Exxon profit soars, but misses forecasts

…Despite Exxon’s investments in finding new oil, the company production declined. In addition to oil production falling, overall production including natural gas fell by 3 percent.

That drop will likely be noticed by proponents of the “peak oil” theory, who contend world oil production has peaked and will run out in fairly short order.


Many analysts – and Exxon executives – say the oil is there, it’s just held in countries not particularly friendly to U.S. oil firms.

CNN