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Congratulations Exxon on their record setting $17,600,000,000 profit in Q2!

Dec 31, 2014
17,389
28,860
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New York (CNN Business)ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter.
Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.



Good thing they didnt gouge us all at the pump during a time of international crisis. 😉 😉
 
They aren’t the only ones benefiting in this time of crisis:


  • Pfizer's revenue grew by 47% to $27.7 billion compared to the second quarter last year.
  • The pharmaceutical company booked net income of $9.9 billion, a 78% increase over the same period during 2021.
  • Pfizer maintained its 2022 sales guidance for its Covid-19 vaccine of $32 billion and is still expecting $22 billion for its oral antiviral Paxlovid.



  • Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion, according to Refinitiv.
  • Revenue: $121.23 billion vs. $119.09 billion expected, according to Refinitiv.
 
You mean greed really is a part of inflation and capitalism? I hope they invest wisely, because I really want my next car to be electric.

As I've said before, Capitalism is great. Unregulated Capitalism is a disaster for everyone but the big businesses and the rich.

And, not everything should be taken care of via Capitalism. There are things that need to be provided by government/public means.
 
They aren’t the only ones benefiting in this time of crisis:


  • Pfizer's revenue grew by 47% to $27.7 billion compared to the second quarter last year.
  • The pharmaceutical company booked net income of $9.9 billion, a 78% increase over the same period during 2021.
  • Pfizer maintained its 2022 sales guidance for its Covid-19 vaccine of $32 billion and is still expecting $22 billion for its oral antiviral Paxlovid.



  • Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion, according to Refinitiv.
  • Revenue: $121.23 billion vs. $119.09 billion expected, according to Refinitiv.
This is the one of the oddest whataboutism I've seen.
 
They aren’t the only ones benefiting in this time of crisis:


  • Pfizer's revenue grew by 47% to $27.7 billion compared to the second quarter last year.
  • The pharmaceutical company booked net income of $9.9 billion, a 78% increase over the same period during 2021.
  • Pfizer maintained its 2022 sales guidance for its Covid-19 vaccine of $32 billion and is still expecting $22 billion for its oral antiviral Paxlovid.



  • Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion, according to Refinitiv.
  • Revenue: $121.23 billion vs. $119.09 billion expected, according to Refinitiv.
I don’t understand the point. Are you saying Pfizer is charging too much for vaccines/drugs they developed?

Regarding Amazon, there’s been incredible consumer demand for “stuff.” Don’t Amazon’s sales numbers merely reflect that demand?
 
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yep, it’s pretty clear their margins are skyrocketing to match the price at the pump….greed is good eh?
 

New York (CNN Business)ExxonMobil and Chevron both reported record massive profits thanks to record gasoline prices during the quarter.
Exxon's profit, excluding special items, came to $17.6 billion in the second quarter, nearly double what it made in its very profitable first quarter as oil and gas prices started to soar in the wake of Russia's invasion of Ukraine. Second-quarter profit was up 273% from the same period a year ago.



Good thing they didnt gouge us all at the pump during a time of international crisis. 😉 😉
I’ve been saying this since the beginning…supply isn’t keeping up with demand, but, oil companies have done nothing except stack their chips and cash out!

reinvest, build additional refineries, drill more, become self reliant and sell the excess to other countries……

we need to become more self reliant and worry about ourselves more than the rest of the world.
 
I don’t understand the point. Are you saying Pfizer is charging too much for vaccines/drugs they developed?

Regarding Amazon, there’s been incredible consumer demand for “stuff.” Don’t Amazon’s sales numbers merely reflect that demand?
So Amazon’s sales reflect demand but Exxon’s reflects greedy price gouging?:rolleyes:
 
I’ve been saying this since the beginning…supply isn’t keeping up with demand, but, oil companies have done nothing except stack their chips and cash out!

reinvest, build additional refineries, drill more, become self reliant and sell the excess to other countries……

we need to become more self reliant and worry about ourselves more than the rest of the world.
Nah, Mike.
Instead, don’t use the already leased permits. Don’t build additional refineries.
Keep supplies low and profits high.

