Thursday, May 1, 2008

Speaking Of Oil

You've just got to feel sorry for Exxon:

Exxon Mobil Corp. shares were down 2.3% after the largest U.S. company by market capitalization posted a 17% rise in first-quarter net income due to rising crude-oil prices. However, lower refining and chemical margins, lower production volumes and higher operating costs hurt the bottom line, and the company reported net income of $10.89 billion, or $2.03 a share, up from $9.28 billion, or $1.62 a share, a year earlier. The consensus, as reported by Thomson Reuters, was for earnings of $2.14 a share. Still, the results mark the strongest first quarter ever for the energy behemoth.
Ahhhhh. Poor Exxon. They only made $10.80 Billion for the quarter because of pressure on some of the margins. It's amazing when a stock tanks on record earnings because the estimates were for even larger record earnings.

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