Exxon has record profit again on soaring oil prices

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31 Jul 2008

From Reuters:

NEW YORK (Reuters) - Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.

Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

Exxon -- the world's largest publicly traded company -- previously set the high-water mark for quarterly earnings in the fourth quarter of last year, when it brought in $11.66 billion.

But how dare anyone say their speculation in the market! Don't you know it's the supply?! Even though OPEC says there's nothing wrong with the supply and that it's the oil companies manipulating prices -- why should you believe them? The are Arabs, after all. /snark

Posted on Thursday, July 31, 2008 at 6:57 PM | 0 TrackBacks

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