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Exxon profit up 17% on oil surge

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Exxon needs more renewable energy focus, the Rockefeller family say.

BBC News: Exxon profit up 17% on oil surge

Thursday, 1 May 2008 15:14 UK

Oil giant Exxon Mobil made $10.9bn (£6bn) profit in the first three months of 2008 – up 17% but less than some had expected, analysts said.

A struggle to pass higher production costs and surging oil prices on to customers at the petrol pump had restricted earnings, they added.

The results followed members of the Rockefeller family going public about an on-going feud they have with Exxon.

The descendents of the firm’s founders want more focus on renewable energy.

The roles of chairman and chief executive at Exxon should also be split, the Rockefeller’s said.

Exxon Mobil was formed by combining two parts of John D. Rockefeller’s Standard Oil Trust.

Sales in the quarter rose to $116.85bn from $87.22bn in the same period a year earlier.
Earlier this week BP and Royal Dutch Shell announced big first-quarter profits – benefiting more than had been expected from the surging price of crude oil which is now close to $120 a barrel.

Shell made profits of $7.8bn (£3.9bn) in the first three months of the year, up from $6.9bn a year ago.

And rival BP saw its profits rise 48% to $6.6bn (£3.3bn), from $4.4bn.

http://news.bbc.co.uk/1/hi/business/7377812.stm

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