#Exxon-Mobil with record profits?
[tag]Exxon-Mobil[/tag] reports 2005Q4 as being one of record profits. $10.7 billion in profits.
Revenue rose 20 percent to $99.7 billion as rising demand and hurricanes lifted prices for oil, natural gas and gasoline. Full-year revenue was $371 billion, pushing Exxon Mobil past Wal-Mart Stores Inc. as the largest U.S. company by sales. The average U.S. profit on refining crude into gasoline and other fuels widened to a record of almost $11 per barrel processed.
And all this time I thought that the pinch of the supply side would cut into profits. How naive of me… Now that I have this straight: just gouge, you can make up any cover story you want and report record earnings.
Remember: That’s a profit bigger than Russia’s economy.
Enron-esque almost, no?
January 31st, 2006 at 9:23 am[...] Following up on my recent post, I saw this Autotopia article pop up in my aggregator. …usually increased profits have something to do with increased sales, or gains in efficiency. ExxonMobil’s profits increased by 27 percent over the fourth quarter of last year, but production of oil actually DECREASED over the prior year, according to the company. […] ExxonMobil’s carpe diem attitude means focusing solely on pleasing the shareholders today while not concerning itself with possible alternative energy sources for the future. The company appears to not give a rat’s rear about alternative energy and plans on oil lasting forever. [...]
February 1st, 2006 at 10:32 am