Directly from XOM: "His pension benefits are based on more than 40 years of service with the company and are calculated using the same pension formulas that apply to all other U.S. dollar - paid employees in the pension plans in which he participated." "More detail and information regarding the compensation strategy of the company and the basis for the compensation of senior executives is available in the proxy statement. Specific information regarding the pension plan is available on pages 24 and 25."
I wonder how many options you get for blowing earnings in the strongest oil market in history? Give this guy the Ken Lay Leadership Award. Oil shares fall after Exxon Mobil misses analysts' view HOUSTON (MarketWatch) -- Oil and gas shares opened with a thud Thursday after industry standard Exxon Mobil Corp. missed analysts' earnings expectations by a dime. The Amex Oil Index ($XOI : amex oil index -2.3%) dropped 3.8% too 214.38.
If it (SEC) wasnt there you'd have the kind of market manipulation not seen since right before the depression...when they pulled the rug from under the dow..
LOL. Steve, just to clue you in, XOM's tremendous profits are not derived from the retail level but rather from refining, ect.........
Everybody thought the price of oil would go up. Exxon would be stupid for not hedging. And donât think they can predict, manipulate or control the oil commodity market. They are tiny compared to the entire global market. The real issue is that the savings from their oil hedge is not being passed down to the consumer. But they donât have to pass it down and there is nothing illegal about it. Instead, they can use these profits for R&D and new exploration that helps America become independent from Muslim oil. If oil stays at $75 all next year, or falls, letâs see what their profits will be. There is risk involved, but the oil bull was obvious and they were not going to just sit there when they have to purchase oil to do business.
Through luck and stock splits, my Grandmother wound up with 18,000 shares of GE. Ironically she never bought the stock!! She owned some POS that GE acquired and she received 1000 shares of GE in the mid 1960's. When the stock soared during the Walsh years she couldn't have cared if they gave Jack a billion in bonuses. In her view he made her a millionaire, albeit a short lived one. Granted Walsh added more value to GE than any CEO can personally add to XOM. However the fact remains that large holders of a stock will demonstrate little jealousy over seemingly outlandish compensation if market performance warrants the outlay. A CEO who's able to pump up a companies earnings along with the stock price is certainly as valuable to shareholders as a hedge fund manager who receives 25% of profits just for buying the stock.
This is exactly what I don't agree with. A fund manager is directly responsible for the gains or losses. A CEO, particularly a corporate politician as opposed to an entrepreneur, is just someone at the top of the organizational chart. It is very difficult to isolate his contributions to the bottom line. Certainly companies come up with a boatload of excuses for them when the results suck, and the options have to be repriced. But when the results are good, shareholders are supposed to be willing to just open the vault to them because of their brilliance. And anyway, the shareholders made some money so who the hell are they to complain? Now we get a guy like Raymond whose company blew its earnings even though it had an incredible environment. We've just been treated to a load of nonsense about how uniquely valuable he was, and how that jsutified awarding him the GDP of a small country. Well, how much is he going to give back, because by the same logic he screwed up big time.
Pabst, Why was my reply to your post deleted? All I did is demonstrate with a chart from the Department of Energy that gasoline IS the major source of revenues for refineries, and did so without the kind of rudeness that you're so fond of. At the very least, if you don't like my answer and want to delete it, make sure you also delete the post to which I was answering.
Steve I'm sorry about that. I didn't intentionally delete your post. Please repost that graph. I also accidently deleted my reply back. What I was trying to say is that when someone buys gas at "Joes", the independent operator on the corner, they may just as easily be supporting an XOM refinery. Likewise the amount of profit that XOM garners from it's service stations is a relatively low % of their revenue. And yes there was rudeness in your post. I think you implied I was a shill for corporate America. Funny considering I haven't been long any stock, twenty times in my life.