"ABC: Exxon spends 1 percent of profits on alternative energy."
Exxon Mobil today broke its own record for the highest-ever profit by a U.S. company, with net income this quarter rising to $11.68 billion. While Exxon officials regularly tout the company’s investment in alternative energy, ABC reported today that Exxon spends only 1 percent of profits on alternative energy sources. Watch it:
“They’re probably spending more on the advertising than they are on the research,” noted an oil analyst contacted by ABC. BP invested the most out of the big five oil companies, at 2.9 percent.