US Politics on Sidechat | Fun fact: in 2023 Exxon Mobil made 36 billion in profit, or $620,689 per employee. (58k employees) Just some ammo for the next time someone says they “can’t” pay their workers more than $11/hr, or that gas is expensive bc of anything besides pure greed

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US Politics 20h

Fun fact: in 2023 Exxon Mobil made 36 billion in profit, or $620,689 per employee. (58k employees) Just some ammo for the next time someone says they “can’t” pay their workers more than $11/hr, or that gas is expensive bc of anything besides pure greed

Anonymous 19h

This is shoddy analysis. Yes profit was $36B, but what about from a cash flow perspective? I looked into it and Exxon also spent $26B on capex in 2023. Oil and gas is a capital heavy business. Most of that $26B was maintenance capex (aka simply maintaining the infrastructure). Bc it’s an asset heavy business with volatile gas prices, they also need a ton of cash on their B/S - we’re taking $31B that year

Anonymous

#1 19h

So no. They most def could NOT pay each employee $620K or whatever. They’d go bust

Anonymous

#1 19h

1. Typically when reporting, companies subtract standard maintenance from profit. 36 billion in profit - 26 billion in maintenance would mean they would’ve reported 10 billion if that were true. 2. I’m not suggesting they can/should pay $600k per employee, but rather, that the idea of “shareholder primacy,” where shareholders matter infinitely more to companies than either employees or customers, is shit & needs to be addressed.