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Oil Giant Posts Record Profits |
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The world's largest
publicly traded oil company--Exxon Mobil--posted their largest
profit ever Friday of $40.6 billion dollars. Exxon also set a
record for the world’s largest quarterly profit
ever posted for a net income of $11.7 billion dollars. Last year
Exxon reported an income of $39.5 billion dollars. Their total
revenue rose 30 percent in the fourth quarter to $116.6 billion,
up from $90 billion a year ago.
Chairman Rex Tillerson said the company continued to meet the
world's energy needs through its "globally diverse resource
base." Exxon Mobil produced about 3 percent?of the world's oil.
After the report, the company’s shares rose 1.7 percent to
$87.85 on Wall Street.
A lot of ordinary people still really don't understand why
prices at the gas pump keep skyrocketing and the oil companies
still keep making huge profits. The oil companies should really
consider keeping the profit margins lower and also keep the
gasoline prices lower too.
Meanwhile, the price of crude oil reached an all-time high of
$100.09 on January 3rd, but has fallen almost 10% since.
The U.S. Congress should keep an eye on the big oil companies
and give them pressure to keep their profits at a reasonable
level.
2.1/08 Houston |
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