Time to Boycott Exxon???

Discussion in 'Up to the Minute' started by Jeana (DP), Jan 30, 2006.

  1. Jeana (DP)

    Jeana (DP) Former Member

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    Exxon Mobil Corp. posted record profits for any U.S. company on Monday - $10.71 billion for the fourth quarter and $36.13 billion for the year - as the world's biggest publicly traded oil company benefited from high oil and gas prices and demand for refined products. The results exceeded Wall Street expectations and Exxon shares rose nearly 3 percent in morning trading.

    The company's earnings amounted to $1.71 per share for the October-December quarter, up 27 percent from $8.42 billion, or $1.30 per share, in the year ago quarter. The result topped the then-record quarterly profit of $9.92 billion Exxon posted in the third quarter of 2005.

    Exxon's profit for the year was also the largest annual reported net income in U.S. history, according to Howard Silverblatt, a stock market analyst for Standard & Poor's. He said the previous high was Exxon's $25.3 billion profit in 2004.


    you can read the entire article at:

    http://www.dallasnews.com/sharedcontent/dws/dn/latestnews/stories/013106dnbusxom.a85aeac.html


    www.bugmenot.com
    for password if you don't want to register.
     
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  3. lynie

    lynie New Member

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    :sick: :loser: :sick: :loser: :doh: :doh: :doh: :sick: :loser: :sick: :loser: :sick: :loser:

    Ummm, yeah, I think so...

    When I heard this on the news this AM I was soooo angry....$10 BILLION and that is profit!!

    I absolutely believe in the American way and making a profit...it makes jobs and moves the economy but when the majority of the population is suffering because of the high price of gas, that is atrocious....

    dang....
     
  4. deanws

    deanws Former Member

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    NO! :slap:
     
  5. Jeana (DP)

    Jeana (DP) Former Member

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    and . . . :confused: :confused: :confused: :confused:
     
  6. calus_3

    calus_3 Former Member

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    It's a for profit company! They did well and their stockholders benefited. Why would you boycot them?

    Before calling for boycots, perphaps you should read up on commodities, futures, and spot rates, etc. Look specifically at what is called inventory profits.

    Why don't we tax them more? Better yet, why no just cap the gas prices we pay--(note: that will created market wide shortages). Question, if and when gas prices go low again, are you for subsidizing the oil companies because they are losing billions?

    I sure wish that people weren't educated in government schools where economics and simple logic are replaced with pep rallies and Sadie Hawkins dances. If you really take the time and look at the economics of the situation, it isn't the evil sinister theft everyone is implying.

    If you don't like the oil companies, try walking everywhere you go or riding a bike. Take away oil and your quality of life would SUCK!

    JMHO, I welcome yours.

    Cal

    p.s. I drive 35 miles each way every day to work. Yes, it took money out of my budget but no one in my family went without food, medicine, or electricity. We Americans have been spoiled by low gas prices to date. Adjust the price for inflation and it is what our parents paid or very close. So while inconvenient, gas prices didn't impact anyone's budget that badly.
     
  7. deanws

    deanws Former Member

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    And our retirement is 90% ExxonMobil stock based! :hand: They do a lot for the communities where their plants are. For instance, they give huge donations to help keep the schools in Baytown a float. Much more than they are required to pay in taxes. We are three generations deep with Exxon engineers. My oldest son will graduate soon making it four. :truce: Therefore, I vote no.
     
  8. calus_3

    calus_3 Former Member

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    Right, everyone sort of sees a bunch of old, rich, white guys staring down from on high laughing maniacally and wringing their hands as they watch the oil profits flow in.

    Reality is that you and I probably have some oil stocks in our 401-K and benefit, Exxon employs a lot of people that buy my company's products, they flow money through the stockholders to the tax base and to local communities. The money doesn't just go into some rich white guy's pocket and stay there.

    It used to be celebrated when someone or a company, say the Vanderbilts, cornered the railroad industry. It was the pride of the American dream and something to be attained by the common man.

    I am afraid that now, it is just hate hate hate envy envy envy. I don't know about you guys, but when I had a friend that got a new bike--for instance--and I didn't have one, I didn't ask my Dad to go smash it or take it away and give it to me. I went out and earned money and bought one. Then I heard all the people tell me how 'lucky' I was. Well, not exactly, remember when you were playing all day after school? I was mowing lawns. It isn't luck, it is hard work and determination on top of wise decisions. If you were able to boil the average rich man's life down and analyze it realistically, there probably is VERY LITTLE LUCK involved.

    Cal
     
  9. Jeana (DP)

    Jeana (DP) Former Member

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    People, I'm all for profits. Stock sales, in part, help build a $80,000 pool in my yard last summer. I also have no problem "filling up the tank," and I honestly don't even know how much I spend on gasoline. BUT WE'RE IN A FREAKING WAR for Christ sake. How much profit do they need to make while we're AT WAR???????????????????
     
  10. calus_3

    calus_3 Former Member

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    The Financial analyst in me just died.....please please please think of reallocating your portfolio to spread it across various market index mutual funds. Please.

    Think.....ENRON. Ken Lay and Skilling just started their trial today. No one ever thought Enron and the energy industry would end up where it is and a lot of fine people have NOTHING left from their 401-K. Some 60 or 70 year old people have lost everything.

    Please please please please diversify. Anything from an accounting scandal to virtually anything can render you penniless.

    Cal
     
  11. deanws

    deanws Former Member

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    Exactly. Also, Exxon is more than just gas. For instance, did you they improve the quality of paints, stains, sealers? khttp://www.exxonmobil.com/Corporate/Newsroom/Publications/theLamp_2004_no2/story7.aspnow
    There is much more to this company than most know. Also, check out how they contribute to the plastic industry.
     
