Exxon Mobil sets annual profit record

[Phlegm]

From Reuters:


NEW YORK (Reuters) -- Exxon Mobil Corp. posted the largest annual profit in U.S. history Thursday, even though fourth-quarter earnings fell on lower natural gas prices and shrinking gasoline margins.

For the year, Exxon Mobil earned $39.5 billion, up from its previous record $36.1 billion in 2005.

Net income in the fourth quarter slipped to $10.25 billion, or $1.76 a share, from $10.71 billion, or $1.71 a share, a year earlier.

Excluding one-time items, Exxon Mobil, the world's largest publicly traded company, earned $1.69 a share. The average earnings forecast of analysts polled by Reuters Estimates was $1.51 a share.

Revenue in the quarter fell 9.4 percent to $90.03 billion.

Earnings from exploration and production activities were $6.22 billion, down $818 million from a year earlier due to the natural gas price drop and decreased volumes driven by lower demand in Europe.

Earnings from refining and marketing operations totaled $1.86 billion, down $430 million due to lower margins.

Oil prices in the fourth quarter dropped from the record levels hit in July but were still robust, hovering around $60 a barrel - roughly in line with year-earlier levels.

Natural gas prices, on the other hand, were sharply lower than in 2005. According to Reuters data, the average U.S. natural gas price was about $6.61 per million British thermal unit in the fourth quarter, down from $12.77 a year earlier.

Since the end of the 2006 third quarter, Exxon Mobil shares are up 10.4 percent, outperforming the Chicago Board Options Exchange's oil index, which has risen 8.8 percent.

[kaharthemad]

oh so its ok for any other company to turn a profit but not the evil oil companies?



not bitchin at you Phlegm but christ. Hilton and walktdisney pulled in record numbers. WHERE's THE OUTRAGE!!!! Those fuckers are creating hapiness goddamn them!!!!

[Jay]

I don't see where Phelgm has taken a stance on this Kahar.

[kaharthemad]

no thats why I said nothing against him
I am just saying the articles are annoying as hell. record sales in atleast 12 different industries. but for some reason gas makes the head lines.

[Alphonso]

Hilton and walktdisney pulled in record numbers. WHERE's THE OUTRAGE!!!!

I dont know anyone who needs those two companies to survive on their day to day lives.

The oil companies get it so bad because they deserve it. Did anyone here know that Exxon is STILL fighting the settlement for the Valdez spill up here in AK?

[Evermore]

Can we find a way to blame this on Bush?

[Eziekial]

ADM and Cargill account for most of the agricultural production in this country. They made billions last year too, where is the outrage? What to talk about needing something?

[Lyion]

This is one where I disagree with the GOP on. A company making 37 billion in profits in an unregulated price gouged market needs no frackin tax breaks.

They need to held more accountable and be scrutinized ridiculously close due to the anti trust way oil is handled.

[Spazz]

and this is where I will agree with you lyion

[Arlos]

Indeed. What POSSIBLE reason would there be for an industry that is making 10s of billions in PROFITS to get government tax breaks? Sure, I can understand you being against any sort of new punative profit tax, though I might disagree with you. But I can't think of any scenario under which they shouldn't have to pay their fair share, the same as any other business.

-Arlos

[Eziekial]

I agree! Also let's eliminate the following foolish subsides:
US Airlines, Automakers, GE, Boeing, US shrimp farmers, US corn farmers, US sugar industry, US citris industry, US steel industry, US meat industry, Pharmacuticals,

I can go on but you get the picture (I hope) feel free to go to DC and see how far you get fighting US Government handouts.

[Evermore]

that is a good idea Zeek. but i got to agree. not likely

[10sun]

If you can afford to lobby, you don't need the money.