Posted by
bigredcon on Friday, August 01, 2008 11:04:36 AM
Hat Tip:
NewsBusters
Profit: $11.68 Billion
TAXES PAID: $32.36 Billion
Note that on a quarterly revenue of $138 Billion, their profit margin was 8.4% but they paid 23% of revenue in taxes…
CNN mentioned that Exxon makes $1485 a second. They failed to mention that the federal government spends $91,958 per second. If you subtract the $11.68B from the revenue of $138B, that means their quarterly cost of operations plus capital reinvestment is about $126B.
During congressional testimony delivered by the Exxon CEO back in May:
...Exxon Mobil is the largest U.S. oil and gas company, but we account
for only 2 percent of global energy production, only 3 percent of
global oil production, only 6 percent of global refining capacity, and
only 1 percent of global petroleum reserves. With respect to petroleum
reserves, we rank 14th. Government-owned national oil companies
dominate the top spots. For an American company to succeed in this
competitive landscape and go head to head with huge government-backed
national oil companies, it needs financial strength and scale to
execute massive complex energy projects requiring enormous long-term
investments.
To simply maintain our current operations and make needed capital investments, Exxon Mobil spends nearly $1 billion each day.
... from Gateway Pundit,
read the rest!