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On the outer edges of east Russia stands a monument to human ingenuity and thirst for oil. Underneath the blue building pictured above is the world's longest oil well, running 7.67 miles below the surface, finished in only 60 days. More »
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Parsons graduate David Macaluso proves there's other ways to depict motorsports than with crayons: he painted his corporate-commissioned portrait of Lewis Hamilton with the very oil from Hamilton's McLaren he drove to a 2008 F1 title. More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=5282943&view=rss&microfeed=true Exxon Mobil posts record $45.2 billion profit for 2008. [MSNBC] More »
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ExxonMobil has announced third-quarter profits of $14.83 billion, the largest profit ever recorded in US history. That number is up from the company's last record profit — in the second quarter — of only $11.68 billion. Let's put this into perspective; ExxonMobil could buy every Ferrari Enzo ever built, every 38 hours, and they'd still be profitable. Obviously this means additional tax incentives are needed to hasten oil exploration off the coastal shelf, to develop oil shale fields that'll be useless when a barrel of crude costs less than a movie ticket, and to create techniques to mine the souls of treehuggers for industrial uses. [CNN Money] More »
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A massive stock price surge in shares of Volkswagen after Porsche's weekend news they'd be snagging a 75% share of the automaker, has briefly allowed VW to stake the claim as the world's largest company by market capitalization, passing oil giant Exxon Mobil. Volkswagen continued to climb Tuesday as short sellers rushed to cover positions with VW shares rising as much as 93% on Tuesday in what we're terming the craziest short sale of all time. With mid-day gains of "just" 50%, the stock is trading about five times higher than lows reached in January. Who knew Porsche could still cause such a stir? Whatever — it won't last long. More »
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In all the furor over gas prices, a popular punching bag is ExxonMobil, which made something along the lines of $90,000 per minute, the highest corporate profit ever. It's interesting to note that this is actually less than what the market predicted the company to make and that the company's stock is dipping. The energy reporters at the Houston Chronicle, some of the best in the business, pointed out that all of this talk of profits ignores the more serious issue: Exxon's production slipped 10%, continuing the downward trend in production into a fifth quarter. This means the energy giant could be relying on high prices, not new discoveries or an increase in product, to pad its coffers. This is bad for everyone. Thankfully, WheatKing proposed a way to make lots of money in today's QOTD by providing electric power. More »
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McCann-Erickson, the agency that brought you such Buick tag lines as "Dream Up" and "Beyond Precision," has decided GM needs to put its foot down and end its self-abusive, codependent-yet-carnally-thrilling relationship with Big Oil. A new campaign will debut on June 22, when the General will present a "Dear Oil" letter, accentuating the magic the two industries once had together but acknowledging things haven't been the same since Oil got drunk and hooked up with China. Reports hint GM Chairman and CEO Rick Wagoner hopes the automaker can maintain an ongoing "friends with benefits" arrangement, at least with BP. More »
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The titan that is the world's largest publicly traded oil corporation on revenue, spoke from high atop an oil well this morning, delivering their quarterly earnings for the third quarter of 2006. And oh what a profit ExxonMobil had — the company reported the second largest profit by a publicly-traded corporation ever — $10.5 billion ($1.77 per share). That's down from the last quarter of 2005, when the company reported the largest profit by a publicly-traded corporation ever — $10.7 billion ($1.79 per share). Well, gas prices were down a bit this past month, weren't they? [Hat tip to Bob!] – Ray Wert More »
]]> http://jalopnik.com/index.php?op=postcommentfeed&postId=210321&view=rss&microfeed=true • Bad News — gas prices can affect auto sales. Good News — GM upgraded by Merrill Lynch [Freep] More »
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