Exxon profits are up!

[truckin 79]

Originally Posted by DeadheadNM

I'm not convinced those are facts and have reason to suspect there is bias but am open to reading an article from a non-partisan, objective source. Can you provide that?

How about this one, is this sufficient enough for you?
https://www.axios.com/2022/04/26/the...axes-last-year
Also if you look when companies are doing bad during a year, the first thing they do. Job cuts, the CEO and all his many minions do not take a pay cut. No they lay off a bunch of well workers like they did here in CO.

[truckin 79]

Originally Posted by 68bowtie

Literally no one said that.
Post #13 made a pretty strong statement to that exact point

The government and corporations are in bed and WE are the victims. My point is our enemy is not the oil companies, just because you donÂ’t like them making profits.
I never said that in fact it is fine for companies to make a profit especially after a down year following covid. It is another thing to gouge people and keep supply low to charge more for gas/oil. The oil companies have thousands of permits to drill yet they choose not to, just like the mineral rights I have in OK. In theory I make money when oil companies drill. It has been proven when companies make more profit they end up buying back more of their won shares. Just like when the corporate tax rate was cut from 35% to 21% in 2018.
Monopolies like OPEC should not be allowed to exist and have the control they do, for just the reasons you say. ThatÂ’s where government can actually help, to ensure there is a free market.

I agree with that whole heartily, the law cant change the heart but it can restrain the heartless

[DeadheadNM]

Originally Posted by truckin 79

How about this one, is this sufficient enough for you?
https://www.axios.com/2022/04/26/the...axes-last-year
Also if you look when companies are doing bad during a year, the first thing they do. Job cuts, the CEO and all his many minions do not take a pay cut. No they lay off a bunch of well workers like they did here in CO.

Thanks for making time to post the link. This article expounds on the claims stated in the earlier article with useful background information on corporate tax structure and how convoluted the details are. The author did reach out to Exxon, which claimed “…its effective income tax rate for 2021 was 31% (a number that includes deferred taxes).” .

I read the Wall St. Journal daily, which had a recent editorial about Exxon’s profits that claims these earnings were due in part to the company’s reluctance to invest in renewable energy endeavors to the extent their peers like Shell and BP did in lieu of focusing on oil. I've heard complaints about companies not paying enough taxes for as long as I can remember and lament that labor, being a large component of expense, is often the first to get trimmed in a down turn and have personally lived that when my father went through layoffs.

Reports about the income earnings of companies and their tax responsibilities are important. At the moment, the focus of my concern isn’t on any one company or income class per se as much as reckless congressional spending/appropriation and the decline of the dollar as the world’s reserve currency or use as the "petrodollar". The Treasury is collecting record amounts of revenue in terms of dollars as well as percentage of GDP data HERE. To me, the larger issue is how our tax money is being spent but that's a topic for another discussion.

[dieseldawg142]

Originally Posted by special-K

Sorry, but I tried to keep it simple so all could understand. Expandable income is what it takes to buy stocks. Not sure what reference to 401ks you are referring to that I wasn't. Maybe it's being unwilling to understand that is the issue here.
I have worked in the building industry all my life, with most of that time being a small business. We are heavily regulated, too, and it's small businesses that are hit the hardest by those. Housing is also a thing that is very important to everyone. Regulations account for 40% of the cost of building a home these days but we still build them and try to make our money in spite of all. 401Ks aren't exactly plentiful among construction workers, so nothing to relate there.
All Boog did was report profits are up for Exxon. Just a fact. It's a fact I'm used to hearing. Seems to be the case every year. I'm tired of hearing our government being demonized. Especially when it comes to their relationship with big oil. Let's talk about all the perks given the oil industry as well. Now there's a circle for you. Back to record annual profits

so true.
have watched our material prices skyrocket in the last 2 yrs, as most of our product is petro based. and not the "good" petro, after refining they use the junk left over to make our material.
try explaining to a homeowner why you just had to double the price of their job so some fatcats can take in a few extra billion. no gov ever doubled or tripled my material costs.
but hey, if you have no prob paying 15k for a job that 2 yrs ago would have been 6-7K....
your deluded if you don't think these record profits don't hurt the smaller guys, and not just at the pump.
i have family that work the alberta oilfields, it's retarded the money they make for the little they do. in fact we just lost one of our best workers to the transmountain pipeline going thru our town. he sits in a truck 90% of the day (says it's boring as hell) but brings home 4k every 2 weeks.
and the pipeline refuses to spend a couple extra mil to re-route the pipeline off our water aquifier. they don't give a dam there's a good chance they will pollute our towns water, all to save a few bucks of that 20 billion profit they just made

Deadhead
it's no secret the profit these company's make. it has been on news, the internet, and even gov figures show it. even if the the figures are off a bil or two, it's all money coming out of joe average's pocket-plain and simple. if you think it's a "liberal" prob, well that's your perogative. must suck to hate half your country cause of political differences, but that's your right and i'm not a preacher.
and no, i'm not liberal or conservative. for 50 yrs i always vote green party. no, i'm not a "greenie" i drive a 5-6mpg truck. long ago i came to the conclusion, politicans aren't there to make anybody's life better, their in there job for the money, plain and simple, don't care what anyone else says, it's what i belive.
so my reasoning is to give someone else a kick at the can and see if they can do better than the lifelong leeches we have now and maybe save the avg. taxpayer a few bucks.