Exxon Mobil's profit was too small — really, page

This is from a Houston Chron article, Exxon Mobil's profit was too small — really

About halfway down....

Not enough profit
The problem isn't that Exxon Mobil's profit was too big, it was that it was too small.
It earned nearly $12 billion, excluding a charge for damages in the Exxon Valdez case, but fell short of analysts' predictions of $13 billion. In other words, the company let down its investors, those individuals and institutions who took a chance buying Exxon Mobil's stock in the belief that the company would reward them with better performance than it did.
These investors, by the way, include millions of average folks whose retirement accounts, pensions and mutual funds hold, directly or indirectly, Exxon Mobil shares.
Even if you aren't among those legions of shareholders, though, another number in the company's earnings release should concern you, as it should the Beltway blowhards.
Exxon Mobil's worldwide oil production slid by about 10 percent. In other words, our biggest oil company pumped less oil than it did a year earlier. That's been the trend for five quarters now.

Very interesting that Exxon Mobil production slid 10%... I wish I had a better feel for the numbers regarding the economics of the percentages and such, but the reality here is that Exxon Mobil's slump in production only increased the market price due to the demand for less of a supply.

I would think that there would be a law preventing something like this.
DocMoreau

reply to post by SenHeathen

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I agree that overall oil production is declining, but 10% lower production in one year is unheard of. For every 10 gallons last year, they produced only 9 gallons this year.

I would say that taking away 1 out of every ten gallons would increase demand on a short supply. You know the old 'supply and demand'?

It sickens me that Exxon Mobil is making something like 90,000 dollars a minute, but it sickens me more that they are cheating the consumers to make those profits by squeezing the demand.

That's what I got from the article. That Exxon Mobile made record profits operating at 90% of last years capacity. That means they made more money on less gasoline, and the only reason they were able to accomplish that, was because they were operating in a market 'overweight' in the speculation of supply and demand.

It seems to me that the lower production from Exxon Mobil has more to to with their ability to make more profits while working less...
DocMoreau

Wall Street has gamed the system to keep oil prices high despite increased domestic production.
  Posted 13 days ago with 8 member flags

Enough World Oil Reserves for the Next Million Years?
  Posted 4 days ago with 5 member flags

Just HOW much does it cost to produce a litre/gallon of petrol/gasoline ?
  Posted 5 days ago with 4 member flags

who needs oil, We need Weapons Grade Hydride
  Posted 9 days ago with 1 member flags