Exxon Mobil reveals bumper profits
Filed under: Company, Economy, Energy
Exxon Mobil has seen profits for the last quarter soar to $7.6bn, beating just about all analyst estimates. Significantly, the profits upturn means Exxon is making as much profits as it did back in the summer of 2008 when oil hit almost $150 a barrel.It's a bumper result for Exxon shareholders who have seen their investment fall significantly in recent months, following Exxon's massive deal with gas giant XTO Energy.
Fragile consumers
Refining results looked particularly positive for Exxon which have been under pressure through the global recession. But lower corporate charges also helped the oil operator. But in between the figures are some interesting trends. For example, Exxon is still selling less diesel and get fuel. This points to consumers doing, um, less consuming as well as travelling less. The recession is still with us, it appears.
Paying the cost of BP
Meanwhile the US government's moratorium on Gulf Coast drilling is not good news for the company, affecting two of Exxon's drilling projects. It's still uncertain whether Exxon will file charges against BP over costs. Currently it is still paying Gulf rig workers even though they cannot drill.Exxon may well feel it is paying the price of BP's failures. BP has been fined, according to a recent report in the Telegraph, a massive 760 times by the US health and safety authorities. In contrast, Exxon Mobil has been fined just once.
Links (opens in new window)
Exxon profits gush ahead of BP, Shell - Telegraph
Exxon profits soar - Reuters
Exxon Q2 profits soars 91% - WSJ
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