon had 80 bill (give or take a few million, ya know) in revenue. They probably have trillions wrapped up in infrastructure to generate the 80 billion.

You find me anybody that will wrap up that kinda money to make ten percent in a boom market. It aint gonna happen.

Like I said, hate the game. Give the players their respect. They stuck their necks out huge to be in the positions they are currently enjoying.
 
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