Exxon's Record $9.32 Billion Q1 Income Taxes: Update 8 comments
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This from CNN Money:
Record oil prices netted Exxon Mobil $10.89 billion in the first quarter, sharply higher than a year earlier but short of Wall Street expectations and below what was needed to set a new all-time profit record.
The sheer size of the Exxon profit reported Thursday will still likely attract attention from consumer groups and lawmakers, who have been arguing for higher taxes on oil companies amid soaring gas and oil prices.
The company posted first-quarter net income of $10.89 billion, or $2.03 a share. That's up 17% from the $9.28 billion, or $1.62 a share it earned a year earlier, but it missed analysts' consensus forecast of $2.14.
Revenue hit $116.85 billion, up 34% from a year earlier when sales hit $87.2 billion. The profit was still enough to be the second highest U.S. corporate profit on record, falling just short of the record $11.66 billion Exxon Mobil earned in the fourth quarter. The profit came to $1,385 a second, enough to buy nearly 382 gallons of gas at current prices.
UPDATE:
Actually,
income taxes of $9.3B are only about 1/3 of Exxon's total tax liability
of $29.3B for the first quarter of 2008, according to this press release (see chart above). Further, Exxon paid close to $3 in taxes ($2.69) for each $1 it earned in profits.
Prediction: In every single media story today about Exxon, the one key income statement variable that will receive ABSOLUTELY NO ATTENTION is the amount of income taxes paid by Exxon, which was $9.32 billion in the first quarter, according to Exxon.
Following CNN's analysis, Exxon paid $1,185 in income taxes every second this quarter, enough to buy 327 gallons of gas.
Bottom Line: Although Exxon's profits in the first quarter didn't set a record, its quarterly income taxes paid of $9.32 billion did set an all-time record. I predict this will go largely unreported.
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This article has 8 comments:
Before you pander to your uneducated voter base by speaking in terms of "taking" oil company profits, please pay the Treasury $90,000,000 - taxes already paid on Bill's speech making profits. Unless that doesn't sound fair?
The only thing you can be sure of in your deranged mind is that Bush was absolutely responsible for Hurricane Katrina.
Yes Bush is to blame for a screwed up economy that was brought about by low interest rates and a real estate bubble created by greedy Wall Street bankers in NYC where the Democratic party raises half their money.
You were probably one of those simple minded people who said Iraq was a war for their oil. That was a smart proposition, so are you saying this was a war so that we could double the price of oil. Sort of flies in the face of your theory. Then again those same idiots were telling us we needed 10,000 body bags for the invasion and are now crying that five years later 4,000 have died.
The problem with people like you is that you just say whatever comes to your heart, becuase clearly your mind does not work very well, and then you never have to account for the fact that you are always wrong. You just move to your next gratuitous jab at the President and forget your horrible track record.