Exxon-Mobil executives and stock holders will not be hurting this winter. On October 27, 2005 the company released its 3rd Quarter 2005 earnings report. For the first time ever, a publicly traded corporation reported top line revenue exceeding $100 BILLION dollars. A good portion of that top line fell to the bottom line – earnings rose 75% over the same quarter last year, totalling $9.92 BILLION.
Those numbers are quite mind boggling. Here are some comparisons to state government revenues for three rather large states:
|Annual state government revenue for all of 2004||Population (2000 census)|
|New York||$100.17 Billion||18,946,457|
Now compare that to the following:
Exxon-Mobil July-Sept 2005 – $100.72 Billion – number of employees – 105,200
In other words, it was a close race, but a company with just over 105,00 full time employees received more revenue during a single three month period than the richest of the four largest states in the US did during an entire year.
Neil Cavuto may disagree, but I think that indicates a rather significant economic problem. (Yesterday, on Your World, Neil Cavuto thought that Exxon-Mobil’s profits were only fair and tried to claim that they were only profiting 5 cents on the dollar. Both his facts and his understanding of those facts are subject to question.)