Exxon — record profit without growth

Sounds like an oxymoron for the company that broke its own previous profit record, but that’s the word on a company that NETTED nearly $12 bil in the second quarter of this year.

“They are not growing,'” said Philip Weiss, an analyst at Argus Research in New York. “Production is becoming more and more of a concern. For these guys, access to reserves is a very big issue.”

And, here’s the details of that:

Chief Executive Officer Rex Tillerson, 56, is spending $52 million a day to search for new fields after reserves fell in 2007 by the most in at least a decade. Exxon Mobil plans to start 12 projects this year that will pump the equivalent of 411,000 barrels of crude a day, more than the daily output of Prudhoe Bay, the largest U.S. oil field.

ExxonMobil and shills such as Dan Yergin can continue to deny Peak Oil all they want. It’s real, and it’s happening right now.

And, that said, ExxonMobil has a bit of wolf-crying, too:

Exxon Mobil generates about $27 of cash flow from each barrel of production, 21 percent higher than the industry average, Gibbons said. The company was the most efficient oil and gas producer among its peers, yielding almost $3 of cash flow for every $1 spent, he said.

So, cry me a river all the way to Prince William Sound, Rex Tillerson.