Monday, November 10, 2008

News You Can Use: Oil companies post record profits, pensions in the red

From the "misplaced corporate priorities" files, energy companies -- led primarily by oil titans Exxon Mobil, Chevron and ConocoPhillips -- posted the lowest levels of pension plan funding across the 10 industries studied in a Citi analysis of S&P 500 companies.

Exxon Mobil, whose quarterly profits steadily break the company's own earnings records, had the highest pension deficit, with $27.8 billion in assets to cover $34.5 billion in liabilities, a $6.7 billion deficit.

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