Exxon's Half-BILLION Dollar Goodbye Party

[Nbadan]

http://www.smh.com.au/ffximage/2006/04/14/leeraymond_narrowweb__300x336,0.jpg
Walked away with everything, plus the kitchen sink

Oil man's half a billion dollar bye-bye
By Jad Mouawad
April 14, 2006


LAST year's high oil prices not only helped Exxon Mobil report $US36 billion in profit - the most ever for any corporation - they also allowed Lee Raymond to retire in style as chairman of Exxon Mobil.

Mr Raymond received a compensation package worth about $US140 million last year, including cash, stock, options and a pension plan. He is also still entitled to stock, options and long-term compensation worth at least another $US258 million, according to a proxy statement filed by Exxon with the Securities and Exchange Commission.

The total sum for Mr Raymond's golden years comes to at least $US398 million ($545 million). The compensation is among the richest known and is certain to provoke criticism of profiteering from oil prices - though oil companies say fluctuations in prices are outside their control. The biggest payout ever is the $US550 million to Michael Eisner, the former head of Walt Disney, in 1997.

Exxon's board also agreed to pick up Mr Raymond's country club fees, allow him to use the company aircraft and pay him another $US1 million to stay on as a consultant for another year. Mr Raymond agreed to reimburse Exxon partly when he uses the company jet for personal travel.

SMH (http://www.smh.com.au/news/business/exxon-chairman-walks-away-with-545m/2006/04/13/1144521461216.html)

WOW, what a guy, he's gonna throw in a few bucks for gas for the company plane.

At what point does stuff like this piss you off? When your paying $4 a gallon? $5? $6? We shall see, we shall seee....

[greyforest]

its not going to piss me off, because we are foolish for being such an oil-dependant country in the first place.

also it wont piss me off because oil will continue to raise in price from this point indefinitely. peak oil production of the world has come and gone.

[Sec24Row7]

He deserves it. You can't tell me that guy isn't more important than Shaq.

Those guys SHOULD be the ones making tons of money.

He increased the value of that company 5 fold in his tenure.

[spurster]

I feel much better paying more for gas so that this guy doesn't have to beg during his retirement.

[Sec24Row7]

Yeah yeah we all know that ExxonMobil is the reason that the price of energy is so high...

[young_prosecutor]

these Oil company profits are criminal.

[Sec24Row7]

Ooook. I saw you really bitching when they were shutting down in 99' when the price was $8 a barrel.

[mookie2001]

alright gas is cheap
its a steal
please tell me how much they pay in spain

wait

how much would a gallon of shampoo cost?

[boutons_]

just where the Exxon Mobil, dubya/dickhead/Repugs, Venezuela, Iran, Russia love the price to be:

April 17, 2006

Oil Prices Touch $70 for 1st Time Since Katrina

By THE ASSOCIATED PRESS

Filed at 12:26 p.m. ET

WASHINGTON (AP) -- Crude oil futures hit $70 a barrel for the first time in seven-and-a-half months Monday, pushed higher by concerns about supply disruptions in Nigeria and tension over Iran's nuclear program.

So long as these geopolitical issues are hovering over the market, analysts said it will be difficult for prices to fall too far -- unless there is a significant dropoff in demand, which they aren't yet seeing.

( the Repugs starting a phony war in Iraq is an artificial geopolitical issue that helps pump $Bs into Exxon's pockets )

Light sweet crude for May delivery briefly touched $70 a barrel before easing to $69.85 a barrel, an increase of 53 cents on the New York Mercantile Exchange from Thursday's close. The exchange was closed Friday.

The last time crude futures surpassed $70 a barrel was on Aug. 30 when they climbed to $70.85 a barrel, then settled at $69.81, after Hurricane Katrina struck the U.S. Gulf coast.

ABN Amro broker Lee Fader said the trigger for Monday's rally was ''heightened fear about military action'' against Iran, which has said it would go ahead with plans to enrich uranium, defying the United States, Europe and United Nations nuclear experts. Iran says its nuclear ambitions are peaceful, but the West fears the country is intent on arming itself with nuclear weapons.

''If somehow this got resolved diplomatically,'' Fader said, ''that would definitely take a few dollars off'' the price of crude oil.

On the other hand, if crude futures rise above $70.85, ''it can go anywhere at that point'' because, from a technical trading standpoint, there is no resistance above that level, Fader said.

The market was also driven by the disruption of Nigerian crude supplies by rebels. More than half a million barrels a day of crude production capacity are being blocked due to militant violence in Nigeria. However, there has also been production added in other parts of the country. According to Platts, Nigeria produced 2.15 million barrels per day in March, down from 2.37 million barrels per day in February.

Underlying the nervousness about Iran and lost output from Nigeria is the industry's thin margin for error. Global demand is expected to average 85 million barrels per day in 2006, leaving just 1.9 million barrels per day of excess production capacity that could be called upon in an emergency, according to Cambridge Energy Research Associates.

CERA oil analyst James Burkhard said this supply cushion shows no sign of growing anytime soon. ''So far we're not at the point where demand is pulling back,'' he said.

