Friday, July 31, 2009
Can Exxon Find Future Growth?
ExxonMobil, suffering like the rest of its Big Oil peers from lower oil and natural gas prices, reported plunging earnings this morning. Net income for the second quarter came in at $3.95 billion, a 62% drop over the same quarter last year. At 81 cents a share, Exxon's results undershot analyst expectations. Yet shareholders received their usual largesse from Exxon: $7 billion in dividends and stock buybacks even while the company suffered a 4% decline in oil and gas production to a current 3.7 million barrels a day.....Complete Story