Exxon Posts Historic Profits

Renewable energy, domestic oil development are complementary

(NEWSER) - Even as the US develops renewable-energy sources and cars that don’t need gas, it’s important to recognize that petroleum will be a part of our lives for some time, writes Sarah Palin. And as long as we need it, we should be getting as much as possible from our own land. "Building an energy-independent Amer­ica will mean a real economic stimulus," argues the former Alaska governor. More»

Venezuela shutting down the links—that happen to be near oil

(NEWSER) - Hugo Chávez has gone after oil conglomerates and media companies, and now he's hitting the capitalist pigs where it hurts: at the golf course. The Venezuelan president is trying to shut down the country's best-known courses, which he believes are part of an anti-Marxist conspiracy, the Independent reports. "Let's leave this clear," he said on his long-running personal TV show, "golf is a bourgeois sport." More»

Firm sold 5.2 million iPhones last quarter

(NEWSER) - Apple reported a strong quarterly profit, beating analysts’ expectations by selling 5.2 million iPhones and 2.6 million Mac computers, MarketWatch reports. The firm reported earning $1.23 billion on revenue of $8.34 billion in the quarter ending June 26. Sales of iPhones were the highlight, as the company moved 626% more handsets than the year-ago period—though the iPhone 3GS was on sale for only 2 weeks of the quarter. More»

(NEWSER) - JPMorgan Chase, the largest bank to repay TARP money, posted second-quarter earnings of $2.7 billion—smashing analysts' predictions with a 36% increase in profit. The bank became America's second-largest after hoovering up Bear Stearns and Washington Mutual, and like Goldman Sachs it has used a boom in investment banking to offset lagging recovery in mortgage and credit markets. "This is a real tribute to Jamie Dimon, who's done a spectacular job in managing the firm through this difficult time," said one investor. More»

Oil ministry plays hardball on prices

(NEWSER) - The Iraqi oil industry has been nationalized since 1972, but today the country is awarding the first contracts in decades to private petroleum companies—live on television. So far a joint bid by British Petroleum and a Chinese firm has won the first contract, for a 17 billion-barrel field in Iraq's southeast. As the Wall Street Journal reports, oil companies were taken aback by the government's tough pricing: the BP consortium won by halving the fee it wanted to assess the oil ministry. More»