Good Lookin' Oil Prices Means Good Lookin' Profits
Higher oil prices are always good news for us, and our oil investors. Another beneficiary is the big oil companies who can make some much better profits when oil is priced higher. Shell and Exxon specifically are going see the benefits of these oil prices. Julia Werdigier and Clifford Kraussexplain how much these companies will benefit.
"Exxon Mobil reported that its net income rose to $10.33 billion in the three months through September, from $7.35 billion a year earlier, helped by the increase in oil prices.
“We continue pursuing new opportunities to meet growing energy demand while supporting economic growth, including job creation,” said Rex. W. Tillerson, ExxonMobil’s chairman, in a statement.
Net income at Shell, the biggest oil company in Europe, rose to $6.98 billion in the three months through September from $3.46 billion in the same period a year earlier."
Find additional research and charts here: http://turnkeyoil.com/2011/11/02/good-lookin-oil-prices-means-good-lookin-profits/