ExxonMobil Corp. posted fourth-quarter net income Tuesday of $9.4 billion, up 2 percent from the same quarter a year ago and slightly above market expectations, helped by rising crude oil prices
Fourth-quarter production of natural gas and crude oil dropped 9 percent, which Barclays Capital analyst Paul Cheng said might have been partly caused by reduced European natural gas sales due to warm weather.
While full-year 2011 output rose 1 percent, capital expenditure was at the top of Exxon's multi-year guidance range, at a record $36.8 billion, and oilfield spending generally is seen rising even further this year.
Spending billions more just to maintain steady output has become a running theme for the world's major oil companies. Chevron Corp increased its 2012 capital spending plans to $32.7 billion after its 2011 budget came in $3 billion higher than originally expected
So, tell me America, when is enough greed enough?