27 Oct '11, 8pm

Exxon's Profits Hit $31 Billion So Far This Year, Yet Big Oil Subsidies Flourish

Rising oil prices worldwide mean rising profits for the major oil companies. Rocket science it ain't. Here's a report from CNN Money (via Think Progress Green ): Exxon Mobil reported quarterly earnings of $10.3 billion on Thursday, a surge of 41% from a year earlier. Why? Higher prices for oil and natural gas. Profit at the oil company soared compared to the same period a year ago, when it was $7.4 billion. Per-share income climbed to $2.13 per share from $1.44 in the prior year. And revenue rose to $125.3 billion from $95.3 billion in the year-ago quarter, the company said. Exxon's not the only one hitting it big: BP too has doubled its earnings from the same quarter last year, pulling in $4.9 billion in Q3. And according to CNN, "Chevron is scheduled to report third-quarter earnings on Friday. The company is expected to announce revenues of nearly $70 billion, an increas...

Full article: http://www.treehugger.com/files/2011/10/exxons-profits-hi...

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