ExxonMobil - No Plans To Invest Record Profits In Renewables, Alternatives [View All]

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ExxonMobil, which stunned Americans on Thursday by reporting nearly $10 billion in profit for the third quarter, says it has no plans to invest any of those earnings in developing alternative or renewable energy — something other oil companies do.

"We're an oil and gas company. In times past, when we tried to get into other businesses, we didn't do it well. We'd rather re-invest in what we know," says Exxon spokesman Dave Gardner. Neither will Exxon significantly step up how much money it puts into finding oil or refining it into gasoline, which could help ease tight supplies that have driven oil and gasoline prices to records this year.

Exxon's investment for those activities will total about $18 billion this year, roughly what was planned and similar to what Exxon has invested in exploration and refining in past years, Gardner says.

"We do that in good times and bad," he says. "The returns this year might look very large, but there were years when they weren't so large. In years when we had $10 (per barrel) oil, we were investing $15 billion in our business. This year, we'll invest $18 billion." Oil is about $61 a barrel.

EDIT

The GM of energy.

http://www.usatoday.com/money/industries/energy/2005-10-27-oil-invest-usat_x.htm