Exxon Mobil

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Exxon Mobil Profits Plunge 58% on Low Oil Prices

Low year-over-year pump prices, oil demand drive revenue down

(Newser) - Exxon Mobil’s first-quarter profit fell 58% from the previous year to $4.6 billion—its lowest profit in more than 5 years—as the world's largest publicly traded oil company, along with the rest of the industry, saw gas prices deflate dramatically. This time last year crude was in...

Exxon Retakes Top Spot in Fortune 500

Wal-Mart slips to second in 'worst-ever' year for the 500

(Newser) - Exxon Mobil snagged a whopping $443 billion in revenue to unseat Wal-Mart from the top spot in this year's Fortune 500 list, CNN reports. The two behemoths thrived on jacked-up oil prices and the recession respectively, but the picture was a lot bleaker for most of the rest of the...

Big Oil Blows Off Obama's Clean-Energy Push

Firms say alternatives won't replace oil anytime soon

(Newser) - As the Obama administration seeks to spearhead a $150 million clean-energy overhaul, oil firms are conspicuously not getting on board—they're staying on the sidelines and, in many cases, betting against it, the New York Times reports. Shell is freezing its development work on wind, solar and hydrogen power, after...

Exxon, Chevron Scramble to Protect $40B Cash Booty

(Newser) - In times like these, everyone’s got problems. Exxon and Chevron? Finding safe places to stash $40 billion they stockpiled while oil prices were stratospheric last summer. “The biggest challenge we’ve had is making sure all the cash is there every morning,” Exxon’s CEO tells Bloomberg,...

Exxon Breaks Own Profit Record With $45B Haul

The oil behemoth shattered the annual profit record despite slow fourth quarter

(Newser) - Buoyed by last year's spike in crude prices, Exxon Mobil Corp. today reported a profit of $45.2 billion for 2008, breaking its own record for a US company, even as its fourth-quarter earnings fell 33%  from a year ago. The previous record for annual profit was $40.6 billion,...

Madoff Fund Made No Trades
 Madoff Fund Made No Trades 
Jan 16, 2009 2:35 AM CST

Madoff Fund Made No Trades

Records of trades don't match stock prices

(Newser) - The fund run by Wall Street swindler Bernie Madoff apparently did not execute a single trade the entire time it was raking in billions of dollars in investment cash from unsuspecting clients, reports Reuters. Monthly statements of trades from Madoff were pure fiction that kept up appearances in the $50...

Fat Cat Exxon Primed to Deal
 Fat Cat Exxon Primed to Deal 
Jan 12, 2009 10:22 AM CST

Fat Cat Exxon Primed to Deal

Behemoth stood still when oil hit record highs, now has $40B for buying spree

(Newser) - Flush with cash after resisting costly acquisitions while oil prices hit record highs, Exxon Mobil could be ready for a shopping spree that could alter the face of the world’s energy supply, reports the Wall Street Journal. The company has nearly $37 billion in reserves and could target another...

Exxon's Tillerson Gets $4M Bonus

(Newser) - A year of flush oil prices is paying off nicely for Exxon Mobil chief Rex Tillerson. He will get a $4 million bonus this year and a 10% increase in salary next year to $2.06 million, Reuters reports. Tillerson also will receive 225,000 shares of restricted stock. In...

Exxon Mobil Shatters Own Record With $14B Profit

Company earned $14.8B last quarter

(Newser) - Exxon Mobil breezed by its own record for the biggest quarterly profit for a US corporation, earning $14.83 billion in the third quarter. Bolstered by this summer's record crude prices, net income jumped nearly 58%, or $2.86 a share, for the world's largest publicly traded oil company. Exxon...

PR Blitz Aside, Big Oil Drilled Consumers for Stockholders

As demand drops, companies shelve plans to explore—among moves that benefit shareholders, not consumers

(Newser) - Despite public-relations campaigns designed to make consumers think otherwise, big oil companies remain firmly tied to doing what’s best for their stockholders and bottom line, the Los Angeles Times reports. Though demand has outstripped production, companies spend more on stock buybacks than supply-boosting exploration. But, one analyst notes, “...

