MtnBiker
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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
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
