Dear OK legislature

[Okla-homey]

Please stop running off oil companies. We need the corporate tax revenues and jobs.

Wowza!


Exxon Mobil profit tops $10 billion

Thu Jul 27, 2006 9:17am ET

NEW YORK (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), the world's largest public oil company, on Thursday reported quarterly profit surged 35 percent to top $10 billion, driven by yet another quarter of sharply higher oil prices.

In a surprise move, the company boosted its capital spending forecast for the year to $20 billion, citing additional exploration and production opportunities.

The world's largest company by market capitalization also said it would ramp up its already hefty stock buyback program to $7 billion in the third quarter.

Helped by 6 percent growth in oil and gas production and better refining margins, the company's profit easily beat Wall Street expectations, and the market appeared to shrug off the weaker-than-expected revenues.

"It's a $10 billion quarter. How can you argue with that?" said Lysle Brinker, analyst with energy research firm John S. Herold. "It's pretty amazing."

Net income in the second quarter was $10.36 billion, or $1.72 a share, compared to $7.64 billion, or $1.20 a share, in the year earlier quarter. That was above the average forecast by analysts of $1.64 a share, according to Reuters Estimates.

Exxon shares were up 90 cents, or 1.4 percent, at $67.47 in pre-market trading.

Credit Suisse analyst Mark Flannery said in a research note the company was able to trump expectations because of the strong performance at its exploration and production unit, helped by solid output growth.

[OklahomaTuba]

Well, if we got rid of that dumbass income tax and and made some other changes, we might have a chance.

But the fact is, even texass is losing oil jobs cause the industry is leaving the US.

[toast]

Can we outsource the OK legislature to India?

[Mjcpr]

What did the OK Legislature do to run off the oil companies?

I'm not saying they didn't (yet), I'm just asking....

[MamaMia]

What did the OK Legislature do to run off the oil companies?

I'm not saying they didn't (yet), I'm just asking....I'm just guessing but too many taxes, restrictions and red tape, and not enough refineries?

[Petro-Sooner]

:texan:

[Taxman71]

Oklahoma gets a bad rap because of taxes. As a whole, Oklahoma doesn't really tax any more than other states. Oklahoma does tax EVERYTHING, albeit at small rates. Meanwhile, Texas (and similar states) tax much fewer things but impose higher rates on those things that are taxed (i.e. - real property). Personally, I believe Oklahoma's system allows one to avoid taxation much easier due to the different areas subject to tax. In Texas, if you own real property, you are stuck.

Since the vast majority don't know how the numbers work and only hear "Texas doesn't tax income or groceries", everyone thinks it is cheaper to live or retire there, which it generally is not.

[Mjcpr]

Oklahoma gets a bad rap because of taxes. As a whole, Oklahoma doesn't really tax any more than other states. Oklahoma does tax EVERYTHING, albeit at small rates. Meanwhile, Texas (and similar states) tax much fewer things but impose higher rates on those things that are taxed (i.e. - real property). Personally, I believe Oklahoma's system allows one to avoid taxation much easier due to the different areas subject to tax. In Texas, if you own real property, you are stuck.

Since the vast majority don't know how the numbers work and only hear "Texas doesn't tax income or groceries", everyone thinks it is cheaper to live or retire there, which it generally is not.

http://www.soonerfans.com/forums/images/icons/icon14.gif

That's what I've always said.....no matter where you live, you will pay taxes to support the state/county/city. They have to have it to survive. The differences from state to state aren't going to vary much.

[SicEmBaylor]

Oklahoma gets a bad rap because of taxes. As a whole, Oklahoma doesn't really tax any more than other states. Oklahoma does tax EVERYTHING, albeit at small rates. Meanwhile, Texas (and similar states) tax much fewer things but impose higher rates on those things that are taxed (i.e. - real property). Personally, I believe Oklahoma's system allows one to avoid taxation much easier due to the different areas subject to tax. In Texas, if you own real property, you are stuck.

Since the vast majority don't know how the numbers work and only hear "Texas doesn't tax income or groceries", everyone thinks it is cheaper to live or retire there, which it generally is not.

The problem is we don't have an economy that cat eat those higher tax rates.

[Taxman71]

People would dance in the streets if Oklahoma repealed the income tax, estate tax and sales tax on groceries in return for doubling real property tax and raising the state sales tax. The whole "retirees hate Oklahoma b/c of income and estate tax" crowd would rejoice although they would pay more overall tax if they want to stay in their 50 year old they raised their family in since social security is not currently taxed by Oklahoma.

[Taxman71]

The problem is we don't have an economy that cat eat those higher tax rates.

That may be the case. I haven't seen any studies showing what percentage of Oklahoma income $ go to taxes compared to other states. But my point is that people are easily fooled by the whole "tax less but at higher rates" game. This was done by Reagan and Bush in the 80's when they lowered tax rates but increased the tax base by disallowing deductions, etc. People rejoiced the tax cut even though they were paying more, just under a different formula.

[OklahomaTuba]

Oklahoma gets a bad rap because of taxes. As a whole, Oklahoma doesn't really tax any more than other states. Oklahoma does tax EVERYTHING, albeit at small rates. Meanwhile, Texas (and similar states) tax much fewer things but impose higher rates on those things that are taxed (i.e. - real property). Personally, I believe Oklahoma's system allows one to avoid taxation much easier due to the different areas subject to tax. In Texas, if you own real property, you are stuck.

Since the vast majority don't know how the numbers work and only hear "Texas doesn't tax income or groceries", everyone thinks it is cheaper to live or retire there, which it generally is not.

I would agree with this, but many many executives who earn a very high wage would rather be in a place with favorable income tax status, would they not?

When it comes to other taxes such as property, good and services, I doubt that is factored in as much when one is bringing in 300,000+ year.

If thats the type of people we are trying to retain, or even attract, why wouldn't we want to be at least competitive with the surrounding states, given we have much less to offer in so many categories?

Just my opinion though.

[Taxman71]

You right. That is a very small percentage of people albeit making alot of big decisions. I agree that Oklahoma should do more to compete, even if it means altering taxation. In a situation like this, perception affects reality more than reality.