Preposterous profits: Exxon Mobil eats your lunch

Exxon Mobil posted the fattest operating profit in in US corporate history yesterday – $11.7 billion for the second quarter. Up from last year, and from the year before. While the company insists it’s trying to bring down gas prices, the money they spend on exploration ($7 billion) pales compared to what they’ve spent in recent years on stock buybacks ($8 billion) and dividends. (from an AP story)

Company profits were $40.61 billion in 2007.

They want more drilling rights, offshore and ANWAR, when they don’t even use a whole lot of the rights they already have.

In 2007 CEO Rex Tillerson took home a pay package that included $1.75 million in salary, a $3.36 million bonus, and $16.1 million of stock and option awards, according to a company filing with the U.S. Securities and Exchange Commission. He also received nearly $430,000 of other compensation, including $229,331 for personal security and $41,122 for use of the company aircraft.

I wonder if they’ll up his travel allowance to cover higher fuel costs… poor baby. I suppose every time he fills the tank he makes a little more profit, so what does he care?

Occidental Petroleum Corp CEO Ray Irani made $33.6 million and Anadarko Petroleum Corp chief James Hackett took in $26.7 million in 2007 – even more than Tillerson.

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