More seriously, deeper in the article it notes:
Exxon, based in Irving, Texas, made more in both major aspects of its business, the exploration and production of oil and gas, and the refining and selling of finished products. The impact of high oil and gas prices could be seen in the increase in profits despite a 1% decline in oil production and a 2% drop in gas production.The chairman and chief executive, Lee Raymond, said the company "continued its active investment program" in the fourth quarter, spending $4.2bn on capital and exploration projects. That, however, was a decline from $4.3bn a year earlier.
One of the indicators proponents of the "Hubberts Peak" hypothesis look for is declining output and declining investment in exploration. According to this article, that's exactly what we're starting to see. Add to that the fact that China's growth was back in to double-digits this year (despite the efforts of the government to slow it down) and we're in for an expensive future.
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