The Day Exxon Mobil Became a T-Bill
Which is why I say that this week, and this earnings day, was an apocalyptic one for a company in a sector mired in the existential crisis of imperial proportions. For all of the hard, nasty, dangerous and expensive work of trying to keep ahead of world demand for oil through its far flung global production search, diving ever deeper into the deep of the sea and this way and that way through the boomtown shale basins of the Dakotas and Poland, Exxon Mobil's big market enticement is a yield that beats t-bills.
Welcome to the world of sovereign nations, Exxon Mobil. And enjoy the yield, investors. A lot of work goes into beating the U.S. government.
-- Written by Eric Rosenbaum from New York.
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