We announced our 2010 results yesterday, and while much of the coverage focused on the headline earnings of $30 billion, I want to share some other key numbers to help put it in perspective.
For example, it cost more than 10 times our earnings – a total of $330 billion – to run our business last year, buying goods and services and employing thousands of people around the world.
Our total tax expenses for the year were $93 billion, which governments use to provide public infrastructure and services in the countries where we operate. Here in the United States, our tax expenses were $9.8 billion – nearly two and a half billion dollars more than we made in this country.
One final thought – we invested a record $32.2 billion to find and develop new energy to meet growing demand. As I’ve mentioned many times, we take a long-term view of our business and continue to invest throughout the ups and downs of the business cycle.
So while the numbers are big, so is the industry and the world’s demand for energy.
You can read more about our earnings here.
As a long time customer an supplier to Exxon I never understood why you don’t promote these facts more. 10 billion in taxes paid to the US government! Meanwhile the politicians and media portray Big Oil as the “evil big business”. $10 billion is just the tip of the iceberg when you consider all the employees supliers and supliers employess who are paying taxes as a result of doing business with Big Oil.
So do I have this correct, you made over 9% profit in a year that experienced unprecedented business closures, home foreclosures and all time low business profits (with the exception of the Great Depression) and you were able to spend/invest into your company over 9% as well, wow. Now I am not against what some call Big Oil or companies making a profit, however, an 18% margin sure seems high.
You can spin it any way you want…the bottom line is a $30 Billion net profit by Exxon and the out of touch with reality prices of gasoline are what is destroying the economy of the U.S. and the lives of its citizens. Corporate GREED is all this is, nothing more and nothing less. That is why I do no purchase Exoon/Mobile fuel. The price of oil needs to be regulated as does the price of a gallon of gasoline. The oil companies and associated businesses need to proof why an increase in the price is needed and increasing corporate profits is NOT a need. Oil should not be more than $30 a barrel with a gallon of gas not more than $1.50. Maybe if your CEO and other execs were not being paid multi-millions and given bonuses of multi-millions and came back to reality Exxon and other large corporations could assist in the economic recovery of this country. Until then, in cooperation with Obama you will continue to destroy what was the greatest nation in the world.
If we followed Harlan’s idea and regulated Oil at 30.00 a barrel you’d end up with less oil and more than likely a return of the 1970′s gas lines. The American economy is based upon FREE ENTERPRISE, when you artificially mandate what the price will be the market will react accordingly. Supply and demand dictate price, Economics 101 will tell you that if you try to manipulate a price well below what the market reflects then those who produce the product can’t make a profit and will STOP providing the product. Then you get shortages because people aren’t going to lose money just so you can have your 30.00 per barrel & 1.50 a gallon gasoline.