Record profits. Again.
Seems like big oil just keeps raking it in while us, the little ‘ol fuel consumer, keeps getting kicked in the tail end.
Exxon’s earnings were up 14%, breaking the highest ever profit by any U.S. company–which was, yep, Exxon. Congrats Exxon. You should be proud of the astronomical returns you’re bringing your investors. Last year Exxon brought in $11.66 Billion smackers in the 4th quarter alone; this quarter the mega oil company brought in 11.68 Billion. Not too shabby.
Net Income rose to $2.22 a share from $1.83 a share this time last year. Earnings from exploration and production rose 68%; it’s refining and marketing earnings dropped about 54%. But who’s going to get upset when you’re demolishing all profit records for any U.S. company? Probably not too many Exxon executives or shareholders. Good for them, I suppose. Bad for the little guy.
1 response so far ↓
1 Burned by the Heating Bill | The Finance Blog // Aug 22, 2008 at 4:46 am
[...] cost of heating oil is expected to jump up by about 30% during the next few months as we start turning on the heat at [...]
You must log in to post a comment.