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Originally Posted by QBNCGAR View Post
Answer this question. What market has direct control over oil prices?
Who's John Galt.
"Timeo Danaos et dona ferentes" - Virgil, The Aeneid, Book 2
If the Arabs put down their weapons today, there would be no more violence. If the Jews put down their weapons today, there would be no more Israel. --Benjamin Netayahu
Surely A Large Human
Surely A Large Human
Date registered: Aug 2006
Vehicle: PM me to Join the Expat Muslims for Obama Club........
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Originally Posted by BMW GUY View Post
Could you please be so kind as notifying EXXON that they have released the wrong report, I am sure they would be so grateful that they would help you pull your head out of your ass.............oh sorry, just saw you are a BMWGUY, have you consulted a doctor about having it surgically removed........
Exxon 3rd-quarter profit soars 58 pct to new record
Thursday October 30 2008
HOUSTON, Oct 30 (Reuters) - Exxon Mobil Corp posted another record quarterly profit on Thursday, beating estimates, on higher profit in its exploration and production business and and improved margins in its refining unit.
Even as crude oil prices drop and a global credit crunch threatens oil demand, investors expect the world's largest publicly traded company to continue on a similar course.
Since peaking in July above $147 per barrel, crude oil futures CLZ8> have tumbled more than 50 percent and were losing more ground on Thursday.
"Exxon is very good at what they do and they are too large a company to respond to gyrations in the oil market," said Mark Coffelt, head portfolio manager at Empiric Advisors Inc in Austin, Texas. "I think they will probably use cash to raise their dividend and keep buying back stock."
Earlier this month, Exxon Chief Executive Rex Tillerson said the company plans to stick to its five-year, $125 billion capital expenditure plan, even with financial markets in turmoil. The company has $37 billion in cash.
Profit in the third quarter for the world's largest publicly traded company was $14.83 billion, or $2.86 per share, compared with $9.4 billion, or $1.70 per share, in the same period a year ago.
"U.S. downstream was up from last year, so that was a positive surprise," said Gene Pisasale, senior energy analyst with PNC Capital Advisors. "They have the strongest balance sheet in the business."
Still, Exxon will need to be more aggressive in exploration going forward, the analyst said.
Energy investors are concerned the credit crisis will trigger a global recession and cut demand for oil. As a result, the spending plans for oil majors such as Exxon will be carefully scrutinized.
Excluding a gain related to the sale of a natural gas transportation business in Germany, Exxon earned $13.38 billion, or $2.59 per share. The huge profit was another record for the oil producer and the largest ever for any U.S. publicly traded company on an operating basis.
Analysts had expected the Irving, Texas, company to report a profit of $2.38 per share, according to Reuters Estimates.
The company said it was still recovering from hurricanes Ike and Gustav, which cut third-quarter production by 24,000 barrels oil equivalent per day.
The storms, which battered the U.S. Gulf Coast, are expected to reduce the company's fourth-quarter earnings by about $500 million, Exxon said.
Production decreased 8 percent from a year ago. On a conference call with analysts, the company said its output should increase in 2009.
Earnings in Exxon's exploration and production unit, excluding the sale of the German gas business, were $9.35 billion, up $3 billion from a year ago.
The company's refining arm saw profits rise $1 billion to $3 billion.
During the quarter, the oil company purchased $8 billion of its shares, reducing the number outstanding by 2.1 percent.
Exxon shares were off 3 percent at $72.40 on the New York Stock Exchange. So far this year, the stock has fallen 20 percent, outperforming a 36 percent drop in the Chicago Board Options Exchange index of oil companies .OIX>. (Additional reporting by Matt Daily in New York, editing by Dave Zimmerman and Matthew Lewis)
Business Feed Article | Business | guardian.co.uk
Last edited by Jakarta Expat; 10-31-2008 at 09:35 PM.
Date registered: Dec 2005
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Originally Posted by drewprof View Post
Let's keep burying our heads in shit and have the likes of TNT give us the apologies and masked reasoning as to why we get fleeced
Originally Posted by Multipurpose View Post
They have more tax breaks than you have fingers and toes (since that might be extent of your counting abilities).
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