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Largest U.S. oil company surges past analyst estimates to post net income of $14.83 billion.
NEW YORK (CNNMoney.com) — Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
The company’s prior record was $11.68 billion in the second quarter of 2008.
The latest quarter’s net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.
The company said its revenue totaled $137.7 billion in the third quarter.

Shell profits up 22%
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenue to $131.13 billion, according to a consensus of estimates compiled by Thomson Reuters.
Exxon’s stock price slipped by nearly 3% in afternoon trading.
The company’s earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
Exxon’s special charges include the gain of $1.62 billion from the sale of a German natural gas company. It also includes the $170 million charge in interest related to punitive damages from the Valdez oil spill off the Alaskan coast in 1989.
The Irving, Texas-based company said it lost $50 million, before taxes, in oil revenue because of Hurricanes Gustav and Ike. The company expects damages related to these hurricanes to reduce fourth-quarter earnings by $500 million.
Despite the surge in profit, Exxon said oil production was down 8% in the third quarter, compared to the same period last year.
The company also said it is spending more money to locate new sources of oil. Exxon said it spent $6.9 billion on oil exploration in the third quarter, a jump of 26% from the same period last year. The company said it began a new program to tap natural gas offshore from Nigeria.
Exxon also has an aggressive program for buying back stock with 109 million of its shares repurchased during the third quarter, at a cost of $8.7 billion.
In a conference call with analysts, David Rosenthal, vice president of investor relations for Exxon, said the company’s “first priority” is utilizing profits to continue investing in exploration programs for oil and other resources.
Source: CNNMoney
Play the McCain Lobbyist game ~ simply click on the icons to see how they are connected ~ above is Oh Ricky’s Lobbyist connexions. Below is McCain’s Corporate Lobbyist connexions
It’s how he plans to ‘work for you!’
John McCain’s campaign manager says he is reconsidering using Barack Obama’s relationship with Reverend Jeremiah Wright as a campaign issue during the election’s closing weeks.
In an appearance on conservative Hugh Hewitt’s radio program, Davis said that circumstances had changed since John McCain initially and unilaterally took Obama’s former pastor off the table. The Arizona Republican, Davis argued, had been jilted by the remarks of Rep. John Lewis, who compared recent GOP crowds to segregationist George Wallace’s rallies. And, as such, the campaign was going to “rethink” what was in and out of political bounds.
“Look, John McCain has told us a long time ago before this campaign ever got started, back in May, I think, that from his perspective, he was not going to have his campaign actively involved in using Jeremiah Wright as a wedge in this campaign,” he said late last week. “Now since then, I must say, when Congressman Lewis calls John McCain and Sarah Palin and his entire group of supporters, fifty million people strong around this country, that we’re all racists and we should be compared to George Wallace and the kind of horrible segregation and evil and horrible politics that was played at that time, you know, that you’ve got to rethink all these things. And so I think we’re in the process of looking at how we’re going to close this campaign. We’ve got 19 days, and we’re taking serious all these issues.”
To Ruin or Not To Completely Ruin, McCain’s Reputation
McCain has reportedly avoided discussion of Wright because of its racial implications. Apparently, since he already stands accused of stoking crowd anger akin to the South in the 1960s, his campaign just might be willing to walk down that slippery slope and risk justifying Lewis’ proclamation.
Even before Davis took to the Hugh Hewitt Show, it was clear that members of McCain’s inner circle were pining for him to use some of Wright’s more inflammatory quotes to hammer away at Obama. Vice presidential candidate Sarah Palin told New York Times columnist Bill Kristol that she didn’t know “why that association isn’t discussed more, because those were appalling things that that pastor had said.”
Certainly there are Democrats operatives who have long anticipated the Wright card being played and are shocked, to a certain extent, that McCain has avoided the topic. One high-ranking strategist told the Huffington Post that he thought the Republican ticket could have gained far more traction by going after Obama’s pastor “as opposed to some neighborhood association” — referencing former Weather Underground member Bill Ayers. McCain, he added, didn’t have to even do it himself. He could pass the task over to a 527 organization or outside group. But with the money woes facing the Republican Party, the fundraising and infrastructure for such an effort has not been built. The decision to bring up Wright is left firmly in McCain’s hands.
Source: HP
See how McCain profited from being a Maverick!
Senator John McCain was on a roll. In a room reserved for high-stakes gamblers at the Foxwoods Resort Casino in Connecticut, he tossed $100 chips around a hot craps table. When the marathon session ended around 2:30 a.m., the Arizona senator and his entourage emerged with thousands of dollars in winnings.
BETS Mr. McCain supported tax breaks for casinos over the years, including one that helped Foxwoods in Connecticut. He has also gambled there.
A lifelong gambler, Mr. McCain takes risks, both on and off the craps table. He was throwing dice that night not long after his failed 2000 presidential bid, in which he was skewered by the Republican Party’s evangelical base, opponents of gambling. Mr. McCain was betting at a casino he oversaw as a member of the Senate Indian Affairs Committee, and he was doing so with the lobbyist who represents that casino, according to three associates of Mr. McCain.
