Yesterday Shell set a record for the highest profits ($27.6 Billion), and remember I said profits not revenue, ever recorded by a company in the UK. Low and behold, Exxon Mobile released their 4th quarter earnings this morning and unfortunately for Exxon, they were less than half of Shell but a record just the same.
CNBC – Exxon Mobil said Friday record oil prices boosted its fourth-quarter earnings to $11.66 billion, the highest ever operating profit by a U.S. company.
Shares of the world’s largest non-government-controlled oil company rose 1.7 percent in before-the-bell trading as the results beat Wall Street forecasts.
Net income rose nearly 14 percent from the year-earlier of $10.25 billion.
Two national profit records in two days. The supply vs demand way of pricing oil in the commodity market seems to be more geared towards increasing the supply of profits going to the oil companies than maintaining the reasonably priced supply of gas going to the pumps. At least one industry is weathering the recession…