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Politics : The Environmentalist Thread -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (21455)	5/4/2008 6:02:06 AM
From: Wharf Rat	Respond to of 36917

Lower oil production is the real story By LOREN STEFFY Copyright 2008 Houston Chronicle Eleven billion dollars is not enough. That, at first blush, seemed to explain how Exxon Mobil Corp. could earn that much money in three months and still see its stock fall 4 percent. Wall Street expected more, and so did Exxon Mobil investors. At a time of record oil prices, America's biggest oil company reported an earnings increase that was the smallest among its peers. The profit is what captures everyone's attention, but there's a bigger concern hidden amid the numbers of Exxon Mobil's earnings. The company's worldwide oil production fell 10 percent, to just under 2.5 million barrels a day. Some of the decline came from Exxon Mobil's dispute over the seizure of assets by the Venezuelan government, but even excluding those assets, the company's production declined. Overall production, including natural gas, fell 3 percent. While Exxon Mobil boosted production from fields in West Africa and the North Sea, the gains weren't enough to offset declines from aging oil fields, the company said. chron.com