Thursday, July 31, 2008
An Oil Company has Record Profits?
Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares fell.
The world's largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.
Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.
Excluding an after-tax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.
Shocking that in this time of an oil crisis a company that imports oil is able to set a ridiculous profit. $11 billion profit? Wow. Record setting oil profits while consumers are paying record high oil prices? Shocking how those two coincide. Sure I am a supporter of the free market system but this is ridiculous. One industry (oil) is killing the entire economy of a country and are laughing all the way to the bank. Not quite sure how this helps anyone other than the oil company's board members.
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