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$$$ BIG $ICK OIL - Exxon-Mobil 1st Quarter Profit : $10.7 BILLION !!!

 
RoXY
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04/30/2011 05:14 AM
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$$$ BIG $ICK OIL - Exxon-Mobil 1st Quarter Profit : $10.7 BILLION !!!
Oil Bosses Rake In Record Profits As US Economy Stalls
by Patrick Martin
April 29, 2011
Global Research / World Socialist Web Site

Exxon-Mobil, the world’s biggest and most profitable corporation, raked in a staggering $10.7 billion in profits during the first quarter of 2011, the company reported Thursday. The figure was a 69 percent increase over the same quarter last year, and the highest quarterly profit since 2008, the last time oil prices topped $100 a barrel.

The company’s total revenues hit $114 billion in the first quarter, making it likely that in 2011 it will break its 2008 record of $458 billion, and could become the first oil company to reach half a trillion dollars in revenue. Exxon-Mobil’s revenues exceed the Gross Domestic Product of all but 18 of the 194 countries listed by the World Bank.

The profit figure for Exxon-Mobil was only the most obscene of a flood of multi-billion-dollar earnings reports from the major oil companies. Shell’s profits rose 22 percent to $6.9 billion, while the profits of ConocoPhillips rose 44 percent to $3 billion.

One year after the Gulf oil disaster, BP posted a first-quarter profit of $7.1 billion, an increase of 17 percent. Occidental Petroleum saw its profits soar 46 percent to $1.55 billion in the first quarter, while Apache Corporation netted $1.1 billion, an increase of 51 percent.

Contrary to the free-market mythology embraced by the Obama administration, the Democratic and Republican parties, and the corporate-controlled American media, the record oil profits were not a reward for superior performance in the production of petroleum and its derivatives.

Nearly all the major oil companies actually produced and sold less oil and gas in the first three months of 2011 than in previous quarters, but they charged far higher prices. Exxon-Mobil was the only major firm reporting Thursday whose output actually rose, largely because of its acquisition of the natural gas producer XTO.

Shell’s oil and gas output was down 3 percent, output by ConocoPhillips was down 7 percent and BP output down 11 percent. Apache’s production remained flat: its 24 percent increase in revenues exactly matched the 24 percent increase in crude oil prices during the same period.

CONTINUE AT: [link to globalresearch.ca]
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Re: $$$ BIG $ICK OIL - Exxon-Mobil 1st Quarter Profit : $10.7 BILLION !!!
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Re: $$$ BIG $ICK OIL - Exxon-Mobil 1st Quarter Profit : $10.7 BILLION !!!
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Last Edited by RoXY on 04/30/2011 09:46 AM
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04/30/2011 08:33 PM
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Re: $$$ BIG $ICK OIL - Exxon-Mobil 1st Quarter Profit : $10.7 BILLION !!!

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05/01/2011 12:17 PM
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Re: $$$ BIG $ICK OIL - Exxon-Mobil 1st Quarter Profit : $10.7 BILLION !!!
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