Thursday, July 31, 2008

Another record

The filthy rich get filthier, at your expense.
Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14 percent, again breaking its own record for the highest-ever profit by a U.S. company.

Net income in the quarter rose to $11.68 billion, or $2.22 a share, from $10.26 billion, or $1.83 a share, last year.

Exxon -- the world's largest publicly traded company -- previously set the high-water mark for quarterly earnings in the fourth quarter of last year, when it brought in $11.66 billion.

Despite the new record, Exxon's results lagged behind analyst expectations.
Uh oh. That last part sounds like prices aren’t coming down anytime soon ever. Because you know how Wall Street works: Keep the stock price up, or you’re a failure. Sure, you made $11.7 billion in three months, but look at the stock price.

So, how’d you do this quarter? Make anywhere near $128.4 million a day?

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