Autoblog http://www.autoblog.com Autoblog http://www.blogsmithmedia.com/www.autoblog.com/media/feedlogo.gif Autoblog http://www.autoblog.com en-us Copyright 2009 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/<![CDATA[Gassed Up: Exxon Mobil posts record $45.2 billion profit in 2008]]>http://www.autoblog.com/2009/01/30/gassed-up-exxon-mobil-posts-record-45-2-billion-profit-in-2008/http://www.autoblog.com/2009/01/30/gassed-up-exxon-mobil-posts-record-45-2-billion-profit-in-2008/http://www.autoblog.com/2009/01/30/gassed-up-exxon-mobil-posts-record-45-2-billion-profit-in-2008/#commentsFiled under: ,



Another year, another record profit statement from Exxon Mobil, the world's largest publicly traded oil company. The specific mind-numbingly large figure is $45.2 billion, which translates to $8.69 per share. While this figure handily beats the previous record of $40.6 billion that had been set by Exxon Mobil in 2007, these huge profits were recorded mostly in the second and third quarters of 2008 when fuel prices were at record levels in much of the world. Fourth quarter earnings fell by 27%, though it's tough to feel too sorry for a company that still made $84.7 billion in the down economy.

Chevron, second only to Exxon Mobil in size, managed to post a $43 billion profit in 2008, but other smaller oil companies haven't been quite as successful in navigating the sinking global economy. Royal Dutch Shell, Europe's largest oil company, posted its first quarterly loss in a decade after seeing huge profits earlier in the year. The coming year should prove to be a similar challenge for each of the oil producing companies.

[Source: AP via Google | Photo by David McNew/Getty]

Gassed Up: Exxon Mobil posts record $45.2 billion profit in 2008 originally appeared on Autoblog on Fri, 30 Jan 2009 12:29:00 EST. Please see our terms for use of feeds.

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With gas prices as high as they are, it might seem hard to believe that some gas companies aren't profitable, but apparently Exxon Mobil isn't doing as well as they might wish. The company just announced that it will be selling off its gas stations for financial reasons. We suspect that the industry keeps itself shrouded in mystery to protect its profit at times, but Exxon Mobil, Chevron and ConocoPhillips, to name a few, have all stated that certain nebulous factors in the supply, demand and refinery process have led to a steep drop in profitability. You know, dozens of billions instead of hundreds. To that end Exxon, for one, is shedding its stations.

Included in the sale will be the company's namesake gas stations. The retail group includes 820 self-operated stations and about 1,400 dealer managed outlets. The company wants suitors to know that this isn't desperation and that it will take at least a few years to finalize any sale. Because of the way the competition reacts to moves like this in the oil industry, we might see quite a bit of this sort of thing in the near future, as well. Hopefully this won't mean further consolidation and even higher pump prices for us motorists. Thanks for the tip, Josh!

[Source: The Street, Photo by David McNew/Getty]

Exxon Mobil exiting gas station business originally appeared on Autoblog on Fri, 13 Jun 2008 17:31:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>exxonexxon mobilexxon-mobilexxonmobilgas stationsgasstationsMobilFri, 13 Jun 2008 17:31:00 EST<![CDATA[GM slips to number four on the Fortune 500]]>http://www.autoblog.com/2008/04/22/gm-slips-to-number-four-on-the-fortune-500/http://www.autoblog.com/2008/04/22/gm-slips-to-number-four-on-the-fortune-500/http://www.autoblog.com/2008/04/22/gm-slips-to-number-four-on-the-fortune-500/#commentsFiled under: , ,

General Motors has fallen once again on the Fortune 500 list of America's top-grossers. The General had once stood strong atop the rankings, having fallen from the top spot in 2001 at which time Wal-Mart took over. For the last few years, Exxon-Mobil and the big box retailer have battled for the first two positions on the list with GM claiming third place. This year, soaring demands for energy have allowed Chevron to nudge past GM on its way to a third place finish. General Motors, at number four on the list, is bracketed by another energy company, ConocoPhillips, at number five. Ford finds itself sitting at number seven, the same as last year.

Fortune's 500 list is based on company revenue, not profit. If profit were the main criteria, GM and Ford wouldn't be making any appearances on the list at all. Exxon Mobil would easily claim the top spot as the most profitable company around with GM posting nearly as much in losses over the same period of time.

[Source: Fortune]

GM slips to number four on the Fortune 500 originally appeared on Autoblog on Tue, 22 Apr 2008 17:58:00 EST. Please see our terms for use of feeds.

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It would seem that if there are two parties who really shouldn't be playing the blame game regarding the world's energy problems: oil companies and auto manufacturers. That certainly hasn't stopped either from taking shots at each other in the media, however. Late last year, ExxonMobil apparently started running print ads that took automakers to task for a lack of fuel efficiency improvements in the past twenty years. In response, Chrysler VP of communications Jason Vines decided to strike back with a post on the company's blog.

We're not quite sure what to make of this fight so far, but it seems like both sides are waging a war in an attempt to win public sympathy that simply doesn't exist. It seems rather strange that ExxonMobil is upset that it has turned record profits recently largely on the back of the automotive industry, and indeed, it would be hard to argue that Big Oil has been proactive in bringing new energy solutions to the market. Of course, some critics would charge that carmakers haven't exactly been aggressive in their development of fuel-efficient vehicles. In both cases, the consumer has ultimately been in charge of the decision-making, but blaming customers has never been a successful marketing tactic.

If you'd like to take a side, feel free to do so in the comments. As for us, we'd rather see cooperation between automakers and energy suppliers to improve the situation.

[Source: The Detroit News; image from Frank Galasso]

Auto industry and Big Oil trading blows originally appeared on Autoblog on Wed, 12 Apr 2006 09:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Big OilBigOilEmissionsExxon MobilExxonMobilFrank GalassoFrankGalassoFuel EconomyFuelEconomyGreenJason VinesJasonVinesWed, 12 Apr 2006 09:58:00 EST