Thursday - July 27, 2006

Follow The Money

$99.3 billion in total revenue. $10.36 billion was profit. $4.9 billion spent on exploration. $7.9 billion sent to stockholders. In just the second quarter. That’s three months for the calendericly-challenged out there. That means Exxon will receive around $400 billion in revenue this year. That’s about what it costs to fund the entire US military.

I don’t object to a company making money and generating a profit. In fact, I do it myself as an individual who works for a living. I do it on a much smaller scale than Exxon. Regrettably.

These numbers above are almost too large to comprehend - unless you compare it to the federal budget which weighs in at a hefty $2.7 TRILLION. Now you’re talking real money. The way I figure it, between the Feds, Exxon, Bill Gates and the Walton family, all the money in the world is wrapped up.

And we’re paying $3 for a gallon of gas. In Britain, Exxon charges $6 per gallon. Excuse me but after looking at these numbers I have a bad case of gas that I need to pass ... to Exxon. I’m sure they deserve it.

Exxon Mobil 2Q Profit Jumps 36 Percent
_{DALLAS (AP) - Jul 27 9:29 AM US/Eastern}

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 the company’s revenue by 12 percent to a level just short of a quarterly record.

Exxon Mobil’s report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion in the quarter and at a time when many drivers in the U.S. are paying $3 for a gallon of gas _ increasing the likelihood of further political backlash in Washington.

Exxon Mobil, 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. Its shares rose 85 cents to $67.45 in premarket trading. That would top its 52-week high of $67.18.

Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.

Posted by The Skipper     on 07/27/2006 at 10:14 AM   
Filed Under: • Corruption and Greed •  
• Comments (6) • Trackbacks(0)  Permalink •  

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Not that very many people ever read this far down, but this blog was the creation of Allan Kelly and his friend Vilmar. Vilmar moved on to his own blog some time ago, and Allan ran this place alone until his sudden and unexpected death partway through 2006. We all miss him. A lot. Even though he is gone this site will always still be more than a little bit his. We who are left to carry on the BMEWS tradition owe him a great debt of gratitude, and we hope to be able to pay that back by following his last advice to us all:

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It's been a long strange trip without you Skipper, but thanks for pointing us in the right direction and giving us a swift kick in the behind to get us going. Keep lookin' down on us, will ya? Thanks.

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