SHADMIA'S WORLD

Just Another Guy with Opinions

ExxonMobil Tops it Own Record – Again

Posted by shadmia on October 31, 2008

Exxon Mobil is once again the King of Corporations. And if any others had their eye on breaking its record earnings for the second quarter of 2008 (April-June) of $11.68 billion, Exxon Mobil just moved the bar again. They just set another record for corporate profits in the third quarter (July-Sept.). Exxon Mobil earned a whopping $14.83 billion – almost $5 billion a month – a 58% increase in profits compared to the same period last year ($9.41 billion).

Oil producers are coming off a quarter during which crude prices reached an all-time high of $147.27 — and their profits have reflected it.

Exxon Mobil, which produces 3% of the world’s oil, was able to earn its record-breaking profits on reduced production. It produced about 8% less oil than one year ago. It cited disruptions caused by hurricanes Gustav and Ike, production-sharing contracts and increased maintenance activity.

Despite the upheavals in the financial and credit markets and the uncertain economic climate, Exxon Mobil continues to be confident in its future:

“Our integrated business portfolio, strong operational performance and financial discipline continued to allow us to capture the benefits of the commodity price environment,” Exxon Mobil investor relations chief David Rosenthal said on a call with analysts. “Despite recent volatility in the financial, commodity and credit markets, the fundamentals of Exxon Mobil’s business remain strong.”

If you are inclined to be skeptical or indulge in conspiracy theories; maybe President Bush and Dick Cheney, both ex-oil men, may have been looking out for the industry all along:

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