Exxon Mobil sets annual profit record

[CMC17]

http://money.cnn.com/2007/02/01/news...ex.htm?cnn=yes

Exxon Mobil sets annual profit record
No. 1 oil company posts mark despite lower fourth-quarter income.
February 1 2007: 9:07 AM EST


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 (Charts), 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.

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Dang.. and I though gas was high due to other reasons. :shock:

[j3ffbrooks]

I suppose they have "us" to thank for that.......

[mitchntx]

That explains Al moving to Texas ...

[cjlmlml]

How many Darfurians had to die for Exxon to hit those numbers?

[jeffburch]

Great!
Hopefully burning fossil fuels for my entertainment
will continue through out my (useful) life span.

Someday society may get a red-ass for big oil like it did for big tobacco.
Dunno.
Or, big media (FNC). ops:

jb

[Todd Covini]

WooHoo!!! It's been a good year....but I hate to tell you guys that the U.S. gasoline sales had very little to do with it. It's primarily Wall Street's influence on what they believe a barrel of crude oil should cost and the Company's exploration finds, proven reserves and assets that aren't even here in the States.

-=- T