As the quest for alternative fuels is accelerating, oil companies are able to increase their profits boosted by surging oil and gasoline prices. The world’s largest publicly traded oil company, Exxon Mobil, today posted a Q1 profit of $10.1 billion on revenue of $116.8 billion. This was the second highest profit ever posted by any U.S. corporation, just behind the $11.7 billion Exxon Mobil posted for the fourth quarter of 2007.

Analysts were still disappointed and expected revenue of about $124 billion and a profit of about $10.7 billion.

Exxon Mobil shares fell more than 4% to below $89 in morning trading. Exxon Mobil has a market capitalization of $475.3 billion.

Enjoy the profits

May 01, 2008 10:47     

I hope the senators and representatives...cough cough...sorry I meant investors are going to survive with a 4% drop on their record breaking growth! Otherwise we'll have to start a relief fund so they buy some high priced rice.
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soo

May 01, 2008 11:44     

Whats gonna happen to these companies when oil runs out? They better enjoy their money while it lasts
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oil ...

May 01, 2008 14:28     

why is everybody under the impression oil is running out? 30 years ago they said it will be 50 years until we'll run out o oil. now they say the same thing (50 years). it seems to me all a kind of propaganda. oil will be here for decades to come, and these frakers will go on making big money off of it.
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