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Big Oil defend huge profits before Senate
It was the second time this year that the executives of Exxon Mobil Corp., Chevron Corp., BP America Inc., ConocoPhillips Co. and Shell Oil Co. had been summoned to testify before Congress. When they came in early April oil cost about $98 a barrel. On Wednesday, it bounded past $134 a barrel for a time and gasoline cost a national average of $3.80 a gallon.
Since regular people are scrimping to pay for gasoline to go to work, Sen. Patrick Leahy wanted to make it personal for the men of Big Oil.
The executives, whose companies reported $36 billion in profits during the first three months of the year, wanted to talk about tight supplies and growing global demand. They said that while the companies made billions of dollars, they also spent billions to find and produce more oil.
But senators complained the executives were trying to come across as “hapless victims” while raking in record profits. They wanted to press the executives about public anguish over paying $60 or more to fill up a car’s gas tank. It was the second time this year that the executives of Exxon Mobil Corp., Chevron Corp., BP America Inc., ConocoPhillips Co. and Shel... more -
Exxon Mobil reports $11,000,000,000.00 in quarterly profits
Exxon Mobil reports $11,000,000,000.00 in quarterly profits, our 'pain' is their 'gain'. The actual headline read 'Exxon Mobile reports $11B in quarterly profits'. The (B) is used to hide the shame of all those zeros. While we struggle to make it to the next tank of gas, they are prospering. Seeing $11B makes it appear small, but the (B) stands for (000,000,000.00), that's a lot of zeros. Exxon Mobil is just one oil company making all those zero's.
Exxon Mobil Corp.'s first-quarter profit rose 17 percent from a year ago, as soaring crude oil prices helped the company reach its second-largest U.S. quarterly profit ever.
The Irving-based oil giant earned $10.89 billion, or $2.03 per share, for the quarter, compared with $9.28 billion, or $1.62 per share, a year ago.
Revenue jumped to $116.85 billion from $87.22 billion last year.
However, the company's results for the quarter missed analysts' expectations for earnings of $2.13 per share on revenue of $124 billion, according to Thomson Financial.
"Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Exxon Mobil (NYSE: XOM) said.
The company spent $5.5 billion on capital and exploration projects, up 30 percent from $4.22 billion a year ago.
Exxon Mobil said earnings at its upstream, or exploration and production, business rose 45 percent to $8.79 billion, helped by higher crude oil and natural gas prices. Increased natural gas production was more than offset by lower crude oil volumes, the company said.
Earnings from its downstream, or refining and marketing, business fell 39 percent to $1.17 billion. The company said significantly lower worldwide refining margins decreased earnings by about $1 billion in the quarter, while improved refinery operations increased earnings about $350 million. Exxon Mobil reports $11,000,000,000.00 in quarterly profits, our 'pain' is their 'gain'. The actual headline read... more
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