Friday, April 29, 2005

Exxon

Exxon's "soon-to-retire CEO suddenly has a new anxiety: how to spend the windfall wrought by $55-a-barrel oil. By the end of April, Exxon will have a cash hoard of more than $25 billion. And if crude prices stay where they are, this geometrically growing bonanza could soon give Exxon more cash on hand than any other U.S. company... the cash is building at a remarkable rate. Each dollar jump in the price of a barrel of oil adds another half billion in earnings. Based on current prices, Exxon is accumulating more than $1 billion a month - even after allocating for dividends, share repurchases, and capital spending.

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