Kor37 9 Posted January 31, 2006 Exxon Mobil Quarterly Revenue Nears $100 BillionBy Lisa Sanders Dow Jones NEW YORK (Dow Jones) -- High oil and gas prices sparked a 27% increase in fourth-quarter profit and nearly $100 billion in revenue for Exxon Mobil Corp., the company said Monday. Shares in Exxon Mobil rose 3% in pre-market Instinet trading. Irving, Texas-based Exxon Mobil (XOM) said fourth-quarter net income was $ 10.71 billion, or $1.71 a share, compared with $8.42 billion, or $1.30 a share, a year earlier. The most recent quarter included a one-time gain from the resolution of litigation. Excluding special items, Exxon Mobil would have earned $10.32 billion, or $ 1.65 a share. Analysts polled by Thomson First Call expected Exxon Mobil to earn $1.44 a share, on average. Revenue climbed to $99.66 billion from $83.37 billion in the fourth quarter of 2004. "There is a great deal of public interest in global energy prices," CEO Rex Tillerson said in a statement. Exxon Mobil and its peers have been accused of gouging the consumer and not doing enough to develop resources. "We recognize that consumers worldwide want and need reliable supplies of affordable energy -- to fuel their vehicles, light and heat their homes and run their businesses," he said. "Our strong financial results will continue to allow us to make significant, long-term investments required to do our part in meeting the world's energy needs." Exxon Mobil repurchased $5 billion of its shares in the quarter, consistent with the third quarter of 2005. For the year, Exxon Mobil recorded a profit of $36.13 billion, or $5.71 a share, compared with net income of $25.33 billion, or $3.89 a share, in 2004. Excluding special items, the company would have earned $33.86 billion, or $5.35 a share. Analysts expected earnings of $5.14 a share. Revenue rose to $371 billion from $298 billion in 2004. By segment in the fourth quarter, exploration and development brought in $7.04 billion, an increase of $2.15 billion from the year-ago period. On an oil-equivalent basis, production fell 1% from the fourth quarter of 2004, including the ongoing impact of lost production from Hurricanes Katrina and Rita and the effect of divestment and entitlements. Earnings from refining and marketing rose $46 million to $2.4 billion. Lower margins, the result of higher feedstock costs, cut chemical earnings in half to $835 million. I don't know about anyone else but I am SO DELIGHTED that Exxon was able to earn a world record profit of 10.3 Billion dollars while continually price gauging us......... Share this post Link to post Share on other sites
Data 0 Posted January 31, 2006 I am proud to say that I don't buy their junk. But I guess others do. Share this post Link to post Share on other sites
DixonHill1989 0 Posted February 7, 2006 Ah, our booming economy... Share this post Link to post Share on other sites
trekz 7 Posted February 7, 2006 Ah, our booming economy... The above statement is so true. We keep hearing about how well the economy is doing, yet it doesn't seem to be true of many businesses. Well, here's an answer. It's the mega-corporations that are making the big profits, especially oil companies. Share this post Link to post Share on other sites
MrPsychic 1 Posted February 7, 2006 The great American, capitalist ideals at work Share this post Link to post Share on other sites
Odie 0 Posted February 7, 2006 I can't wait to see next summer gas prices. Share this post Link to post Share on other sites
Kor37 9 Posted February 7, 2006 The Wall Street Journal ran a story where some industry experts predicted $3.00 per gallon gas by May!... Share this post Link to post Share on other sites
MrPsychic 1 Posted February 8, 2006 If prices keep going up, tanker trucks are gonna have to be defended with gun emplacements on it, just like Mad Max. Share this post Link to post Share on other sites
Odie 0 Posted February 8, 2006 It would be difficult to take when they made record profits in 2005. I think foreign and the taxes on gas are not our real problem. It’s the oil companies in America that’s taken us for all we worth and than more. Share this post Link to post Share on other sites
Kor37 9 Posted February 8, 2006 It would be difficult to take when they made record profits in 2005. I think foreign and the taxes on gas are not our real problem. It’s the oil companies in America that’s taken us for all we worth and than more. You are right on the money there, Odie!.. What we need is a government who has the guts to investigate this gauging and do something about it. However, this is almost impossible since most officials seem to be in the pocket of the oil companies..... Share this post Link to post Share on other sites
trekz 7 Posted February 8, 2006 (edited) This should be no surprise with the President being formerly involved in the oil business. The writing on the wall came early, when there was a closed door meeting with Cheney about energy policy. Using the principle of executive priviledge of keeping the list of the participants secret, the American people have never been told who made the energy policy for this administration, but there is much speculation that big oil companies were the primary attendees at this meeting which occured before the administration took office in 2001. Edited February 8, 2006 by trekz Share this post Link to post Share on other sites
Kor37 9 Posted February 9, 2006 This should be no surprise with the President being formerly involved in the oil business. The writing on the wall came early, when there was a closed door meeting with Cheney about energy policy. Using the principle of executive priviledge of keeping the list of the participants secret, the American people have never been told who made the energy policy for this administration, but there is much speculation that big oil companies were the primary attendees at this meeting which occured before the administration took office in 2001. Apparently, the energy policy involved doublng the price of gas....... Share this post Link to post Share on other sites
