Monday, February 01, 2010
XOM, despite recession and earnings drop, beats analysts' expectations; what happens to oil company business models with green energy?
ExxonMobil, apparently the world’s largest company, reported a Q4 decrease by 23% in earnings in 2009 compared to 2008. The XOM News Release (PDF) link is here.
Because this beat analysts’ expectations, XOM stock was rising today, up 2.87% at 1 PM EST to 66.29.
ExxonMobil says that its purchase of XTO will enable it to profit from the growth of the “unconventional sources” market, that is green sources.
Oil companies will need to become “energy companies” ready to build the new green infrastructures and green Internet (as Thomas Friedman describes them) for their business models to be sustainable.