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Exxon Mobil Posts Record $14.8 Billion Profit, Shell Tops Estimates
Exxon Mobil Corp. (XOM) set a U.S. profit record today (Thursday) when it announced its third quarter profit topped $14.8 billion on record-high oil prices.
Exxon Mobil, the largest U.S. oil company, earned $14.8 billion, or $2.86 per share, a 58% increase from the $9.41 billion, or $1.70 per share it earned in the third quarter of 2007. Exxon Mobil’s record-setting profit was enough to beat analyst expectations of $2.38 a share, according FactSet Research data.
Exxon Mobil beat its own record for the largest quarterly profit for a U.S. company, which it had previously set in the second quarter of…
31Oct2008 | Money Morning | Comments Off | ContinuedThe Western World Running on “Eâ€
Western nations — the U.S., in particular — are now experiencing the bow wave of a profound change in the current and future availability of oil. According to recently published data, oil output from all major Western oil companies is on an ominous decline trend. Exxon Mobil, for example, announced that its average oil output has fallen by 614,000 barrels per day in 2008.
Western oil majors like Exxon are finding it harder than ever to identify new prospects and successfully complete new oil projects. This comes despite the fact that the oil industry is flush with profits from upstream operations,…
2Sep2008 | Whiskey and Gunpowder | Comments Off | ContinuedBig Oil’s Secret Impoverishment
The headlines seem to be rolling in nonstop for Big Oil: “Chevron Posts Record $17 Billion Profit. BP Profit Up 52%, Record $4.4 Billion Quarter.†And the giant among giants, “Exxon Mobil Reported All-Time Record $39.5 Billion Profit.â€
We’ve all seen these headlines before and, sad to say, many investors bought into the hype. Both Chevron and Exxon Mobil shares have climbed more than 150% in the past five years. BP, despite constant problems with its pipelines and international operations, has scored a 50% gain in the past five years.
On the surface, it seems like a pretty safe bet, right? Big…
7Feb2008 | Anonymous | Comments Off | Continued
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