No, we're not impressed by flashy revenue numbers. But Exxon's $9.4 billion is not a flashy revenue number, it's a flashy PROFIT number. Many of us can't imagine 9.4B in profits ever, but this is only in the past three months. Even more amazing, is the company is not impressed with their 9.4B, because it falls 10% from last year.
With the price of oil so high, profits are falling. It's costing more to find and produce crude oil, and that's eating into profits.
Gasoline prices have not been rising as fast as oil prices, meaning the company could not pass along this cost to the consumer. The price of crude oil barrels increased by $10 during the quarter, while national gas levels fell, on average, by $.14.
Nope, we're not impressed by flashy revenue numbers, but you must admit, their profit number is something else.
http://money.cnn.com/2007/11/01/news/companies/exxon_mobil/index.htm?postversion=2007110112
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