Someone had to be bold enough to say it, and thank Christ the business columnist for theHouston Chronicle
is the one with balls big enough: ExxonMobil didn't make enough profit in the last quarter.
It earned almost $11.7 billion in profits in the second quarter of 2007, a record for an American company. Critics noted that they spent much of that profit buying back their own stock, which tends to make their executives richer.
Steffy's analysis? "The problem isn't that Exxon Mobil's profit was too big, it was that it was too small."
As we say, a bold, bold statement from someone writing for the daily in the energy capital of the world.
Way to take on those energy giants!
Steffy says that the key part of the ExxonMobil's report was that the company's oil production has slipped again. And apparently drilling isn't as good an investment as buying back your stock.
Those who criticize the oil giant, like New York Senator Chuck Schumer, are tools. "Schumer doesn't seem to understand the words coming out of his own mouth," Steffy writes. "The buybacks and the falling production numbers underscore the need for more drilling."
We eagerly await Steffy's next column, when he calls for the gummint to get off the back of those civic-minded refineries instead of always pestering them about safety.
How's a company supposed to profit when it's all worried about chemical leaks?
-- Richard Connelly
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