Thursday, July 31, 2008

I'm No Economist, But ...

Does the following make sense to anybody?
Shouldn't Exxon be sending out a mass mailing of thank-you notes to consumers? Perhaps some gift cards?

Exxon posts record $11.68 billion profit

World's largest publicly traded oil firm makes $1,485.55 a second in the quarter, but misses forecasts.




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Soaring oil prices once again help the world's largest publicly traded oil company post record profits.

NEW YORK (CNNMoney.com) -- Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

That profit works out to $1,485.55 a second.

That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.

But Exxon (XOM, Fortune 500) profit fell short of Wall Street estimates.

Analysts predicted the company, the world's largest publicly traded oil firm, would make $12.1 billion in profit on $144.4 billion in revenue, according to Thomson Reuters.

Exxon shares fell about 2% in early trading on the New York Stock Exchange.

Excluding money set aside for a recent damage award related to the Valdez tanker spill back in 1989, Exxon made $11.97 billion in the quarter.