Are you kidding me with these numbers?

Today ExxonMobil world's largest company reported another quarter of record profit. $10 billion dollars in three months. That works out to $1318.00 per second! This is insane amount of money. Exxon's revenues were $99.03 billion in three months! That means they sell approx $400 billion dollars worth of oil and other bi-products every year. The company's market cap (the amount of money needed to buy 100% shares of this company) as of today 07/27/06 is $402 billion dollars making it by far the biggest company in the world. GE which is a global behemouth has a $339 billion market cap.

Everyone can point to high oil prices and say that's the reason why oil companies such as, ExxonMobil BP, Royal Dutch, ConoccoPhillips, Chevron are making record profits. But what people don't see is how good these companies are at doing it. First of all they are all western companies, which is ironic because most of the oil is in the Middle East, Africa, Asia and other far out regions. If global oil prices are benefiting many countries, how come the companies which are benefitting the most are American and European companies? There is no secret to it, it's just outthinking, outsmarting and outrisking your competitors and that's what the American and European oil companies are good at. It is amazing to see that lot of these companies are making these profits even though they are traders in many instances. For e.g. Saudi Arabia owns all its oil fields. All foreign oil companies get a piece of action to dig and process oil. They still have to pay Saudi Arabia for that oil. Even after paying for oil, these Western companies are still able to make not a decent amount of money but an amazing amount of money which even the Saudi's are not able to do! How clever is that?

So to all those who say we are getting killed by these record prices think of all the employees working at these companies, as a team (part of the giant team USA) at least some of our fellow team members are not doing as bad. Can I have a job ExxonMobil? :)