Shortfall At Exxon: All those profits -- but underfunded pensions

I was amazed to read that Exxon has underfunded pensions (via BusinessWeek):

"The fact is, Exxon could be topping off its tank for employees but isn't. It's declining to put more money away for a rainy day while the sun is shining on the oil industry. And it isn't apologizing, either. 'We basically chose not to,' says Gardner. 'That's not an investment we want to put more into at this point. Our financial strength provides excellent security for any pension.' We'll see."