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Politics : View from the Center and Left
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To: 8bits who wrote (72299)6/15/2008 4:54:41 AM
From: Cogito  Read Replies (1) of 542068
 
>>Are they complaining..? I have seen oil execs point out to congress when they have these periodic hearings how much of the US (and the rest of the world for that matter..) is off limits to drilling for US oil companies.<<

8bit -

Their recent testimony before Congress did sound like complaining to me, yes. We can't drill anywhere we want to in the US! We have to compete with state sponsored oil companies in the rest of the world! We spend a billion dollars a day to fund operations! Waaaaa!

I do see the 46 point something difference between pre-tax and post-tax earnings on their income statement. The balance sheet has something interesting, too. 12.7 billion dollars in "deferred income taxes". That category has been accruing for several quarters now, apparently.

Maybe an accountant could explain that. Seems that they owe taxes, but don't have to pay them right now. So that would mean that when you say they "turned over 46%" of their profits, that might not be exactly so. Twelve billion dollars is a nice chunk of change for the government to let them hang onto.

Exxon's balance sheet shows twenty billion in that category. And they have over forty billion in cash and equivalents. Another category that has been accruing for them at a nice clip. Waaaa!

- Allen
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