Earnings Push Stocks Lower
 Earnings Push Stocks Lower 
MARKETS
Oct 21, 2008 3:35 PM CDT

Earnings Push Stocks Lower

China's GDP slowdown spooks investors as well

(Newser) - Stocks fell today as a wave of poor earnings soured investor confidence across the board, though the continued drop in interbank lending rates kept losses in check, the Wall Street Journal reports. The Dow closed down 231.77 at 9,033.66. The Nasdaq fell 73.35 to 1,696....

Dow Finishes Down 733
 Dow Finishes Down 733 
MARKETS
Oct 15, 2008 3:21 PM CDT

Dow Finishes Down 733

Bad data pummels equities; oil drops below $75 per barrel

(Newser) - Stocks continued to slide in the final hours of the trading day as retail sales and manufacturing activity slowed while core inflation jumped, the Wall Street Journal reports. Oil slid $4.09 to $74.54 a barrel, its lowest price in 2008. The Dow closed down 733.08 at 8,...

Big Oil Takes Big Hit in Stocks' Dive

Demand slows, but company coffers plenty full ... for now

(Newser) - Oil companies’ stocks are plummeting, but the majors are comfortable with long-term plans and bulging coffers, the Wall Street Journal reports. The global economy is pushing crude prices down, and analysts think measures are necessary to keep share prices up. But larger outfits like Exxon made investments based on lower...

Iraq Dumps Western Oil Deals

Plans scrubbed as talks drag on too long

(Newser) - Iraq has scrubbed plans to award six coveted no-bid contracts to Western oil companies, the New York Times reports. Negotiations with the oil giants—including Exxon Mobil, Chevron, Shell, BP and others—dragged on for too long, said Iraq's foreign minister. The companies would have been unable to complete work...

Oil Down Sharply as Gustav Weakens

With crude at $111 a barrel, analysts surprised at market's tame reaction to threat

(Newser) - Oil prices tumbled to $111 a barrel today as Hurricane Gustav weakened along the Gulf Coast, posing less of a threat than forecast to oil drilling and refining operations. A stronger dollar also contributed to the average retail gas price being down slightly at $3.686 a gallon, the AP...

Oil Drops; Stocks Follow
 Oil Drops; Stocks Follow  
MARKETS
Aug 4, 2008 3:35 PM CDT

Oil Drops; Stocks Follow

Gray day on Street ahead of Fed's policy meeting

(Newser) - Stocks closed down today, giving back gains from an early rally despite a nearly $4 drop in crude oil prices as worries about economic growth and inflation persisted, the Wall Street Journal reports. The Dow fell 42.17 to close at 11,284.15, the Nasdaq lost 25.40 and...

Congress Moves to Ban Toxin Found in Toys

Bush could yet veto bill including measure to keep phthalates away from children

(Newser) - Congressional negotiators have agreed to ban a group of toxins common in children’s toys, part of a consumer-protection bill, the Washington Post reports. The ban mirrors tougher standards at big retailers like Wal-Mart and Toys R Us, and, like those bans, wouldn’t take effect until after the holiday...

Big Oil Deals Absent as Iraq Opens for Bids

No announcement of criticized contracts for Western companies

(Newser) - The Iraqi government opened six oil fields to bidding today, without mention of expected no-bid contracts with big Western oil companies, the AP notes; it had been reported that several big companies were close to signing short-term deals with Iraq's government. "There is no preferential treatment for anyone, no...

Oil Giants to Return to Iraq
 Oil Giants to Return to Iraq
Jun 19, 2008 4:20 AM CDT

Oil Giants to Return to Iraq

Companies booted by Saddam win contracts to service Iraqi oil fields

(Newser) - Four big oil companies chucked out of Iraq by Saddam Hussein 36 years ago are ready to return, the New York Times reports. BP, Exxon Mobil, Shell and Total are about to announced winning coveted no-bid contracts to service Iraqi oil fields. The contracts are short-term, but the firms hope...

Exxon to Sell US Gas Stations
 Exxon to Sell US Gas Stations 
Jun 13, 2008 4:48 AM CDT

Exxon to Sell US Gas Stations

But private distributors will continue to use the company's name, products

(Newser) - Exxon Mobil is getting out of the retail gasoline business, following other major oil companies who've been selling their low-margin stations to gasoline distributors. The world's biggest publicly traded oil company plans to sell to distributors its remaining 820 company-owned stations and another 1,400 outlets operated by dealers. The...

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