Posted on 05/30/2013 11:20:15 PM PDT by Vince Ferrer
Exxon Mobil Corp. (NYSE: XOM) is cutting its losses on algae biofuels after investing over $100 million only to find that it couldn’t achieve commercial viability.
Earlier this week, Exxon announced that while it wasn’t throwing in the towel, it would be forced to restructure its algae research with partner California-based Synthetic Genomics Inc (SGI).
(Excerpt) Read more at oilprice.com ...
Tax loss. Good stuff to lose money on.
Good thing it was only other people’s money that they lost.
Gee... they could have invested that $100 million in drilling for oil and made a killing.
Exxon can throw 100m around like it’s pennies. A billion to them it about a dollar to you. Yet, they’ll still rat out all they can for IT. Kinda amazing how they operate. Nickel and dime here and there.
If that surprises anyone here, they need to turn in their Freeper posting privileges.
You can’t imagine how tiny Exxon considers 100m. 100b? Maybe they might care. But even then that’s tiny.
It was not going to work without a copious water supply. Those H’s have to come from somewhere when making hydrocarbons. An efficient algae that would grow in sea water would have been a major coup here. I don’t think it ever happened.
I could have told them algae wasn’t going to work, and saved them the 100 million.
True, fracking and deep water will supply more than we can use in the next 1000 years probably.
But, you have a lot of high paid people that’ll need to move onto other areas once this algae goofiness fails.
They move people around all the time at the higher levels. That’s just how the slimey oil industry works.
100M is chump change that benefits them and liberals politically
Carbon credits never took flight and that made pond scum just pond scum.
If they had hired me, I could have helped them lose only $90 million.
Wasn’t the US Navy involved in this algae based BS also?
But their deal wasn't with Exxon -- it was with an Obama donor in the bio-fuel business.
Silly Roccus. I should have known better.
So you buy into the, “Big Oil Obscene Profits”, chant of the liberals? Have you ever looked at the Net Margin on oil versus McDonalds, Apple, etc? Big numbers do not equal big profits.
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