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TUESDAY, NOVEMBER 24, 2009
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Exxon, Chevron Scramble to Protect $40B Cash Booty

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(Newser) – In times like these, everyone’s got problems. Exxon and Chevron? Finding safe places to stash $40 billion they stockpiled while oil prices were stratospheric last summer. “The biggest challenge we’ve had is making sure all the cash is there every morning,” Exxon’s CEO tells Bloomberg, adding of his treasurer, “I tell Don he has to count every dollar before he goes to bed.”

When vehicles like credit-default swaps started to sour, Exxon began shifting its cash. “We had to make a lot of fairly significant moves very quickly,” notes the CEO. Now, neither company will say where it’s parked its billions, but “let me assure you that we’re well protected,” says Chevron’s CEO.

"The challenge for companies sitting on a lot of cash is to earn the highest return they can," one analyst says. "There%u2019s little doubt they are earning less on their cash than they were a year ago.%u201D...   (AP Photo)
An Exxon tanker truck makes a refueling stop in Arlington, Va., Jan. 30, 2009.
An Exxon tanker truck makes a refueling stop in Arlington, Va., Jan. 30, 2009.   (AP Photo)
Record oil prices last year filled Exxon's coffers, but the financial crisis has made it tough to keep those profits from evaporating in investments gone sour.
Record oil prices last year filled Exxon's coffers, but the financial crisis has made it tough to keep those profits from evaporating in investments gone sour.   (AP Photo)
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Robert_Dada
Mar 25, 09 11:55 AM CDT
How lovely for them. Fuckers. Reply
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TerrifiedCitizen
Mar 25, 09 12:00 PM CDT
What can be said? I think we've worn this subject out and government continues to protect their biggest contributor. Until the campaign funding issue is settled, and leveled, and the best person really does have a chance of winning without succumbing to the persuasion of big business, we will continue to have a system mirroring the same iniquity we discover when examining what our court system has become; only the rich have a chance of success. Reply
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Adapt-Overcome
Mar 25, 09 7:36 PM CDT
They are securing their loot by creating more....did anyone see how much gas went up today. I'm in Texas---it was holding steady at 1.75 for the last month and this morning it went to 1.82 and by afternoon it was 1.89. Greedy bastards. Reply
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