ExxonMobil's Q3 Profits Expected to Exceed $10 Billion
Came across a link on Think Progress, that points to a Boston Herald story on ExxonMobil’s Q3 profits, which are on track to exceed $10 billion. An amazing accomplishment, no doubt:
That’s $110 million a day, and more net income than any company has ever made in a quarter. It’s also a stunning 69 percent increase over the same period a year ago and a 34 percent jump from the $7.6 billion Exxon made just last quarter.
And then this:
“Do you realize President Bush has just given a tax break to ExxonMobil?” thundered Rep. Ed Markey (D-Malden). “Of all the companies in the history of the world that needed a tax break, this month, ExxonMobil should be at the bottom of the list.”
The law gives incentives to producers such as Exxon to expand production, such as for drilling for new wells in deeper waters in the Gulf of Mexico.
This sparked my interest, so I went over to ExxonMobil’s SEC Filings page and compiled the company’s profit history:
2004: $25.3 billion
2003: $21.5 billion
2002: $11.5 billion
2001: $15.3 billion
2000: $17.7 billion
1999: $7.9 billion
1998: $8.1 billion
1997: $11.7 billion
1996: $10.5 billion
1995: $8.8 billion
1994: $5.1 billion
1993: $5.3 billion
1992: $4.8 billion
1991: $5.6 billion
1990: $5.0 billion
1989: $3.5 billion
A very rudimentary research job, but from the looks of it I can surely pick one company that hasn’t minded the Bush (II) Administration. However, the 60% of the country that aren’t fans of Dubya right now would probably like some explanation or investigation into this matter. Not that it will help. The energy companies did the same thing in California a few years back. Exploit situations for profit. I guess that is what makes corporate America and capitalism so great. Screw morals and ethics! Money can do that to you.
Oh and if any one has gas price data for this time frame, please point me toward it — I would be very interested in graphing them against each other. I imagine there would be some sort of correlation.
