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Oil up $2 and change on the television crawler this a.m.
For investors only: XOM reports today (this is not an investment site; see disclaimer; this site is for eduction and entertainment). However, Shell and Statoil report soaring profits, 42 percent, and 50 percent, respectively. I get a kick out of these 30-second sound bites: profits at Shell and Statoil were said to be due to higher oil and gas prices; for those energy companies who missed estimates, it was said to be due to lower oil and gas prices.
Later today, Exxon Mobil, the world's largest publicly-traded oil company, is expected to report a 40 percent jump in third-quarter net income to $10.26 billion, according to I/B/E/S estimates.Saudi likely to cut production: cites increased production from Libya, Canadian oil shale, and the Bakken, Not in so many words.
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