Replies

"The oil companies owe the American people an explanation," he declared.

NO! Our Government owes the American people an explanation for using socialists tactics in this great Republic.

Any and all that have called for Big Oil to reach in their pockets to pay the "poor and underprivileged who cant afford heat" should be Removed from Office!!!!!!

Where were these SOB's when Domestic Oil Companies were losing their livelihoods while the Saudis Flooded the Market? HUH???

Who paid oil service company employees (mostly poor Mexicans) when they were all laid off and lost their homes, huh??? WHO PONIED UP MONEY FROM THEIR FAT POCKETS THEN???

I am so SICK of this Out of Control Government of ours..SOCIALISTS PIGS!!!

Outgoing Exxon-Mobil chairman Lee addressed that issue while interviewed by Charlie Rose on PBS last night. Lee said that he's absolutely and intimately aware that he's engaged in a cyclical commodity market. He says that sometimes they make money, and sometimes they don't. He said that he's averse to saying that he's entitled to retaining profits at this time, because the government didn't assist the industry when they were going through hard times. He says feast and famine is a nature of the beast. He said that he's a free-market, free-enterprise capitalist kind of guy, and that's just how it is. He said that its his duty to clip the peaks and valleys out of the picture and to take a long term view of things. He said that Exxon-Mobil's philosophy was that they've earmarked so much money for research, development, improvements, etc. that is not going to change from year to year. He said that next year if they don't make any money (or as much), they'll spend the same amount of money regardless. He said that in 1998 when oil was $10/bbl, the company made $9 billion, and yet spent $19.8 billion on all that. He says even if they don't make any money, the programs aren't going to stop.

He was a little vague about what he was going to do with short term profits right now. But he intimated that according to the company's philosphy there are two currencies: the $U.S., and Exxon-Mobil stock. He said that he's no control over the former (being dependent on people in Washginton D.C. for that), but has a fiduciary obligation to ensure the value of the latter to stockholders. He said that if in the future revenues aren't of the magnitude they are at present, he has to ensure the financial viability of the company through lean times. He said that in order to finance operations of the company during such times, it may be necessary to utilize the latter currency to obtain the capital necessary (to purchase debt for example).