Forum Overview :: American McGee's Honda Civic :: Exxon has record year.

[quote name="Fussbett"]<a href="http://today.reuters.com/investing/financeArticle.aspx?type=marketsNews&storyID=2006-01-30T163243Z_01_N30278925_RTRIDST_0_ENERGY-EXXON-EARNS-UPDATE-4.XML" target="reuters">http://today.reuters.com/investing/financeArticle.aspx?type=marketsNews&storyID=2006-01-30T163243Z_01_N30278925_RTRIDST_0_ENERGY-EXXON-EARNS-UPDATE-4.XML</a> [quote]The results pushed up Exxon's profit for the year to a staggering $36.13 billion -- bigger than the economies of 125 of the 184 countries ranked by the World Bank. Profit rose 42 percent from 2004.[/quote][quote]"It's an exceptionally strong quarter -- they're the world's most profitable company," said Robert Lutts, president of Cabot Money Management. "It could raise eyebrows among some, but they're doing their job."[/quote] Robert Lutts gives a psh quote. Sanitario666: So Exxon just announced their record profit year. INC: oh, good INC: well, I'm glad my $3/gallon is going SOMEWHERE Sanitario666: "In the past year, oil prices have soared on concerns about supplies prompted by tensions in oil producing countries and hurricanes in the US. " Sanitario666: It turns out the tensions and concerns had no impact on the amount of oil Exxon had to sell. Sanitario666: They had enough to cover the demand. In a pre-emptive strike against the backlash an oil company will surely receive when it announces that it's made the more money over a year than any other company <i>in the history of planet Earth</i>, the American Petroleum Institute bought a full-page ad in the New York Times: [quote]...a chart showing how many cents of profit various industries made over the last five years for each dollar of sales. Oil and natural gas came in at 5.8 cents per dollar, according to the API, versus 10.8 cents for real estate, 16.2 cents for pharmaceutical companies and 17.3 cents for banks. "What many may find surprising is that, on average over the past five years, the profitability of America's oil and natural gas industry is far less than many other major industries, like banks, pharmaceuticals and real estate," the advertisement said. [/quote] So in case you felt like getting angry, remember that banks and drug companies are much worse. ...when measuring the results on a profit versus loss scale, which you would only do to pretend like you're not netting $36 billion dollars a year.[/quote]