However, demand is growing at a slower rate than last year, according to the International Energy Agency.

On London's ICE Futures exchange, Brent crude oil futures touched a new high above $71 a barrel, rising 44 cents to $71.01 a barrel for June delivery. The contract earlier spiked to $71.40 a barrel -- the highest ever traded for a front-month contract. Brent crude's previous high was reached April 13 when it touched $70.99 in intraday trading.

Heating oil futures rose to $1.9922 a gallon while gasoline futures jumped 1.21 cents to $2.1191 a gallon -- a level not reached since early September. In other Nymex trading, natural gas traded at $7.28 per 1,000 cubic feet.

Home

Copyright 2006 The Associated Press

====================================

Anybody remember that

1) Repug administration gave $15B subsidy to energy industry for "conservation", but cut $200M from cancer research?

2) anybody remember that Repugs parachuted energy industry lobbyists into Bureau of Land Mgmt to write leases for US land that will take decades before the energy co's can even begin to exploit them?

The Repugs are fucking over the USA's security and consumers while lying that they are the only party to be trusted on national security. motherfuckers.

[Vashner]

Yea i'll agree it's too much $$$.

Hopefully the fucker will spend some of it to put it back in the economy...

[Yonivore]

It's called the fair market at work.

In the 12 years he ran Exxon, the company's stock price went up 500 percent. Last year, Exxon posted the largest profit of any company in history: $36 billion.

Now, that's not the profit margin we're talking about, it's the total profit. (Ask scott if this confuses you).

Uneducated people look at Exxon's billions and think they're ripping people off. Actually, Exxon is simply profiting from a situation of supply and demand.

Besides...it is the shareholders that ultimately will decide whether or not Raymond should get that money. Other than that, if you increase your company's stock price 500% and make them almost $40 billion in profit in a single year...I say you should get paid for that performance.

[DarkReign]

Meh...it all comes down to envy.

I envy that piece of shit and would trade places with his slimy ass in a heartbeat.

Im sure his decisons as CEO somehow fueled the profits. :rolleyes

The dude got lucky. Much like Clinton.

[smeagol]

Why don't you guys go and check what other CEOs are making?

[boutons_]

Exxon Mobil is reaping windfall profits from the high price of oil, not from this guy's mgmt expertise. Exxon Mobil is in a commodity business which is effectively a competition-free cartel and the national and international levels.

Any other monkey could have been running E-M and gotten the same results as this monkey.

"it is the shareholders that ultimately will decide whether or not Raymond should get that money"

bullshit. There have been of shareholders revolts and suits about the obscene, exorbitant levels of executive pay over the past 10 years, which are often not even related to corporate performance. Compensation is set by compensation committees and board members ofen appointed by the executives, not by stockholders. Effectively, the execs set their own compensation and the board/comp committee rubberstamps it.

[Yonivore]

Why don't you guys go and check what other CEOs are making?
How is that germain to this conversation?

[Clandestino]

blame this shit on the fucking liberal environmentalists who won't allow companies new refineries to be built anywhere...

[Yonivore]

I wonder how many Exxon employees.

[Yonivore]

I wonder how many Exxon employees.
85,900 (up 2.7% over the previous year)

[Aggie Hoopsfan]

When all you fruitcase leftist environmentalists stop cockblocking new refinery construction, then you can bitch.

Until then STFU. The tree hugging fags running around this country and in D.C. have contributed significantly to the situation we're in today. No new refineries in 25 years. Way to hug a tree.

[Vashner]

Really it's no big deal. Finding oil and refining it is hard fucking work. Some people think it's just like water or that a barrel actually is a barrel of gas (only about 20-30 % will be gas).

[RandomGuy]

He deserves it. You can't tell me that guy isn't more important than Shaq.

Those guys SHOULD be the ones making tons of money.

He increased the value of that company 5 fold in his tenure.



HAHAHAHAHAHAHAHA

The ONLY reason you said that was because Dan didn't seem to like it. You could be replaced with a computer program that is programmed to say the opposite of whatever dan says.

Dan:

The sky is blue

Vashner:

The sky is red

Dan:

I have a large penis

Vashner:

I have a small penis

:rollin :rollin :rollin

[Yonivore]

Some people think it's just like water...
It's actually cheaper than bottled water and a damn sight harder to produce.

[Guru of Nothing]

His legacy is being grotesque....

Small achievement.

[Clandestino]

It's actually cheaper than bottled water and a damn sight harder to produce.


haha... no shit... like .99 a liter for city water that is run through a brita type filter! no one is bitching about that...

[Guru of Nothing]

haha... no shit... like .99 a liter for city water that is run through a brita type filter! no one is bitching about that...

It's as if you choose to be an idiot.

[Guru of Nothing]

It's actually cheaper than bottled water and a damn sight harder to produce.

Without tax dollars?

[Yonivore]

Without tax dollars?
You wanna flesh that question out a bit?

[Sec24Row7]

I'm still trying to find the cut down or flaw in disagreeing with everything Nbadan says...

I haven't ever seen him post ANYTHING that makes any sense to a logical person.