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Getbig Main Boards => Politics and Political Issues Board => Topic started by: Straw Man on February 02, 2008, 08:51:13 PM
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February 1, 2008
Exxon Mobil Profit Sets Record Again
By JAD MOUAWAD
By any measure, Exxon Mobil’s performance last year was a blowout.
The company reported Friday that it beat its own record for the highest profits ever recorded by any company, with net income rising 3 percent to $40.6 billion, thanks to surging oil prices. The company’s sales, more than $404 billion, exceeded the gross domestic product of 120 countries.
Exxon Mobil earned more than $1,287 of profit for every second of 2007.
The company also had its most profitable quarter ever. It said net income rose 14 percent, to $11.7 billion, or $2.13 a share, in the last three months of the year. The company handily beat analysts’ expectations of $1.95 a share, after missing targets in the last two quarters.
Like most oil companies, Exxon benefited from a near doubling of oil prices, as well as higher demand for gasoline last year. Crude oil prices rose from a low of around $50 a barrel in early 2007 to almost $100 by the end of the year — the biggest jump in oil prices in any one year.
“Exxon sets the gold standard for the industry,” said Fadel Gheit, an oil analyst at Oppenheimer & Company in New York.
Oil companies have all reported strong profits in recent days. Chevron, the second-largest American oil company, said Friday that its profits rose 9 percent to $18.7 billion last year; Royal Dutch Shell on Thursday reported net income for 2007 of $31 billion, up 23 percent and the largest figure ever for a British company.
http://www.nytimes.com/2008/02/01/business/01cnd-exxon.html?ei=5087&em=&en=575e77c5fd8688b0&ex=1202101200&pagewanted=print
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I was starting to worry there for a second, good to see things are getting better.
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Does this mean we can afford healthcare and food?? :D
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The Iraqi oil revenue should start kicking in any day now.
We'll all prosper from that.
Just like President Bush claimed.
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The Iraqi oil revenue should start kicking in any day now.
We'll all prosper from that.
Just like President Bush claimed.
He wouldnt lie to us, would he... ;D
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Exxon Mobil died for you bitches.