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Exxon Mobil Corp. Q2 profits soar 41%…

… but STILL miss analysts’ forecasts…. :-) Greed has no limits.

It isn’t JUST the top 1% of U.S. income earners who are doing (almost exlusively) well lately (since 1980) :-) , or even the TOP 2% of U.S. income earners whom Congressional Republicans wish to CONTINUE to shelter with tax breaks – the Big Oil companies, which U.S. tax law ALSO subsidizes, are doing quite well, thank you, even WITHOUT those tax subsidies. :-)

I am really glad that someone is doing well, but I think that it is time for a more equitable treatment under the law.

Today, the world’s largest publicly traded oil company, Exxon Mobil, based in Irving, TX, said that second quarter profit rose to $10.68 billion, from $7.56 billion a year ago, as the result of high gasoline prices and increased production. Results rivaled the all-time record earnings of $14.83 billion from Q3 2008 when oil prices were $147/barrel. Revenues increased 36%, to $125.49 billion. The expectations of analysts were missed as the result of continued low prices for natural gas.

Exxon Mobil had a big jump in domestic spending, 43% of the company’s total $4 billion, as the result of a $1.7 billion acquisition of TWO Pennsylvania-based natural gas producers. (Not much exploration risk required THERE…! 😉 ) Exxon Mobil’s purchase of Pennsylvania’s XTO makes it the largest U.S. producer of natural gas. As recently as 2008, it had barely entered the top 10, having “sat out” the shale drilling boom (let OTHERS take those risks). As the result of the XTO deal and other deals, Exxon’s domestic oil-and-gas production rose 81%, with most of the growth in low-priced natural gas.

Exxon Mobil’s return to North America has other risks beyond those to investors. Environmental groups and local residents have increasingly raised concerns about the environmental impact of production techniques (e.g. “fracking” [hydraulic fracturing]), and state and federal agencies are considering stricter regulation.

-Bill at

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