Gas and windfall profits
The 2008 Promise
The worst offender
Jan 2011 "Lifted by rallying crude oil prices, ExxonMobil (NYSE:XOM) said Monday it grew its fourth-quarter profits by 53%, blowing away Wall Street’s expectations.
The world’s largest publicly traded oil company said it earned $9.25 billion, or $1.85 a share, last quarter, compared with a profit of $6.05 billion, or $1.27 a share, a year earlier. Analysts had been calling for EPS of just $1.63."
April 2011 "Exxon Mobil reported a first-quarter profit Thursday of $10.7 billion, a 69 percent jump from the year before as higher crude oil prices, fatter U.S. oil refining and marketing margins, and a revival in global demand for petrochemicals boosted earnings"
Oct 2011 "Exxon Mobil Corp. (XOM), the world’s largest company by market value, said net income exceeded $10 billion for a third consecutive quarter as rallying crude prices more than made up for the biggest production decline in three years."
Fourth Quarter 2011 vs. Fourth Quarter 2010
Upstream earnings were $8,829 million, up $1,349 million from the fourth quarter of 2010. Higher liquids and natural gas realizations increased earnings by $1,990 million. Lower volumes and production mix effects decreased earnings by $1,450 million. All other items, primarily gains on asset sales, increased earnings by $810 million.
July 2012 "NEW YORK (CNNMoney) -- Exxon Mobil reported a quarterly profit of nearly $16 billion Thursday -- the highest ever for a U.S. corporation.
The number beat out the previous quarterly record of $14.83 billion set in the third quarter of 2008, also by Exxon. "
Something I saw on youtube
Gas today is at $3.83 a gallon. Exxon is still making billions. Where is that windfall profits promise now, Moses?
Hmm. I guess I am right then. lol
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