Wednesday February 01, 2006

Exxon Mobil posts record profit of $10.7 billion

peakoil.com -> msnbc.msn.com :

Exxon Mobil Corp. posted record profits for any U.S. company on Monday - $10.71 billion for the fourth quarter and $36.13 billion for the year - as the world's biggest publicly traded oil company benefited from high oil and natural-gas prices and solid demand for refined products. The result topped the then-record quarterly profit of $9.92 billion Exxon posted in the third quarter of 2005. Exxon's profit for the year was also the largest annual reported net income in U.S. history, according to Howard Silverblatt, a senior index analyst for Standard & Poor's. He said the previous high was Exxon's $25.3 billion profit in 2004.

Exxon's results lifted the combined 2005 profits for the country's three largest integrated oil companies to more than $63 billion. ConocoPhillips said that its fourth-quarter earnings rose 51 percent to $3.68 billion, while annual income climbed 66% to $13.53 billion. Chevron Corp. said its fourth-quarter earnings rose 20 percent to $4.14 billion, while annual income jumped 6% to $14.1 billion. The oil industry's stellar results renewed talk among some politicians for a windfall profit tax that would push companies to invest more in new production and refining capacity.

See also :

1. Record profits at oil companies
2. The Size and Scope of Big Oil
3. Exxon, and the Implications of 8%

(2006-02-01 23:37:46 SGT) [Energy] Permalink

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