Great news: Exxon Mobil 2Q profit sets US record - Mercedes-Benz Forum

 
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post #1 of 3 (permalink) Old 07-31-2008, 05:19 PM Thread Starter
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Great news: Exxon Mobil 2Q profit sets US record

HOUSTON (AP) - Exxon Mobil Corp. (XOM) (XOM) reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares slumped 3 percent.

The world's largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Excluding an after-tax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.

Analysts on average expected Exxon Mobil to earn $2.52 a share on revenue of $144 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.

The record-setting results were largely expected, given that crude prices in the second quarter were nearly double what they were a year ago. Natural gas prices were significantly higher too.

But investors expected even bigger profits Thursday, especially after Europe's Royal Dutch Shell reported a 33 percent jump in second-quarter earnings to $11.6 billion, which fell just shy of Exxon's own record earnings from 2007.

Exxon Mobil shares fell $2.64, or 3.13 percent, to $81.74 in afternoon trading...

My Way News - Exxon Mobil 2Q profit sets US record, shares fall

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post #2 of 3 (permalink) Old 07-31-2008, 05:22 PM Thread Starter
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Even more good news...

SHELL reports 33% rise in profit...

LONDON: Royal Dutch Shell, Europe's largest oil company, reported a 33 percent increase in second-quarter profit Thursday, helped by a higher oil price even as production declined.

Like smaller rival BP earlier this week, Shell profited from an oil price that almost doubled in the second quarter from the year earlier but a 13 percent drop from a record on July 11 raised some concern among investors about whether oil companies can keep up the pace of earnings growth...

Shell reports 33% rise in profit - International Herald Tribune

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post #3 of 3 (permalink) Old 07-31-2008, 05:31 PM
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... are they still whining that their profit margins are so low? You know how we liberals confuse revenue with profit... Remember that discussion thread?
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