Surely A Large Human
Date registered: Jun 2006
Vehicle: '08 C219
Location: Between Earth and Mars
Mentioned: 2 Post(s)
Quoted: 534 Post(s)
||LinkBack||Thread Tools||Display Modes|
Exxon Mobil: Biggest profit in U.S. historyAny more questions, wise ass?
Largest U.S. oil company surges past analyst estimates to post net income of $14.83 billion.
EMAIL | PRINT | SHARE | RSS
By Aaron Smith, CNNMoney.com staff writer
Last Updated: October 30, 2008: 8:39 AM ET
AMERICA'S MONEY CRISIS
More pain: Economy shrinks
Exxon Mobil: Biggest profit in U.S. history
Fair-value accounting: Here to stay
Stocks set to rally
Asian shares soar on rate cuts
NEW YORK (CNNMoney.com) -- Exxon Mobil Corp. set a quarterly profit record for a U.S. company Thursday, surging past analyst estimates.
Exxon Mobil (XOM, Fortune 500), the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
Exxon's prior record was $11.68 billion in the second quarter of 2008.
The company said its revenue totaled $137.7 billion in the third quarter.
Analysts had expected Exxon to report a 40% jump in earnings to $2.38 per share, or net income of $12.2 billion, and a 28% surge in revenues to $131.13 billion, according to a consensus of estimates compiled by Thomson FirstCall.
The company's earnings were buoyed by oil prices, which reached record highs in the quarter before declining. Oil prices were trading at $140.97 a barrel at the beginning of the third quarter, and had fallen to $100.64 at the end.
Compare that to 2007, when prices traded at $71.09 a barrel at the beginning of the third quarter, and rose to $81.66 by the end.
Exxon's special charges include the gain of $1.62 billion from the sale of a German natural gas company. It also includes the $170 million charge in interest related to punitive damages from the Valdez oil spill off the Alaskan coast in 1989.
The company said it lost $50 million, before taxes, in oil revenues because of Hurricanes Gustav and Ike. The company expects damages related to these hurricanes to reduce fourth-quarter earnings by $500 million.
Earlier Thursday, Europe's leading oil company, Royal Dutch Shell PLC (RDSA), reported a 22% gain in net profit for the third quarter, to $8.45 billion. The company said sales rose 45% to $132 billion.
Exxon is the second-largest company in the Fortune 500 in terms of annual sales, behind Wal-Mart (WMT, Fortune 500)
|Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)|
|Running on empty Hit by high prices and fees, some gas stationowners stop selling gas||Jakarta Expat||Off-Topic||1||05-24-2007 06:41 AM|
|GAS PRICES||CKlassBenz||Off-Topic||2||09-06-2005 11:41 AM|
|GAS PRICES||Chucky300||Off-Topic||13||09-05-2005 03:12 AM|
|Soaring Gas prices - Gas type to use||raki||W201 190-Class||6||07-02-2005 03:14 PM|
|Gas Prices||Big D||W126 S,SE,SEC,SEL,SD,SDL Class||28||05-10-2004 02:55 PM|