Oil Companies Mark Record Profits Again — Rockefeller Kin Rocking Exxon’s Boat

IRVING, Texas American oil giants are swimming in money after record profits in the first quarter of 2008.

Irving, Texas-based Exxon Mobil Corp. counted $116.85 billion in profits, an increase of 17 percent.

In far second, Chevron reported profits totaling $5.17 billion, a 9.6 percent rise.

These net incomes come as oil prices are surging by astronomical rates.

And it isn’t even summer yet.

Yet Exxon Mobil is fighting the living relatives of the late founder John D. Rockefeller over the direction of the company’s services.

The descendents were pushing shareholder resolutions hoping to split the positions of chief operating officer and chairman of the board.

They are also attempting to force the company to invest in more renewable energies and alternatives to petroleum-based fuels.

Ken Cohen, Exxon Mobil’s vice president of public affairs told Dow Jones Newswires last week: “The total ownership of the group we are talking about here is 0.006 percent.”

Neva Rockefeller Goodwin, a great-granddaughter of the founder, said in a press conference that the Rockefellers went public with their grievances after five frustrating years trying to contact the board.

“Exxon Mobil is profiting in the short term from investments and decisions made many years ago, and by focusing on a narrow path that ignores the rapidly shifting energy landscape around the world, including developing nations,” said Goodwin, an economist.

Shareholders will vote on four resolutions at the company’s annual meeting on Wednesday, May 28.

Sixty-six of the 78 descendants over the age of 21 are said to be backing the four resolutions.