Tag Archives: Exxon Mobil

With the recently concluded nuclear deal between Iran and the P5+1 countries, oil prices have already started heading downward on sentiments that Iran's crude oil supply would further contribute to the already rising global supply glut, forcing oil companies to reduce costs. Some of the major oilfield companies like Schlumberger, Halliburton and Weatherford have already announced close to 20,000 layoffs as of February 2015.

The big five oil companies remained profitable despite steep dip in oil prices, making $16.4 billion in the last quarter of 2014 and $89.7 billion for the entire year.

The 2013 profit totals are in for the big five oil companies — BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell. Their financial reports indicate that they earned a combined total of $93 billion last year, or $177,000 per minute. (see Table 1) After years of oil production declines, the big five oil companies actually increased their total production* in 2013, …