Exxon Profit Down 33% as Prices Fall

[OKIsItJustMe]

http://www.nytimes.com/2009/01/31/business/31oil.html

January 31, 2009

Exxon Profit Down 33% as Prices Fall

By JAD MOUAWAD

Exxon Mobil, the world’s largest publicly traded oil company, said Friday that its fourth-quarter income fell 33 percent as oil prices declined.

But in a year where oil rose to a record before having its steepest-ever collapse, Exxon still managed to set a record as the most-profitable American corporation. The company earned $45.2 billion in 2008, up from $40.6 billion in 2007.

After riding a tide of swelling earnings in recent years, the once highflying oil sector is beginning to scramble to adjust to a sharp downturn.

Oil prices have dropped more than 70 percent since peaking above $145 a barrel in July. After averaging $100 a barrel in 2008, oil prices are set to decline for the first time this year since 2001.

…

[rurallib]

1. Not near starvation yet are they?

[nichomachus]

2. I guess it's all in how you frame it

Their profits soar 100 percent and then we're supposed to get all weepy when they inch back down to a mere 70 percent.

It's like the rip-off stores where they mark stuff up sky high and then give you a "discount" for using their customer card. Smoke and mirrors.

[OKIsItJustMe]

3. Check the 2nd paragraph of the story

I believe that frames it nicely.