  12. nanandjim

    nanandjim Former Member

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    Whenever I see calls for the boycotting of Exxon, I always think that these cries are started by Chevron or BP employees...All of the gas companies have seen large profits in the recent past. Why single out Exxon??

    Other companies in various industries are rebounding and making significant profits now that we are recovering from the recession. Should we boycott them, too? Should we just go to a government-run society?

    Our capitalistic society works because when a company makes a lot of money in any given sector, others will follow suit with a competitive product. Why?? Because they also want a piece of the pie.

    I say, if you really want to boycott your particular gas station, buy a fuel-efficient, hybrid or electric car.
     
  13. calus_3

    calus_3 Former Member

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    Okay, fair enough but who decides how much money a company can make and under what circumstances?

    Why would war time necessitate that an oil company, a movie rental store, a grocery store should make?

    What you are somehow proposing is that during times of national difficulty (war, depression, etc.) that we take profits above X amount....regardless of the work involved to earn those profits....and do what with it? Give it to the poor? Put it in the treasure so that greedy politicians can redistribute it to the poor in their districts....read the bridge to nowhere?

    Remember most of these companies are publically traded so when you say THEY, you are talking us US. People who rely on stock gains to send their kids to school. Stock gains and the resulting overall economy boost from it to put $80,000 pools in. Stock gains and the resulting overall economy boost to buy a nicer or larger home.

    So in times of national pains, we rip kids out of college, fill up that pool, and sell people's homes and put them in a 1 bedroom apartment....is that it?

    I wish...just wish....everyone would lay the class warfare down for just one full generation and teach our kids the American Dream again. Teach them that achievement isn't something to be hated. Rich people (those that earn it honestly not those that steal or deal drugs) is something to be looked up to. That making it shouldn't come with financial penalties. If we could only do that, life would be so great for upcoming generations. But instead, there are those who dwell at or near the bottom that teach their kids to hate people who have because the only way they got that way is by abusing others...others like them. So the people who teach their kids my principles of life have kids that make it and are hated by those that teach their kids to blame someone else for their inadequacies.

    BTW, I am sure that many of you think....ahhh just another rich guy looking to keep what he has. Not at all. I struggle like the rest of the people do to make all the ends meet...mortgage, groceries, food, cars, insurance, taxes, savings for the kid's educations, saving for retirement. I am definitely not rich but I have high hopes. I hate the Ken Lay's of the world because they stole and cost people their money. I idolize the Sam Walton's and the Ted Turner's of the world (not personally but because they made it). Sam and Ted provide products that enrich my life so why would I hate them for that?

    JMHO,
    Cal
     
  14. nanandjim

    nanandjim Former Member

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    I thought that tougher laws were now in place because of the Enron scandal. I know the CEO and top executives of my husband's company must jump through hoops verifying the financials of their company.

    That being said, it is very smart to diversify. Clark Howard says that you should only have the company match in your employer's stock. Diversify the rest. When a company stock (such as Exxon or Home Depot) is doing well, it's hard to do that, though.

    I had several experts tell me to move my investments in the stock market because it was going to drastically fall. Did I listen?? No.... In my case, I definitely fell into the category of, "Pigs get slaughtered." :blushing:
     
  15. calus_3

    calus_3 Former Member

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    I was right there with you my friend.....I invested when the Nasdaq was ummm right around 5K. :D

    If Clark Howard saw the 90% above, he would wet himself and start spinning in circles babbling incoherently. I am a disciple of Clark Howard.....a fine gentleman. I also like Dave Ramsey a lot.

    Cal
     
  16. KatherineQ

    KatherineQ Former Member

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    Hmmm. How about boycotting other oil companies who are asking the same prices for gas, but aren't making as good a profit?

    We have exxon stock, too, and more power to 'em. I'd be MAD if I owned stock in a company that wasn't doing well, but charging the same.

    Strong companies like this deserve our support, not disdain!
     
  17. deanws

    deanws Former Member

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    I guess I should reword that. We have other things. We just don't touch anything else. We use the stock dividends for about 90% of our household income. We are retired. Everything else just keeps rolling and rolling. In the words of my husband..."Never touch the money.... He would die before he ever actually spent his family inherited income. lol :doh: Trust me....when we are gone, I KNOW our kids will spend it.
     
  18. calus_3

    calus_3 Former Member

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    Yeah, there are some tougher laws but I think that just gave rise to a new type of lawyer to combat it. The Sarbonnes Oxley bill seems to have done nothing but increase the scrutiny of me...as software analyst. Like I have ANYTHING to do with Accounting any longer. I now have to have a password that is certain mixed cases and certain length and I have to change it every few weeks.

    Cal
     
  19. calus_3

    calus_3 Former Member

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    Okay, I just had my heart restart! :D

    Good luck and congrats on making it to retirement.

    Cal
     
  20. deanws

    deanws Former Member

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    Exxon has an entirely different set up for audits than Enron did. They have several layers of accountability handled by outside firms. I feel sorry for the airline employees that also lost a bundle. I can't believe the government didn't do more to help the Enron employees on their retirement losses. It makes me so mad every time I think about it.:razz:
     
  21. Jeana (DP)

    Jeana (DP) Former Member

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    That's just it Cal, I don't have a problem with people making money and I honestly don't need to struggle, so I'm not jealous and petty. I do have a problem with businesses with no conscience and while we've got kids dying in a war every day and loud mouth idiots thinking we're over there for "oil," companies need to THINK about what this looks like. People were screaming for Bush to free up our oil reserves that we would desperately need should we be involved in an escalated war and this gas company is making more profits than ever before? That's just not right.
     

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