Exxon: $11,000,000,000 Profit In 2nd Quarter

Snipped from AP.org.
Way to go America! Just in case you can’t read such large numbers, the title says 11 billion dollars in one quarter, that’s just 3 months! And don’t forget, that is NET profit, not gross. Net is after you subtract ALL expenses, and that is what you actually put in your pocket. From all of you continuing to purchase Exxon-Mobile gas, you just made them the largest net profit EVER from operating as a US based corporation. While many of my classmates can’t go to class because they can’t afford the gas, you keep rewarding Exxon for their unethical treatment of the American public.
We have published article after article about how Exxon, among many others, keep manipulating American perception and government by lobbying with these billions of dollars so that you, Joe America, keep blinded by what these conglomerates are doing behind their nice, pretty façade. NO! This is not how a free market should run. NO! This is not how a capitalistic society should operate. How long are we going to pretend that these corporations and their bitch, the American government, have our best interest. Their only interest is the shareholders wallet at any expense, even the collapse of our economy!
Let me attempt to enlighten you even further. Guess what?! This $11,000,000,000 in net profit in 3 months worth of gas sales was under what they estimated, so the shareholders are upset! Yea! It wasn’t enough profit. This profit of $11B was no accident, it is not just good fortune that they made this much money from all of us. It was planned and executed for them to make $13,000,000,000 at $2.52 a share, but unfortunately they full short. Ahh.
Does anyone out there actually care about this, or are we just too apathetic to give a shit? Do you just care too much about your SUV and your Walmart trinket purchasing to redirect your attention?
Here is a small portion of the article:
Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares slumped 3 percent.
The world’s largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.
Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.
Excluding an after-tax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.
Analysts on average expected Exxon Mobil to earn $2.52 a share on revenue of $144 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.
The record-setting results were largely expected, given that crude prices in the second quarter were nearly double what they were a year ago. Natural gas prices were significantly higher too.
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My friend, I’m afraid we’re among the few that care about ExxonMobil’s obscene profits. Could be the numbers are too big for anyone to care anymore, check out my post called $50 billion at http://theendisalwaysnear.blogspot.com/2008/08/50-billion.html
All we can do is spread the word. Laters
Hey Shane, thanks for commenting. It does seem that the bigger the numbers the less people can wrap their heads around it, so they end up just filtering it out. I just had a thought, maybe we should present the material like so:
Exxon gouges $55 in net profit off every single licensed driver in America in 3 months if you drove or not!
OR
Exxon makes a net profit of $1414.61 every second (that’s after all taxes, all expenses and payroll), while you struggle to fill your tank, so you can get to work at the job you may lose because it will be sent over seas! You then will go back to your house you are close to losing. But, the good news is your wife is pregnant with another kid that you can’t afford. Yea!
Sorry, got off on a tangent.
This just gives me more evidence that Georgism is more fair than capitalism. In Georgism, natural resources cannot be bought because nobody originally owns them. Therefore oil companies would have to relinquish some large fraction of their oil to a public pool in order to maintain the priviledge of exploiting the resource. That would bring profits down substantially. And I am sure that lobbying is another big issue. But these issues are not Exxon-Mobil’s fault, it is the government’s fault for allowing them to happen.
ExxonMobil someday may give us new libraries and whatnot just like Andrew Carnegie did. (joke)