Exxon Mobil profit rises 41 pct on higher prices

[w8liftinglady]

http://hosted.ap.org/dynamic/stories/U/US_EARNS_EXXON_MOBIL?SITE=TXDAM&SECTION=HOME&TEMPLATE=DEFAULT

NEW YORK (AP) -- Exxon Mobil's quarterly profit rose 41 percent as higher prices for oil and natural gas made up for lower production.

Despite outspending other oil giants for the past few years, production dropped for the largest publicly traded oil company. Some of the declines resulted from international deals that limit the amount of oil that Exxon can sell as prices rise, the company said. But excluding those limits, production was still flat.

Exxon Mobil Corp.'s exploration and production business increased profit nearly 19 percent in the U.S. and 61 percent internationally. And its U.S. refineries quadrupled profits as the price of gasoline and other fuels soared.
But oil production fell 7 percent to 2.25 million barrels per day while natural gas production slipped 3 percent to 4.28 million cubic feet per day.

Exxon earned $10.33 billion, or $2.13 per share, in the third quarter. That compared with $7.35 billion, or $1.44 per share, a year earlier. Revenue rose 32 percent to $125.3 billion. Analysts had expected earnings of $2.12 per share on revenue of $118.5 billion, according to FactSet.

[Glassunion]

1. Not to mention over the past several years they have paid 0 taxes.

In fact, they have received payments from the government.

[banned from Kos]

3. Exxon paid $78 billion in global taxes but escape US taxes

http://money.cnn.com/galleries/2010/news/1004/gallery.top_5_tax_bills/2.html

which shows you how screwed up our tax system is.

[Sarah Ibarruri]

2. Why aren't petroleum companies utilities? We can't function without gas.

I don't understand what they're waiting for. And yes, I understand that petroleum companies lobby the hell out of Congress, and without their $$$ politicians can't even run for office. But this bs has to stop somewhere.

[Glassunion]

4. Sadly... You answered your own question.

"without their $$$ politicians can't even run for office"

[Sarah Ibarruri]

5. Election reform is vitally needed. nt

[Glassunion]

6. You are right. We won't see it in our lifetime. But you are 100% correct.

[Sarah Ibarruri]

7. Maybe not and maybe yes. OWS is gaining momentum. nt

[Glassunion]

10. I'm a pessimist when looking at politics

Politics in my mind is a monster that feeds itself.

We currently have politicians in office. Those politicians are in the pockets of self-interest groups(big oil, wall street, production, etc...). All of these politicians are in it for the career, not the good of the Union.

Their goal is to get re-elected. Why would they(those already in office) bite the hand that feeds them and vote for election reform? Then you have the two parties. These parties are also fed by the same groups. Those parties hold power over the politicians as well. Both are dug in so very deeply that they refuse to compromise or even negotiate with each other. So the party holding the majority gets their way for the duration of their term. Neither party wants election reform, as it would undermine their control over its members.

Call me what you will, but I look at politicians as just a bunch of children stamping their feet to get what they want. And all they want is more candy from their daddies.

[Sarah Ibarruri]

11. Me too, but history shows us both wrong. Movements have changed the paths of countries nt

[SammyWinstonJack]

8. Politicians aren't gonna kill the goose and they damn sure know on which side their bread is butter

So no election reform for us.

[Sarah Ibarruri]

12. Unless OWS becomes such a huge movement and influences the entire country

Then people will have their eyes wide open and will stop allowing corporations to run our country.

[redqueen]

9. Because greedy ******* make the laws. (nt)