The visit had been arranged by the lobbyist, Scott Reed, who works for the Mashantucket Pequot, a tribe that has contributed heavily to Mr. McCain’s campaigns and built Foxwoods into the world’s second-largest casino. Joining them was Rick Davis, Mr. McCain’s current campaign manager. Their night of good fortune epitomized not just Mr. McCain’s affection for gambling, but also the close relationship he has built with the gambling industry and its lobbyists during his 25-year career in Congress.
As a two-time chairman of the Indian Affairs Committee, Mr. McCain has done more than any other member of Congress to shape the laws governing America’s casinos, helping to transform the once-sleepy Indian gambling business into a $26-billion-a-year behemoth with 423 casinos across the country. He has won praise as a champion of economic development and self-governance on reservations.
“One of the founding fathers of Indian gaming” is what Steven Light, a University of North Dakota professor and a leading Indian gambling expert, called Mr. McCain.
As factions of the ferociously competitive gambling industry have vied for an edge, they have found it advantageous to cultivate a relationship with Mr. McCain or hire someone who has one, according to an examination based on more than 70 interviews and thousands of pages of documents.
Mr. McCain portrays himself as a Washington maverick unswayed by special interests, referring recently to lobbyists as “birds of prey.” Yet in his current campaign, more than 40 fund-raisers and top advisers have lobbied or worked for an array of gambling interests — including tribal and Las Vegas casinos, lottery companies and online poker purveyors.
When rules being considered by Congress threatened a California tribe’s planned casino in 2005, Mr. McCain helped spare the tribe. Its lobbyist, who had no prior experience in the gambling industry, had a nearly 20-year friendship with Mr. McCain.
In Connecticut that year, when a tribe was looking to open the state’s third casino, staff members on the Indian Affairs Committee provided guidance to lobbyists representing those fighting the casino, e-mail messages and interviews show. The proposed casino, which would have cut into the Pequots’ market share, was opposed by Mr. McCain’s colleagues in Connecticut.
Mr. McCain declined to be interviewed. In written answers to questions, his campaign staff said he was “justifiably proud” of his record on regulating Indian gambling. “Senator McCain has taken positions on policy issues because he believed they are in the public interest,” the campaign said.
Mr. McCain’s spokesman, Tucker Bounds, would not discuss the senator’s night of gambling at Foxwoods, saying: “Your paper has repeatedly attempted to insinuate impropriety on the part of Senator McCain where none exists — and it reveals that your publication is desperately willing to gamble away what little credibility it still has.”
Over his career, Mr. McCain has taken on special interests, like big tobacco, and angered the capital’s powerbrokers by promoting campaign finance reform and pushing to limit gifts that lobbyists can shower on lawmakers. On occasion, he has crossed the gambling industry on issues like regulating slot machines.
Perhaps no episode burnished Mr. McCain’s image as a reformer more than his stewardship three years ago of the Congressional investigation into Jack Abramoff, the disgraced Republican Indian gambling lobbyist who became a national symbol of the pay-to-play culture in Washington. The senator’s leadership during the scandal set the stage for the most sweeping overhaul of lobbying laws since Watergate.
“I’ve fought lobbyists who stole from Indian tribes,” the senator said in his speech accepting the Republican presidential nomination this month.
But interviews and records show that lobbyists and political operatives in Mr. McCain’s inner circle played a behind-the-scenes role in bringing Mr. Abramoff’s misdeeds to Mr. McCain’s attention — and then cashed in on the resulting investigation. The senator’s longtime chief political strategist, for example, was paid $100,000 over four months as a consultant to one tribe caught up in the inquiry, records show.
Mr. McCain’s campaign said the senator acted solely to protect American Indians, even though the inquiry posed “grave risk to his political interests.”
Source: NYTimes
McCain spins a tall tale about fixing Washington and earmark spending ~ but says little if nothing about the lobbyist in operation behind the scenes in Washington ~ or even the group running his campaign.
All lobbyist can’t be bad ~ but the lobbyist is a paid interest ~ a paid concern for a group or corporation. I might care about poplar bears ~ but they are paid to care about polar bears ~ but more likely the lobbyist with most influence will be those of corporate concerns ~ and they have a record of seeing that their interests are placed over the interests of the American people. And the problem is that John McCain is so closely tied so closely to them, because they represent the interests of the few.
Rick Davis, John McCain’s campaign manager, has remained the treasurer and a corporate director of his lobbying firm this year, despite repeated statements by campaign officials that he had ended his relationship with the firm in 2006, according to corporate records.
The McCain campaign this week criticized news stories disclosing that, since 2006, Davis’s firm has been paid a $15,000-a-month consulting fee from Freddie Mac, the troubled mortgage giant recently put under federal conservatorship. The stories, published Tuesday by NEWSWEEK, The New York Times and Roll Call, reported that the consulting fees continued until last month even though, according to two sources familiar with the arrangement, neither Davis nor anybody else at his firm did any substantial work for the payments.
Read more Newsweek
Source: HP
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