Exxon Just Can’t Win

Exxon Mobil Corporation reported record earnings today, a record for any major corporation, but still came up short.  Earning 2.27 per share was still 10% below market expectations.  So, Exxon stock took a 4.7% slide.

Not really a big deal, since the close today was just slightly below Wednesday’s open… you see, Wednesday was when everyone rushed in to buy Exxon stock in hopes of a better report today.  If you discount that silly run up, the stock price really stayed where it’s been for a while.

Exxon made a ton of money off of the run up on oil prices… the largest revenue area (for most oil companies) being their own gas and oil exploration units.  They certainly don’t make as much on oil they buy from others.

Meanwhile, oil prices slipped back down again almost losing most of yesterday’s gain.   I have a bad feeling it’s going to languish now that it appears Congress will recess without any action on drilling.

And Nancy Pelosi is having a great time yanking her foot out of her mouth… will she allow a vote on drilling or not?  Seems like it all depends on what “drilling” means.

Good grief.  At least we get a month off from Congress messing up our lives.  Let’s enjoy it while we can.

About the Author

Mr. Smith is the Publisher of The Conservative Reader. He is Partner/Owner of Ambrosia Web Technology as well as a Systems Architect for Wells Fargo. Art hold a degree in Computer Science from Drake University in Des Moines, Iowa, and is a political blogger at the Des Moines Register. Art's views are purely his own and do not necessarily reflect the views of Wells Fargo.

 

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