Home > Exxon Mobil Posts New Record for Profit

Exxon Mobil Posts New Record for Profit

by Open-Publishing - Friday 28 October 2005
8 comments

Trade-Exchange Rates Energy USA

by Steve Quinn

Exxon Mobil Corp. had a quarter for the record books. The world’s largest publicly traded oil company said Thursday high oil and natural-gas prices helped its third-quarter profit surge almost 75 percent to $9.92 billion, the largest quarterly profit for a U.S. company ever, and it was the first to ring up more than $100 billion in quarterly sales.

Net income ballooned to $9.92 billion, or $1.58 per share, from $5.68 billion, or 88 cents per share, a year ago.

Excluding certain items, earnings were $8.3 billion, or $1.32 per share, versus $6.23 billion, or 96 cents per share, in the 2004 quarter.

Analysts polled by Thomson Financial, on average, predicted earnings excluding items of $1.38 per share.

Revenue grew to $100.72 billion from $76.38 billion in the prior-year period.

Howard Silverblatt, equity analyst at Standard & Poor’s, said both the net income and sales figures are all-time records for publicly traded U.S. companies.

The hurricanes slashed Exxon Mobil’s U.S. production volumes by 50,000 barrels of oil equivalent per day, down nearly 5 percent year-over-year, costing the company $45 million before taxes. The company said total daily production slipped to 2.45 million barrels of oil equivalent from 2.51 million barrels.

"Following the hurricanes, Exxon Mobil maximized gasoline production from all of our refineries which were operating in the U.S., and increased imports from overseas affiliates to meet U.S. demand," said Chairman Lee R. Raymond.

Earnings from U.S. upstream operations increased by $498 million to $1.67 billion, while U.S. downstream earnings jumped $548 million to $1.11 billion. In the U.S. and abroad, income from the company’s chemicals segment declined by $537 million to $472 million, as raw materials costs squeezed margins.

The company cautioned that reduced volumes and higher costs will also hurt the fourth quarter.

Shares of Irving-based Exxon Mobil rose 56 cents, or 1 percent, to $56.76 in early trading on the New York Stock Exchange. The stock has traded in a 52-week range between $48.25 and $65.96.

http://www.commondreams.org/headlines05/1027-06.htm

Forum posts

  • Can you imagine how high Exxon Mobil’s profits might have soared if it was part of an exclusive cartel and had a compliant administration in Washington?

  • These crooks are getting away with this crime because Washington has turned their backs. Since the government is filled with crooks and have their hands in the oil industry, they are allowing the deceit.
    Having worked in the oil industry, this all appears to be a LOVE of money scam.

  • If you buy petrol from CITGO most of the money goes to Venezuela. CITGO is wholly owned by the Venezuelan people, and is not a publically traded corporation in the US market.

    I buy all my petrol from them. If a million people did the same, it would be billions and a fat thumb in W’s beady little glazed over eyes.

    • Although I sympathize with the sentiment to buy Citgo - not as convenient as it sounds in some areas - its prices for regular and premium are not that different from the prices I find at the local independent station. It’s simple economics for me. The closest Citgo station is 10 miles away. The local independent station is 1 mile away. That’s 20 miles -1 gallon@$2.60 to me - versus 2 miles - 1/10th gallon@$.26.

    • Obviously, this only works if you happen to leave near a station. The important point is that corruption and corporate cronyism in the form of Exxon, BP, and others is rampant and out of control. That’s what needs to be changed and buying gas at CITGO won’t materially alter the equation.

      Humans are essentially a cancer on this earth and fossil fuel is the blood that feeds the tumor. The earth has an immune system but it is losing the battle. In the end, humans will be reduced to an evolutionary footnote, no matter where you buy gas.

    • "Humans are essentially a cancer on this earth..." But, how do you really feel? Let me correct your statement. "Some humans are cancerous." It is the task of all cancer-free humans to excise these cancerous creatures from society. And, if we’re all gone some day, who will write the footnote?

    • Probably one of the most effective ways of enacting a change in culture at a personal level is to make sure EVERY purchase made as much as possible is a responsible one.

      When we give are hard earned dollars to any company that is crooked or treats their employees like dirt we are simply empowering the very thing many of us want to NOT promote.

      Doing this makes a huge difference and has and continues to be very effective.

      There are several stations within about the same distance from my home. I buy from Citgo as much as I can until I become convinced my money would be better spent elsewhere. Though there price is the same and potentially they are price gouging too, at least I feel I am in my own trivial way NOT supporting the Evil agenda of the oil companies killing tens of thousands of kids for Mideastern oil. If Chavez really wanted to show his goodwill I would be happy to see Citgo gas drop down below $2.00 though I imagine U.S. oil companies like the price gouging criminals at Exxon and the others would cry foul if they wwere forced to end their racketeering.

  • Do you need any more proof of price gouging, sheeple???? YOU are the ones paying the $6 billion/month bill for the war in Iraq every time you tank up; through the oil companies.