no surprises here

[ncsurveyor]

And in other news, its raining down my back

HOUSTON -- Exxon Mobil Corp. (XOM: 86.30, -0.10, -0.11%) on Friday posted the largest annual profit by a U.S. company -- $40.6 billion -- as the world's largest publicly traded oil company benefited from historic crude prices at year's end.

Exxon also set a U.S. record for the biggest quarterly profit, posting net income of $11.7 billion for the final three months of 2007, besting its own mark of $10.71 billion in the fourth quarter of 2005.

The previous record for annual profit was $39.5 billion, which Exxon Mobil reported for 2006.

The eye-popping results weren't a surprise given record prices for a barrel of oil at the end of 2007. For much of the fourth quarter, they hovered around $90 a barrel, more than 50% higher than a year ago.

Crude prices reached an all-time trading high of $100.09 on Jan. 3 but have fallen about 10% since.

The record profit for the October-December period amounted to $2.13 a share versus $1.76 a share in 2006. Year-ago net income was $10.25 billion.

Also extraordinary was Exxon Mobil's revenue, which rose 30% in the fourth quarter to $116.6 billion from $90 billion a year ago.

For the year, sales rose to $404.5 billion -- the most ever for the Irving, Texas-based company -- from the $377.64 billion it posted in 2006.

In a statement, Exxon Mobil Chairman Rex Tillerson said the company continued to meet the world's energy needs through its "globally diverse resource base."

"Our long-term investment program, in projects often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network," Tillerson said.

Exxon Mobil produces about 3% of the world's oil.

Its shares rose $1.45, or 1.7%, to $87.85 in premarket trading.

http://www.foxbusiness.com/article/oil-prices-help-exxon-mobil-post-record-profit_461410_1.html

[oldandslow]

And?

[Dee]

AND? And it is the OBVIOUS PROOF, of GOVERNMENT PROTECTED "PRICE GOUGING". But hey! They are going to print more money with NO BACKING, give it to us in small increments, we will be "grateful" and with take the "unbacked currency" and go out and buy more gasoline, and go to work, and pay more taxes.

P.S. I forgot to mention, that when they print this NEW MONEY, out of THIN AIR, it will also DE-VALUE the U.S. dollar even more, so the money you ALREADY have in your pocket will be worth even less.
AND THE AMERICAN PEOPLE SNOOZE ON.

[billy_56081]

I'm living pretty good. Got a roof over my head, food in the cupboard and lottsa ammo. And it's snowing again so we'll be able to coyote hunt. Life is good!

[rockbilly]

billy you priorities are clearly in the wrong place...............

[ncsurveyor]

AND? And it is the OBVIOUS PROOF, of GOVERNMENT PROTECTED "PRICE GOUGING". But hey! They are going to print more money with NO BACKING, give it to us in small increments, we will be "grateful" and with take the "unbacked currency" and go out and buy more gasoline, and go to work, and pay more taxes.

P.S. I forgot to mention, that when they print this NEW MONEY, out of THIN AIR, it will also DE-VALUE the U.S. dollar even more, so the money you ALREADY have in your pocket will be worth even less.
AND THE AMERICAN PEOPLE SNOOZE ON.

I wish I had the opportunity to have a couple hours with the talking heads that blame middle east unrest driving up the prices, yet they still post record profits.  Exactly how is the unrest costing more?  Shipping, production, refinement?  Why does it seem that middle east turmoil only causes profits to increase?

....Got...lottsa ammo. ...

I haven't near enough at the moment.

[SHOOTALL]

buy Exxon stock !
get even !

[deltecs]

buy Exxon stock !
get even !

Good idea, that way we won't lose any stock money the next time they hire a drunk as skipper of a super tanker and stall in the courts for 19 years while making double digit interest on the line of credit demanded by the court.   That makes a lot of sense.  Maybe next time the oil spill will be in your state.  By the way for those who think I'm ranting about this might want to look up amicus briefs on US Supreme Court website under Exxon.  35 States have filed friends of the court briefs from its Attorney Generals in favor of upholding the Appeals Court decision awarding 2.5 billion in punitive damages to over 35,000 plaintiffs.  These briefs explicitly state that Exxon Corp was reprehensible in ignoring the potential harm caused to others.  That's almost as many States needed to make a Constitutional Amendment change.  Sounds to me like Exxon has done a great job of advertisement damage control, cause they sure didn't clean up anything, and people still buy their gas.  If its extreme profits bother anyone, like our governments problems bother me, you know who to blame; no one but ourselves.  I have not knowing bought 1 single item that Exxon sells since 1989.

[Dee]

I agree with ya deltecs, but Exxon Mobil, has bought out most of the gas stations in my area, and is the ONLY one in my town. They should team with Wal Mart, and then we can all go down and get our chip in our foreheads.

[tomzuki]

Ditto Here Deltecs!  Let the free market system work.  Those that dont want to purchase petroleum products, please dont.  Take the Bus, ride a bike or walk to work, hot air balloon.  Nobody is breaking your arm to buy anything.  North-American oil supply comes from Alaska, Gulf States, Mexico and Venezuela.  Alaskan oil moves from Valdez to Ancortes, WA, Richmond CA and Long Beach, CA and supplies one third the market.  The line started in 1974, with accident contingencies in place.  Exxon will pay every cent in the end to clean up their mess in 1989.  It takes the courts to force them to do so.  Please dont "bag" on the system.  If you choke them by putting them out of business now they will leave it to us and disappear like many of the Super-Fund Sites that exists.  Yes, extreme profits, but as pointed out above, a dollar isnt really worth a dollar is it??  SAVE FUEL, slow down and drive the speed limit!!

[SHOOTALL]

didn't mean to hit a nerve with the stock crack !
 

[deltecs]

didn't mean to hit a nerve with the stock crack !
 

  It's not that, it is the broken promises by Exxon that they would expedite damages for those who were harmed.  Yet they stalled in court with attempts to say they had nothing to do with the Captains negligence.  All the court cases so far have deemed Exxon management not only negligent but reprehensible in its actions.  I still have not been paid my compensatory damages as awarded by the court not to mention any punitive award.  As you say, the dollar is devalued.  So has my compensatory damages amounts less the attorney fees of 25%.  So in actuality, not only have I not been fully compensated, the compensation awarded was reduced by 25% by having to pay attorney fees to take them to court to pay, and further reduced with payment using inflated dollar value.  Where is the full compensation in that as promised by Exxon management?  No wonder, I'm a bit touchy with a sensitive nerve.  The worst thing about it's delay, is that I cannot recapture the time spent fighting Exxon in court over the last 19 years.  I'm retired now and would have had a much better retirement in place with the money Exxon cost me and much better peace of mind, especially with the record 40 plus billion dollars profits.  Yes, I'm bitter and will stay that way for the rest of my life regarding Exxon's lies, broken promises, reprehensible management, and total disregard for the welfare of others who had no control over or shield from its decisions.   My post was satirical about Exxon stock and meant no disrespect for the above comments.  I think we need another President who will use his executive privilege to break up oil company monopolies like Teddy Roosevelt did with Standard Oil, the original parent company of Exxon.