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post #1 of 7 (permalink) Old 10-27-2005, 09:28 AM Thread Starter
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Exxon Mobil posts record U.S. profit

NEW YORK (Reuters) - Exxon Mobil Corp. on Thursday posted a quarterly profit of $9.9 billion, the largest in U.S. corporate history, as it raked in a bonanza from record oil and gas prices.

While profit was up 75 percent and revenue rose 32 percent to more than $100 billion, the results fell short of Wall Street forecasts due to production outages caused by Hurricanes Katrina and Rita and sharply lower profit at the company's chemicals division.

Analysts have warned that record profits for Big Oil, at a time when consumers are paying sky-high prices for gasoline, could add to calls for a windfall profits tax or other penalties on oil companies.

Third-quarter net income at Exxon, the world's largest publicly traded oil company, rose to $9.92 billion, or $1.58 a share, from $5.68 billion, or 88 cents a share, a year earlier.

Excluding a gain of $1.62 billion from restructuring its stake in a Dutch gas transportation business, earnings were $1.32 per share. On that basis, analysts' average forecast was $1.39, according to Reuters Estimates.

"They were a bit disappointing, but this a temporary phenomenon," said Paul Kuklinski, an analyst with Boston Energy Research/Soleil Securities. "This is largely attributable to hurricane effects."

Exxon shares rose slightly in early trade on the New York Stock Exchange.

Exxon's record earnings topped the $9 billion net profit reported on Thursday by Royal Dutch Shell Plc and were well above the best quarterly performances by Citigroup Inc., the world's largest bank -- $7.2 billion -- and conglomerate General Electric Co. -- $5.6 billion -- according to Reuters Fundamentals.

Oil and gas companies have been enjoying an unusually rosy environment for months. In the third quarter, they were helped by Katrina and Rita, which ripped through the Gulf of Mexico, disrupting energy operations in the region and sending oil prices and refining margins sharply higher.

In addition to calls for a windfall profits tax or other penalties, lawmakers and consumer advocates have been urging oil companies to expand refining capacity and take other steps to help bring down gasoline prices.

"We're already seeing some companies yielding to pressure," said Oppenheimer & Co. analyst Fadel Gheit. "But everybody is waiting for the big lady to sing, which is Exxon."

PRODUCTION FALLS

Exxon's oil and gas production fell 4.7 percent in the third quarter from a year earlier as outages caused by Katrina and Rita, maintenance activities, and maturing fields more than offset higher production from new fields in West Africa.

Excluding the impact of the hurricanes, divestments and entitlement effects, output fell 1 percent.

Still, record crude oil prices -- which touched $70 a barrel in the quarter -- pushed earnings at its exploration and production unit to $5.73 billion, up $1.8 billion from a year earlier.

At its refining and marketing operations, profit rose to $2.13 billion, up $727 million from a year earlier. Stronger refining margins outweighed weak marketing margins and lower petroleum product sales.

Earnings at its chemicals division tumbled to $472 million, down $537 million from a year earlier, due to higher feedstock costs and lower margins.

Exxon Mobil's capital expenditures jumped to $4.41 billion from $3.63 billion a year earlier.

Shares of Exxon Mobil, the largest of the so-called "super-major" oil companies, were up 70 cents to $56.90 in morning trade on the New York Stock Exchange. The shares rose more than 10 percent in the third quarter but underperformed the broader Standard & Poor's integrated oil and gas index, which rose more than 13 percent.

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post #2 of 7 (permalink) Old 10-27-2005, 09:36 AM
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RE: Exxon Mobil posts record U.S. profit

Let's see.

Produce less product and still turn a stunning profit.

So that's why you have to have higher prices at the pump...

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post #3 of 7 (permalink) Old 10-27-2005, 10:00 AM
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RE: Exxon Mobil posts record U.S. profit

Quote:
gregs210 - 10/27/2005 9:36 AM

Let's see.

Produce less product and still turn a stunning profit.

So that's why you have to have higher prices at the pump...
You got it. A captive market, and an incentive to NOT build more infrastructure. We have to bribe them to increase production.

OBK #35

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post #4 of 7 (permalink) Old 10-27-2005, 11:34 AM
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RE: Exxon Mobil posts record U.S. profit

Never mind that! Queers are fucking each other in the ass! Stop looking at these profits, and worry about that! And Clinton got a blow job 10 years ago! And we need Intelligent Design in school! The War on Terror! The War on Terror!

All better now?

Recall that earlier generations faced down fascism and communism not just with missiles and tanks, but with sturdy alliances and enduring convictions. They understood that our power alone cannot protect us, nor does it entitle us to do as we please. Instead, they knew that our power grows through its prudent use; our security emanates from the justness of our cause, the force of our example, the tempering qualities of humility and restraint.

-President Barack Obama, 1st Inaugural address
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post #5 of 7 (permalink) Old 10-27-2005, 01:36 PM
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RE: Exxon Mobil posts record U.S. profit

Quote:
ExxonMobil serves the energy needs of millions of people around the globe each and every day. We succeed in this important role by earning and maintaining public trust through the actions and efforts of our employees. Our employees continuously strive to operate with the highest integrity, protect themselves and the world around them, obey all applicable laws, respect local and national cultures, and provide positive contributions to the communities in which they live and work.

Our approach to citizenship is reflected in the ExxonMobil Standards of Business Conduct – which has been in existence more than 30 years – along with guidelines to ensure understanding and adherence. These standards form the framework by which we operate around the globe and include a commitment to good corporate citizenship. Every employee is required to understand and apply the principles and policies in our Standards of Business Conduct – and to integrate those beliefs into day-to-day activities.

As in all of our activities, we are committed to excellence, and are proud of the efforts and performance of our employees around the world.
Sincerely,
Lee R. Raymond, Chairman and CEO
Rex W. Tillerson, President
You see they care...
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post #6 of 7 (permalink) Old 10-27-2005, 01:43 PM
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RE: Exxon Mobil posts record U.S. profit

Quote:
From BP advert.

beyond petroleum®
If every driver filled up with ULTIMATE fuels in the
13 countries it’s available, the reduced emissions would
be equivalent to taking over 10 million cars off the road.*
It’s possible to
remove 10million
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without removing
10million cars.
OK, all of you shell out for premium while it's HOT...
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post #7 of 7 (permalink) Old 10-27-2005, 01:50 PM
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RE: Exxon Mobil posts record U.S. profit

Quote:
kvining - 10/27/2005 1:34 PM

Never mind that! Queers are fucking each other in the ass! Stop looking at these profits, and worry about that! And Clinton got a blow job 10 years ago! And we need Intelligent Design in school! The War on Terror! The War on Terror!

All better now?
KV they have signed an agreement with Bush and Co for some special lube oil for the people to take it without screaming. Someone over on their side is going to need your product to KEEP UP with the demand. you need to send them your magic cream so they can sustain the momentum.
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