Source:
Axcess News(AXcess News) Houston - Oil giant ExxonMobil (NYSE: XOM) nearly doubled reported second quarter earnings to $7.56 billion, its second-highest earnings period since the fourth quarter of 2008.
. . .
ExxonMobil's oil production largely came from operating units in Africa, Asia and the Middle East with only a fraction of its oil production coming from the troubled Gulf of Mexico area which has been devistated by the largest oil spill in U.S. history from a BP PLC platform that collapsed nearly three months ago that has leaked millions of barrels into the sea and threatened coastlines from Florida to Mexico that only recently was capped.
Royal Dutch Shell (NYSE: RDS-B), which also has a strong Gulf of Mexico oil production presence, reported second quarter earnings this morning of 72 cents a share in the share quarter, compared to 62 cents in the year ago period. The company reported a charge of $56 million for the period from idled oil rigs in the Gulf of Mexico. Still, earnings improved some 15 percent in the second quarter.
. . .
Yet of the major oil companies, ExxonMobil remains the clear market leader, with oil prices in the second quarter averaging more than $78 per barrel and natural gas averaging $4.35 per million btu. Looking forward, natural gas prices for XOM are up 14 percent and with its recent acquisition of natural gas producer XTO Energy, XOM has become the largest natural gas company in the U.S. This morning, natural gas prices were up at $4.80 per million btu while west Texas crude oil rose 1.68% to $78.28 per barrel.
Read more:
http://axcessnews.com/index.php/articles/show/id/20563
According to this article:
http://www.reuters.com/article/idUSLDE66S1TF20100729These profits "relied on natural gas".
Which I guess is why this new Energy Bill is all about giving huge credits to BigOil for increased fracking for natural gas.
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