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

Most popular blog postings on lowem.log :

1. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004
2. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
3. Singapore SIBOR rate falls to 1.31%, lowest since Nov 2004
4. Singapore SIBOR interest rates fall to 1.5%, lowest since Dec 2004
5. Live spot gold price quotes chart on COMEX
6. 2010 Honda Civic Hybrid preliminary specifications released
7. Fuel prices seen stoking Malaysia inflation in 2008
8. How to insert currency exchange rates into Google Spreadsheets

Featured articles on lowem.log :

1. ABC Guide to Beating Inflation in Singapore and Elsewhere
2. Singapore inflation rate hits new 26-year high of 7.5% in Apr 2008
3. Baltic Dry Index falls 93% as shipping rates plunge, signalling global economic collapse
4. 67000 China factories closed in H1 2008 as global economic collapse takes hold
5. 2010 Honda Civic Hybrid preliminary specifications released
6. Peakoiler buys 2008 Honda Civic Hybrid FD3
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore SIBOR rate falls to 0.94% in Nov 2008, lowest since Jul 2004