Exxon Mobil profit tops $10 billion on crude oil price surge [View All]

[TomCADem]

Source: Washington Post

Exxon Mobil, the world’s largest company by market value, said net income exceeded $10 billion for a third consecutive quarter as rallying crude prices more than made up for the biggest production decline in three years.

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Third-quarter profit rose to $10.33 billion, or $2.13 a share, from $7.35 billion, or $1.44, a year earlier, the Irving, Tex.-based company said today in a Business Wire statement. The per-share result was in line with the average estimate of 19 analysts in a Bloomberg survey. Sales rose 32 percent to $125 billion.

“These guys keep pushing the oil out and selling it like it’s going out of style,” Douglas Ober, who manages $1.6 billion at Adams Express Co. and Petroleum & Resources Corp. in Baltimore.

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Exxon’s 41 percent profit increase was the second-largest among major international oil companies that have announced third-quarter results. Only Royal Dutch Shell, the world’s third-largest energy company by market value, boasted a larger jump, by doubling net income to $7 billion.


Read more: http://www.washingtonpost.com/business/economy/exxon-mobil-profit-tops-10-billion-on-crude-oil-price-surge/2011/10/27/gIQAkQkQNM_story.html

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President Obama and Democrats have been pushing for the repeal of tax breaks to oil companies who are making record breaking profits. Nonetheless, Republicans continue to oppose such taxes. The corporate media neglects any mention of the tax debate when discussing Exxon's profits. Instead, the corporate media repeatedly allows Republicans to repeat their talking points about the need to cut taxes further for the rich, er job creators, even though the rich are continuing to grow richer.

Indeed, the corporate media is so effective, that the American people will continue to give Republicans a free pass while blaming Democrats for the deficit even though that deficit is fed in large part by Republican supported tax breaks to companies that do not need them.