Or, go EV on their ace.
 
I’ve been saying this since the beginning…supply isn’t keeping up with demand, but, oil companies have done nothing except stack their chips and cash out!

reinvest, build additional refineries, drill more, become self reliant and sell the excess to other countries……

we need to become more self reliant and worry about ourselves more than the rest of the world.
Refinery production is also down which is a way the oil companies manipulate the market. But, Covid.
 
They aren’t the only ones benefiting in this time of crisis:


  • Pfizer's revenue grew by 47% to $27.7 billion compared to the second quarter last year.
  • The pharmaceutical company booked net income of $9.9 billion, a 78% increase over the same period during 2021.
  • Pfizer maintained its 2022 sales guidance for its Covid-19 vaccine of $32 billion and is still expecting $22 billion for its oral antiviral Paxlovid.



  • Amazon said it expects to post third-quarter revenue between $125 billion and $130 billion, representing growth of 13% to 17%. Analysts were expecting sales of $126.4 billion, according to Refinitiv.
  • Revenue: $121.23 billion vs. $119.09 billion expected, according to Refinitiv.

There is a fine line between capitalism and price gouging in all markets. In theory, the free market should take care of price gouging as long as there is not collusion.

The issue with gas prices is that they have a larger impact on the economy in general. Prices went up everywhere as transportation costs increased.
 
There is a fine line between capitalism and price gouging in all markets. In theory, the free market should take care of price gouging as long as there is not collusion.

The issue with gas prices is that they have a larger impact on the economy in general. Prices went up everywhere as transportation costs increased.
Speaking of fine lines, true capitalism with honest money > crony capitalism with phony, debt-based money.

Actually, it’s >>>>>>>>>>>>>>>
 
Nah, Mike.
Instead, don’t use the already leased permits. Don’t build additional refineries.
Keep supplies low and profits high.

Or, go EV on their ace.

The existing leased permits available are mostly in areas that aren’t worth investing in. People need to grasp that but many don’t.

Also, oil companies lost their asses during the last push to reinvest and Wall Street has pretty much forced them into using $$ to pay down debt vs exploration and development. Let’s not forget much of the steel used for drilling comes from China and that’s also in short supply right now.
 
The existing leased permits available are mostly in areas that aren’t worth investing in. People need to grasp that but many don’t.

Also, oil companies lost their asses during the last push to reinvest and Wall Street has pretty much forced them into using $$ to pay down debt vs exploration and development. Let’s not forget much of the steel used for drilling comes from China and that’s also in short supply right now.
That's a good theory if it weren't for the companies paying out high dividends and investing in other stockholder returns.
 
That's a good theory if it weren't for the companies paying out high dividends and investing in other stockholder returns.
It's a great theory considering Wall Street has specifically asked that in addition to paying down debt, that profits be returned to shareholders. He just didn't include that part.
 
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It's a great theory considering Wall Street has specifically asked that in addition to paying down debt, that profits be returned to shareholders. He just didn't include that part.
Lol - exactly the point. they are responding to Wall Street and investors in the short term rather than investing in exploration and expansion. The cries for additional drilling rights are being duped yet again.
 
The existing leased permits available are mostly in areas that aren’t worth investing in. People need to grasp that but many don’t.

Also, oil companies lost their asses during the last push to reinvest and Wall Street has pretty much forced them into using $$ to pay down debt vs exploration and development. Let’s not forget much of the steel used for drilling comes from China and that’s also in short supply right now.
Are you saying that oil companies bought worthless leases? Why would they do that? They don’t do anything that doesn’t increase the bottom line.
 
I think he is saying that are only worth drilling when oil is well over $100 a barrel, not worthless? Good luck.
That’s not at all what he said: The existing leased permits available are mostly in areas that aren’t worth investing in.
 
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