# Exxon is making HOW MUCH?!?!? **URL:** \ **Category:** The BBQ Pit\ **Created:** [February 2, 2023, 2:26pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205 "2023-02-02T14:26:26Z")\ **Posts on this page:** 20\ **Page:** 1
**Author:** ![Dr.Winston\_OBoogie](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dr.winston_oboogie/32/2945_2.png) [@Dr.Winston\_OBoogie](https://boards.straightdope.com/u/Dr.Winston_OBoogie)\ **Post date:** [February 2, 2023, 2:26pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/1 "2023-02-02T14:26:26Z")
Article in the Chicago Tribune this morning (paywalled), so I’ll link instead to ABC: [https://abcnews.go.com/Business/wireStory/exxon-profits-record-high-2022-energy-prices-soared-96785682](https://abcnews.go.com/Business/wireStory/exxon-profits-record-high-2022-energy-prices-soared-96785682) From the article,… > [@](#): > > The energy giant brought in $55.7 billion in annual profits, exceeding its previous record of $45.22 billion in 2008, when a barrel of oil soared close to $150. > … > Two years later, Exxon booked $12.75 billion in profits and $95.43 billion in revenue in just its final quarter. (all the article in the Trib said was "Revenue was $95.43 billion; since everything prior in the article was about annual, it implied that was also annual. But, that’s a rant for another post). If we make the gross assumption that revenues for the other 3 quarters were the same (relatively safe assumption for my argument), that means that their MARGIN (profit / revenue) for 2022 was 14.6%. That’s fucking obscene! Especially, considering (from later in the linked article,)… > [@](#): > > Exxon earned $3.09 per share in the quarter. That was lower than the expectations of analysts polled by Factset, who were anticipating $3.29 per share. THEY WERE EXPECTED TO HAVE PROFITS AROUND $60B! Refineries are still closed down from the pandemic, when oil futures went negative. We may not be paying record prices at the pump at the moment, but it wasn’t that long ago (months) that we were. What’s keeping them from re-opening the refineries and increasing supply? Could there be… collusion between the Big Oil corporations? Of course not. Why would they actually have to communicate with each other to collude when they have proof in front of their eyes that they can make more money by keeping supply low than they would by increasing supply! ---
**Author:** ![74westy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/74westy/32/3950_2.png) [@74westy](https://boards.straightdope.com/u/74westy)\ **Post date:** [February 2, 2023, 2:33pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/2 "2023-02-02T14:33:08Z")
> [@Dr.Winston\_OBoogie](#): > > "Revenue was $95.43 billion With inflation, $95.43 billion is not what it used to be. Thanks, Biden! ---
**Author:** ![Dr.Winston\_OBoogie](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dr.winston_oboogie/32/2945_2.png) [@Dr.Winston\_OBoogie](https://boards.straightdope.com/u/Dr.Winston_OBoogie)\ **Post date:** [February 2, 2023, 2:48pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/3 "2023-02-02T14:48:55Z")
Well, my initial outrage came from reading the Trib and thinking their profit margin was 55.7b / 95.43b = **58.4%** That would mean the cost of goods, distribution, etc. was **LESS THAN HALF THE PRICE OF THE PRODUCT** These kinds of profits are EXACTLY why Biden is talking about a windfall tax on Big Oil. ---
**Author:** ![John\_DiFool](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/john_difool/32/19543_2.png) [@John\_DiFool](https://boards.straightdope.com/u/John_DiFool)\ **Post date:** [February 2, 2023, 3:18pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/4 "2023-02-02T15:18:18Z")
Many refineries were damaged by the Christmas cold snap and are just now going back online (tho you’d think they would be engineered against such events, certainly those in colder climes). Note very few new ones have been built in this century, being a big NIMBY issue for many communities. Googled, there was indeed a 17 year gap between new ones 1998-2015, but 8 new ones since. ---
**Author:** ![k9bfriender](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/k9bfriender/32/3283_2.png) [@k9bfriender](https://boards.straightdope.com/u/k9bfriender)\ **Post date:** [February 2, 2023, 3:27pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/5 "2023-02-02T15:27:55Z")
Which is why, when conservatives complain about how Biden raised gas prices, I ask them if they have as much animosity towards those who actually profit off of it. ---
**Author:** ![What\_Exit](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/what_exit/32/10652_2.png) [@What\_Exit](https://boards.straightdope.com/u/What_Exit)\ **Post date:** [February 2, 2023, 3:30pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/6 "2023-02-02T15:30:58Z")
Shell also reported best earnings ever. So please add them to the Fuck Exxon list. > **[Shell reports record profits as energy prices soar after Russia's invasion of...](https://www.npr.org/2023/02/02/1153762405/shell-profits-russia-ukraine)** > > Energy companies have been reporting blockbuster profits since last year, after Russia's invasion of Ukraine sent oil prices sharply higher. ---
**Author:** ![Saint\_Cad](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/saint_cad/32/18907_2.png) [@Saint\_Cad](https://boards.straightdope.com/u/Saint_Cad)\ **Post date:** [February 2, 2023, 3:48pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/7 "2023-02-02T15:48:26Z")
> [@Dr.Winston\_OBoogie](#): > > Revenue was $95.43 billion Or in household terms, 3.7 dozen eggs. ---
**Author:** ![Dr.Winston\_OBoogie](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/dr.winston_oboogie/32/2945_2.png) [@Dr.Winston\_OBoogie](https://boards.straightdope.com/u/Dr.Winston_OBoogie)\ **Post date:** [February 2, 2023, 4:01pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/8 "2023-02-02T16:01:19Z")
👏 👏 👏 Bravo! ---
