Who thinks this is evil?

Discussion in 'Current Events' started by MtnBiker, Jan 30, 2006.

  1. MtnBiker
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    MtnBiker Senior Member

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    Exxon profit tops $10 billion, capping record year
    Mon Jan 30, 2006 9:51 AM ET
    By Deepa Babington

    NEW YORK (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), the world's largest publicly traded oil company, on Monday reported a quarterly profit of $10.7 billion, capping a year of record earnings dominated by surging oil and gas prices.

    The results pushed up Exxon's profit for the year to a staggering $36.13 billion -- bigger than the economies of 125 of the 184 countries ranked by the World Bank. Profit rose 42 percent from 2004.

    The company and its peers have come under fire for posting record earnings while consumers struggle with high gasoline prices. Exxon was quick to emphasize that the results would help it make long-term investments to meet energy demand.

    Exxon's fourth-quarter net income rose 27 percent, to $10.71 billion, or $1.71 a share, from $8.42 billion, or $1.30 a share, a year earlier.

    Excluding a special gain, the company earned $1.65 per share. Analysts, on average, expected $1.45 per share, according to Reuters Estimates.

    "It's an exceptionally strong quarter -- they're the world's most profitable company," said Robert Lutts, president of Cabot Money Management. "It could raise eyebrows among some, but they're doing their job."

    Exxon shares were up 4 percent at $63.75 in early trade on the New York Stock Exchange.

    Crude oil prices rose about 40 percent last year, driven up by tensions in oil-producing countries like Iran and Nigeria and tight supplies.

    Exxon's fourth-quarter revenue jumped to $99.66 billion from $83.37 billion a year earlier. Analysts' average forecast was $101.29 billion.

    Still, Exxon's results showed evidence of some of the problems affecting large oil companies, which are struggling to raise output as they grapple with maturing fields and find it harder to access vast reserves in regions like the Middle East and Russia.

    Exxon said oil and gas production fell 1 percent in the quarter. However, excluding the lingering effects of Hurricanes Katrina and Rita, which slammed into the U.S. Gulf Coast last year, as well as divestment and entitlement effects, production rose 2 percent.


    http://today.reuters.com/business/newsarticle.aspx?type=ousiv&storyID=2006-01-30T145012Z_01_WAA000163_RTRIDST_0_BUSINESSPRO-ENERGY-EXXON-EARNS-DC.XML
     
  2. manu1959
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    manu1959 Left Coast Isolationist

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    i don't .....was it evil the years they lost billions?
     
  3. William Joyce
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    William Joyce Chemotherapy for PC

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    You can get yourself a share tomorrow.
     
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  4. insein
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    insein Senior Member

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    Capitalism. You can buy a share. I wish i had before this whole gas boom. I'd be filthy stinking rich.

    Its more of a wake up call that we need to get more of our own sources of oil so that we can have less of a dependance on it.
     
  5. 5stringJeff
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    5stringJeff Senior Member

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    I think I need to go buy some Exxon stock...
     

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