Exxon Mobil 2Q profit jumps 36 percent

Discussion in 'General Discussion' started by Quigley_Sharps, Jul 27, 2006.

  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    DALLAS - Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
    <FORM name=w action=http://us.ard.yahoo.com/SIG=12epj8iba/M=423384.8986422.9760402.1442997/D=news/S=8903535:LREC/_ylt=AqlcCe8qdn5oN_X6L4u3M4Zv24cA/Y=YAHOO/EXP=1154017993/A=3873756/R=0/SIG=110d0aq6c/*http://search.yahoo.com/search target=_blank>The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company's revenue by 12 percent to a level just short of a quarterly record.
    Exxon Mobil's report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion in the quarter and at a time when many drivers in the U.S. are paying $3 for a gallon of gas — increasing the likelihood of further political backlash in Washington.
    Exxon Mobil, the world's largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
    The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.
    Analysts polled by Thomson Financial expected the company to earn $1.64 per share.
    Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion — which also stands as record revenue generated by any U.S. public company ever in a single quarter.
    Its shares rose 85 cents to $67.45 in premarket trading. That would top its 52-week high of $67.18.
    Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.
    By segment, exploration and production earnings rose sharply to $7.13 billion, up $2.23 billion from the second quarter of last year, a reflection of higher crude and natural gas prices. Production increased 6 percent from a year ago and 9 percent if the impact of divestments and entitlements are excluded.
    The company's refining and marketing segment reported a $264 million earnings increase to $2.48 billion, the result of stronger refining margins, slightly offset by weaker marketing margins.
    Exxon's chemical business saw earnings rise $26 million to $840 million.

  2. ghrit

    ghrit Bad company Administrator Founding Member

    That is just a touch over 2% in the quarter, about 8% annualized, ROI. Before taxes, of course, and the ROI gets taxed twice if you read the tax code. I don't see a problem. What very few investments I have are shed if they make less than 12% before taxes. Obscene numbers perhaps, but remember how many people own a bit of the companies, and are entitle to a share of the gains, however little when spread out over all the stock holders.
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