Tuesday February 06, 2007

Exxon sets annual profit record of $39.5 billion

money.cnn.com :

Exxon Mobil reported the biggest annual profit on record for a U.S. corporation - earning more than $75,000 every minute of 2006 on the back of record oil prices.

The world's biggest publicly traded company by revenue posted net earnings of $39.5 billion on revenue of $377.6 billion last year, topping its previous profit record of $36.1 billion in 2005, which at the time was the largest for any U.S. company. Out of Exxon's $377.6 billion in revenue, the company said it spent $19.9 billion on exploration and production to bring new oil to market, a 12% increase over 2005.

Industry analysts noted that despite growing demand, Western oil companies have struggled to increase production. High oil prices have driven up demand for drilling rigs and experienced workers, which has boosted the cost of finding new oil. And much of the world's remaining reserves lie in politically unstable areas or countries that are simply off-limits to foreign firms.

See also :

1. Shell posts record $25.4 billion profit
2. Another round of sky-high quarterly profits for oil companies

(2007-02-06 18:43:04 SGT) [Energy] Permalink

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