Exxon Mobile Brings Home the Bacon

Posted on 30. Jan, 2006 by in News

It was reported today that Exxon Mobile, the nation’s largest oil company, reported net income in the fourth quarter of $10.7 billion, or $1.71 a share, compared to $8.4 billion, or $1.30 a share, a year earlier. This yearly income translates to about $1,146 a second. A second! Now, if you are like me the first question you asked yourself was, “Hey, if gas prices were so high this year, shouldn’t the gas companies be struggling just like I am?” Well, if you asked yourself that, you would be wrong.

And many other people are slowly starting to realize that Exxon Mobile, as well as big oil companies across the board, are posting record profits in a year of record gas prices. However, throughout the year this big oil companies were defending higher gas prices by saying that the cost of oil had also gone up – which would lead one to believe that the profit margin had stayed about the same.

Well, with earnings this large it is hard to believe that that happened. And even worse is the lame defense that the oil companies are giving:

There is a great deal of public interest in global energy prices,” said a statement attributed to Exxon Mobil Chairman Rex Tillerson. “We recognize that consumers worldwide want and need reliable supplies of affordable energy — to fuel their vehicles, light and heat their homes and run their businesses. Our strong financial results will continue to allow us to make significant, long-term investments required to do our part in meeting the world’s energy needs.

Sources: CNNMoney

Oil, Gas, Exxon Mobile, Exxon, Gas Prices

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