**Author:** ![burpo\_the\_wonder\_mutt](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/burpo_the_wonder_mutt/32/365_2.png) [@burpo\_the\_wonder\_mutt](https://boards.straightdope.com/u/burpo_the_wonder_mutt)\ **Post date:** [February 2, 2023, 4:21pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/9 "2023-02-02T16:21:45Z")
That vein in your forehead is standing out. Back away from the computer and take as many deep breaths as you can until you feel better; 40 million should do it. ---
**Author:** ![Crafter\_Man](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/crafter_man/32/458_2.png) [@Crafter\_Man](https://boards.straightdope.com/u/Crafter_Man)\ **Post date:** [February 2, 2023, 4:37pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/10 "2023-02-02T16:37:58Z")
Good. Because I am an investor in Exxon. ---
**Author:** ![Euphonious\_Polemic](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/euphonious_polemic/32/3002_2.png) [@Euphonious\_Polemic](https://boards.straightdope.com/u/Euphonious_Polemic)\ **Post date:** [February 2, 2023, 4:50pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/11 "2023-02-02T16:50:32Z")
Greed is Good. - Gordon Gekko ---
**Author:** ![k9bfriender](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/k9bfriender/32/3283_2.png) [@k9bfriender](https://boards.straightdope.com/u/k9bfriender)\ **Post date:** [February 2, 2023, 4:54pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/12 "2023-02-02T16:54:40Z")
It seems that a lot of people took the wrong message from that movie, and thought that he was the Hero, not the villain. ---
**Author:** ![LSLGuy](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/lslguy/32/5813_2.png) [@LSLGuy](https://boards.straightdope.com/u/LSLGuy)\ **Post date:** [February 2, 2023, 4:58pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/13 "2023-02-02T16:58:59Z")
> [@k9bfriender](#): > > Which is why, when conservatives complain about how Biden raised gas prices, I ask them if they have as much animosity towards those who actually profit off of it. > Commerce good. Government bad. Dur hur hur. That’s about the level of thought going on in the swine before whom you cast your pearls of wisdom. ---
**Author:** ![D\_Anconia](https://avatars.discourse-cdn.com/v4/letter/d/67e7ee/32.png) [@D\_Anconia](https://boards.straightdope.com/u/D_Anconia)\ **Post date:** [February 2, 2023, 5:11pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/14 "2023-02-02T17:11:05Z")
Right, and lots of people are, whether or not they know it. People with mutual funds or retirement accounts at Vanguard or Fidelity, for example. ---
**Author:** ![Crafter\_Man](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/crafter_man/32/458_2.png) [@Crafter\_Man](https://boards.straightdope.com/u/Crafter_Man)\ **Post date:** [February 2, 2023, 5:21pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/15 "2023-02-02T17:21:06Z")
Exactly. Whenever someone complains about a company making a profit, I tell them, “Instead of complaining, get in on the game. Buy stock. Invest in them. Reap the rewards!” ---
**Author:** ![k9bfriender](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/k9bfriender/32/3283_2.png) [@k9bfriender](https://boards.straightdope.com/u/k9bfriender)\ **Post date:** [February 2, 2023, 5:22pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/16 "2023-02-02T17:22:14Z")
And they say, “I can’t afford to buy stock, I can’t even afford to fill up my tank.” ---
**Author:** ![Eonwe](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/eonwe/32/240_2.png) [@Eonwe](https://boards.straightdope.com/u/Eonwe)\ **Post date:** [February 2, 2023, 5:23pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/17 "2023-02-02T17:23:12Z")
So, everyone who complains about high prices should also shut up and just buy stock in a winning company? ---
**Author:** ![wolfpup](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wolfpup/32/10618_2.png) [@wolfpup](https://boards.straightdope.com/u/wolfpup)\ **Post date:** [February 2, 2023, 6:14pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/18 "2023-02-02T18:14:23Z")
**[Exxon revenue for the twelve months ending December 31, 2022 was $413.680B, a 44.83% increase year-over-year.](https://www.macrotrends.net/stocks/charts/XOM/exxon/revenue)** That means that Exxon’s annual revenue in 2022 was **greater than the GDP of most countries**. Indeed only the world’s top 37 economies had a larger total GDP than the revenues of this one oil company; 179 countries had a lower total GDP, including South Africa, Denmark, Chile, Finland, Portugal, New Zealand, Greece, and 172 others. That kind of wealth concentration in a single private enterprise is the very definition of “obscene”. > [@Crafter\_Man](#): > > Whenever someone complains about a company making a profit, I tell them, “Instead of complaining, get in on the game. Buy stock. Invest in them. Reap the rewards!” What if it’s a choice between putting food on the table, paying the rent, or buying stock in Exxon, and you can only afford to pick one? ---
**Author:** ![k9bfriender](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/k9bfriender/32/3283_2.png) [@k9bfriender](https://boards.straightdope.com/u/k9bfriender)\ **Post date:** [February 2, 2023, 6:26pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/19 "2023-02-02T18:26:16Z")
> [@wolfpup](#): > > What if it’s a choice between putting food on the table, paying the rent, or buying stock in Exxon, and you can only afford to pick one? Maybe you should try to stop being poor. ---
**Author:** ![wguy123](https://sea3.discourse-cdn.com/straightdope/user_avatar/boards.straightdope.com/wguy123/32/3161_2.png) [@wguy123](https://boards.straightdope.com/u/wguy123)\ **Post date:** [February 2, 2023, 6:52pm UTC](https://boards.straightdope.com/t/exxon-is-making-how-much/979205/20 "2023-02-02T18:52:32Z")
Yeah, don’t you have any bootstraps? Exxon just started with bootstraps and look where they are now. [Next page](https://boards.straightdope.com/t/exxon-is-making-how-much/979205.md?page=2)