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Somewhat sheepishly, Exxon makes $11 billion - Exxon Mobil - USA - Business - energy - oil

Somewhat sheepishly, Exxon makes $11 billion

Exxon made almost $11 billion and practically apologized for it. Sensing public outrage over gasoline prices that have topped $4 in some states, the company struck a defensive posture Thursday after posting some of its best quarterly financial results ever.

Yahoo! Finance | Published: 04/29/2011 09:27

Exxon said it had no control over high oil prices. It said it's one of the biggest taxpayers in the United States. It cast federal subsidies as "legitimate tax provisions" that keep jobs at home, and cast itself as a victim of Washington scapegoating.

"They feel they have to demonize our industry," said Ken Cohen, Exxon's vice president for public affairs.

What's more, the company argued, it doesn't even make that much money selling gasoline.

Exxon's profit of $10.65 billion for the first quarter was its highest since it made $14.83 billion in the third quarter of 2008, a record for a publicly traded company. That was also a time of $4-plus gas.

The first-quarter results were also the best among the big oil companies, which have reported improved results this week.


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