Oil patch squeaks by...

Exxon, Chevron profits top view
By Anna Driver and Braden Reddall
Fri Jan 30, 2009
HOUSTON/SAN FRANCISCO (Reuters) – Oil giants Exxon Mobil Corp (XOM.N) and Chevron Corp (CVX.N) posted higher-than-expected quarterly earnings on Friday as refining profits helped offset a steep decline in crude oil prices.

Exxon, the world's largest publicly traded company, said fourth-quarter earnings fell by a third, but full-year profit of $45.2 billion set a new company and U.S. record.
[emphasis added]

Why do we need to give these folks tax breaks???

Note: I was "raised on oil". My dad was a geologist for various incarnations of Standard Oil of Indiana - J.D. Rockefeller's erstwhile evil monopoly.
I had a summer job coding FORTRAN for Amoco (one of the incarnations of Standard Oil).
Oil paid for the house I grew up in, for my clothes, my food, and my expensive college education.
I've nothing against Big Oil per se.

What I don't understand is why we give these guys tax breaks, extremely favorable no-royalty leases, and other "incentives".
Why do they need additional incentives, other than the pure capitalist profit motive???
Will they stop drilling, pumping, and refining?
Will they give up year-after-year record profits???

[How did W manage to fail in the oil business?]

Have a nice day.