Exxon posts record U.S. corp earnings
NEW YORK (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile , Research) reported a slight decline in fourth-quarter earnings Thursday due to lower natural gas prices and shrinking profits from gasoline sales.
Still, the company recorded the most profitable year in U.S. corporate history, with 2006 earnings totaling $39.5 billion.
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.
THIS IS PURE, UNADULTERATED PROFIT!! LET'S HOPE THE NEXT ADMINISTRATION TAKES THE TEDDY ROOSEVELT APPROACH.
1 comment:
I find it ironic that this president would (FINALLY) acknowledge that we need to cut our gas consumption due to climate change. Where the hell was he 6 years ago? Where the hell was everyone 30 years ago? We could have solved this problem back in the 70's (remember the gas lines???). I switched to a 4 cylinder back then and I never went back. Next thing I know we're building bigger and bigger cars/trucks and SUVs. Then the Hummer came along. WTF??? Who needs a Hummer? For what purpose other than status symbol? Really irks me ... We created Exxon's profit. Have noone to blame but ourselves. My humble opinion.
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