From KYW - an AP Report on Exxon and Chevron profits: gas profits

Excerpts:

Beating its own record to rack up the largest annual corporate profit in American history, Exxon Mobil Corp. said Friday it earned $40.6 billion for the year, reaping the benefits of crude-oil prices around $100 a barrel.

Exxon Mobil also topped its own record for profit in a single quarter, posting net income of $11.7 billion for the final three months of the year - about $1 billion more than the same period in 2005, the previous quarterly record.

...

Chevron Corp., No. 2 behind Exxon Mobil among U.S. oil companies, also had its best year ever in 2007, saying Friday that it banked a profit of $18.7 billion.

...

Revenue at Exxon Mobil rose 30 percent in the fourth quarter to $116.6 billion from $90 billion a year ago. For the year, sales rose to $404.5 billion - a figure just slightly lower than the U.S. Defense Department's fiscal 2007 budget.

By Kaye on Friday, February 1, 2008 - 11:12 pm:

Since my hubby is in the industry....I do have to add part of why revenues are up is they have been doing an outstanding job of keeping enviromental fines down. When safety is going well and the plants are running, they make more money, period.

Also my husband doesn't work for one of these companies, but a competitor, they also had a great 2007, but starting in Nov they are in a downturn and they project 2008 not to be good at all.

By Boxzgrl on Saturday, February 2, 2008 - 12:50 am:

It's frustrating to see big name companies walking around drowning in millions while some Americans can barely afford to fill up their tanks. I don't like Exxon anyway, so maybe that's why it bothers me more? When they come out with these figures I just picture money hungry multi millionaires snickering in the face of Americans.

By Vicki on Saturday, February 2, 2008 - 09:31 am:

I agree that it kind of stinks that they are making such a huge profit while we are paying so much for it. But this doesn't just apply to the oil companies. But TONS of companies make millions of dollars charging us too much for things. That is nothing new......

By Tsa on Saturday, February 2, 2008 - 04:48 pm:

Boy, my gas bill has been in a "down turn" for a few years. It's sad to hear that this years projections don't look good for the oil companies.

By Kaye on Saturday, February 2, 2008 - 11:44 pm:

One more thing...during our hurricane, gas was 3 dollars a gallon and you couldn't hardly find any. I am more than willing to pay whatever it costs, because I need it! I bike up to the school when I can, my older kids ride the bus. My husband carpools when he can. We both drive cars with okay milage (mine get 25, hubby gets 28-30). In general we do our part because it is what is right, not to waste. Cost is just what it is.

I also gave up buying bottled water. I certainly paid over 3 dollars a gallon to drink water (that I could get out of my tap), but decided that not tossing water bottles was a better plan.

By Ginny~moderator on Sunday, February 3, 2008 - 09:02 am:

I know that we give oil companies tax breaks - along with a whole lot of other industries. I wonder if there could be a law that says that the tax break is reduced when net profits reach a certain percentage of net income, or when profits for a particular year exceed profits for a preceding year or period of years by a certain percentage.

I am not opposed to oil companies or any other company making a profit. But I am troubled when that company is making a large profit AND is getting a tax break at the same time.

By Dawnk777 on Sunday, February 3, 2008 - 10:48 am:

Sounds like double-dipping to me! LOL!

By Tsa on Sunday, February 3, 2008 - 03:33 pm:

There hasn't been a hurricane in Minnesota yet. I still see $3 gas. By the way, how was the bonuses over the years. I'm sorry but this issue just pushes my buttons. I don't mind people making a living but this is too much. This isn't an environmental issue this is an economic issue.