There's some serious Black Ink in all of that Black Gold out there. It's the kind of PR that make Oil execs blush and head for the Oil Barons Club, fourth quarter profits for Exxon-Mobil were released Monday and to say it was a very good three months for big oil would be an understatement.
In a quarter that was supposed to have been hit hard by refining problems in Hurricane ravaged Louisiana and supply problems in some of the worlds hotspots things turned out pretty good for the folks at Exxon.
Fourth quarter revenues checked in at 99.66 BILLION dollars up from last years paltry revenues of only 83.37 BILLION dollars. In a year that saw the price at the pump jump to heights not seen since the seventies, Exxon had net revenues of 10.71 BILLION dollars good enough for a profit surge of 27% in the last three months.
The financial results paint the picture of a record year for Exxon Mobil, and has put them on the radar of American legislators. All six large American oil companies have declined to attend US Senate hearings into the increasingly high price at the pump. For the Senators we offer up this site, which should more than explain how the oil industry really works.
However, it's not all profit taking at Big Oil, the industry has re-invested some of that 36 million dollar profit made this year! Exxon took out ads in major American newspapers on Monday to try and explain how it is they made so much money, while the folks paying the price at the pumps had to lose so much!
And one can understand why they can't make it to the Senate right now, that must be one big abacus they're using at the Exxon World Headquarters. Perhaps they are all far too busy punching in those numbers into their adding machines. It takes a lot of time to get all those zeroes into a Billion! Even longer to buy a round for all their pals at the Club later.
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