Exxon: Profit v. Taxes

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Exxon Pays Taxes

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Exxon Record Profit: $45.22 Billion

Exxon Mobil reported the largest annual profit in U.S. history Friday, making $45.22 billion on the back of record oil prices.

But Exxon's quarterly profit fell over 33%, as crude prices dropped precipitously in the last quarter as recession spread through the globe.

Exxon (XOM, Fortune 500), the world's largest publicly traded oil company, made $7.82 billion in the fourth quarter on revenue of $84.7 billion. On a per share basis, the company made $1.55, beating analysts' estimates of $1.45 a share...

Oil prices, the driving force behind oil company profits, swung widely in 2008. Crude hit a record $147.27 in July, as surging global demand and wide investor interest pushed up commodity prices across the board.

read the CNN story

Exxon Sets Record for Profits: $14.83 Billion

Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.

Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.

Exxon's prior record was $11.68 billion in the second quarter of 2008.The company said its revenue totaled $137.7 billion in the third quarter.

read the CNN story

My thoughts: Great for Exxon. The profit margin is only 9.74% which consider normal.

Exxon: Profits and Costs

Obama thinks government is not getting a "reasonable share" of oil companies' profits, which in 2007 were, as a percentage of revenue (8.3%), below those of U.S. manufacturing generally (8.9 %). Exxon Mobil pays almost as much in corporate taxes to various governments as the bottom 50% of American earners pay in income taxes. Exxon Mobil does make $1,400 a second in profits -- hear the sharp intakes of breath from liberals with pursed lips -- but pays $4,000 a second in taxes and $15,000 a second in operating costs.

George Will in the Washington Post

Exxon: Record Profits and Taxes

chart from Carpe Diem

From 2003 to 2007, Exxon's earnings grew by 89%, while income taxes grew by 170%. Much of that growth was overseas...

Defenders of oil company profits also point out that their profit margin, at around 8%, is slightly below average for S&P 500 companies, and far below the 20%-plus margins seen at companies such as Microsoft or Pfizer.

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Exxon's Record Profit: $11.68 Billion

Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

That profit works out to $1,485.55 a second.

That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007....

In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called "other taxes."

Exxon Record Corporate Taxes?

The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.

another great graph and post from Carpe Diem.

Record Profits for Exxon

Exxon Mobil Corp. posted the highest quarterly results in U.S. corporate history on the back of record oil prices, even as evidence mounts that the days of record profits for Big Oil are numbered.

The energy giant's net income rose 14% to $11.66 billion, or $2.13 a share, compared with $10.25 billion, or $1.76 a share, a year earlier. The previous quarterly earnings record was the $10.71 billion Exxon recorded in the fourth quarter of 2005. Analysts polled by Thomson Financial expected $1.95 a share.

Exxon's annual profit of $40.6 billion was also a record, exceeding the $39.5 billion it earned in 2006....

The Irving, Texas, company said fourth-quarter revenue grew to $116.64 billion from $90.03 billion.

read the WSJ story

This a normal rate of return. Total revenue minus total cost equals profits.
$116.64B - $104.98 B = $11.66B or 9.99% return

$26.1 Billion: Exxon's 3rd Quarter Tax Bill

Exxon Mobil made $9.4 billion in the last three months, 10 percent less than last year and below what analysts expected as gasoline and diesel prices failed to keep pace with rising crude costs....

The Irving, Texas-based company reported revenue of $102.3 billion in the third quarter, about 3 percent more than last year...

Exxon also said it paid $7.3 billion in income taxes in the third quarter, as well as $18.8 billion in other taxes, for a total tax bill of over $26 billion....

read the CNN story

The headlines bemoan "huge" profits; where is the outrage over excessive taxes?