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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The oil empire that is ExxonMobil generated $39.5 Billion in profits in 2006 by providing to us the one thing we need most, good old-fashioned oil. A big reason for what amounts to the largest profit ever in U.S. history is the $3 per gallon gasoline that ruined our love for SUVs and trucks last year. Gas prices fell towards the end of the year, but ExxonMobil had already made its money by that point.

Many lawmakers want to heavily tax ExxonMobil for being too wealthy, but the oil guys point out that they spend a lot of money finding more oil so they can keep the crude coming. As it turns out, it's more expensive to drill a mile deep in the middle of the ocean than it is to poke a straw in the Saudi Arabian desert. Yeah, they're buying back a lot of stock too, but at least they're giving us the energy we need whenever we need it, which is better than the alternative.

[Source: The Car Connection]

ExxonMobil earns record $39.5 billion in 2006 originally appeared on Autoblog on Fri, 02 Feb 2007 13:34:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>ExxonGas pricesGasPricesMobilOilFri, 02 Feb 2007 13:34:00 EST<![CDATA[Chevron realizes 49 percent profit increase in first quarter]]>http://www.autoblog.com/2006/04/30/chevron-realizes-49-percent-profit-increase-in-first-quarter/http://www.autoblog.com/2006/04/30/chevron-realizes-49-percent-profit-increase-in-first-quarter/http://www.autoblog.com/2006/04/30/chevron-realizes-49-percent-profit-increase-in-first-quarter/#commentsFiled under: ,

High gasoline prices have to be good for someone, and in news that will shock few, those fortunate men and women appear to work for Big Oil. Chevron, America's second largest oil company announced Friday that its first-quarter profits hit four billion dollars, a dramatic 49 percent increase over last year. With a profit of $1.80/share, that beat the Street by two cents.

Between ExxonMobil, Chevron and ConocoPhillips, America's top three oil companies raked in more than 15 billion dollars in profits this quarter.

[Source: San Jose Mercury News]

Chevron realizes 49 percent profit increase in first quarter originally appeared on Autoblog on Sun, 30 Apr 2006 15:05:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>Big OilBigOilChevronConoco PhillipsConocoPhillipsE85EthanolExxonExxonmobilGas MileageGas PricesGasMileageGasPricesMobilSun, 30 Apr 2006 15:05:00 EST