Big Oil Gives Back
Who says big oil doesn’t give back? For years large oil companies were lambasted for producing substantial profits; here is the first article I found from a recent Google search; a second is here. It’s funny how the economic climate can change your perspective. Back in the booming ought-years, too much profit was considered a "windfall" and subject to talk of new taxation. Today a strategy of profits saved for future investment would be considered prudent business operation!
So say what you will about Exxon-Mobil, but few in the financial world would accuse them of not managing a company well. Today’s Wall Street Journal reports some good news in this regard.
Exxon-Mobil will boost spending "on energy exploration and production by 11% to $29 billion this year." Ponder that for a moment: twenty-nine billion (with a b: buh buh billion) dollars to explore, produce, refine and distribute new supplies of oil.… Read More