Exxon Mobil posted record first quarter-profits of over $8 billion but that wasn’t enough to meet Wall Street’s eager expectations. Exxon’s net income of $8.4 billion, or $1.37 a share, was up 7% from $7.9 billion, or $1.22 a share, in the year-earlier period.
To offset its critics about rising fuel prices, Exxon said it had spent $4.8 billion on capital and exploration funding in the quarter – up a staggering 41% from the year-before. Fossil-fuel production averaged 4.6 million barrels of oil equivalent per day, up 5% from the year earlier. So to appease its thirsty-consumers, good old Exxon doing what it does best – drilling oil and gas, no matter what happens to the climate.
But its not the consumer who is king -its the city. Even record profits of $8 billion does not satisfy the city – so to do that Exxon has to drill even more oil and gas, whilst destroying the climate. It’s a no-brainer, but that is how our finance system works. Isn’t it time for a new one?