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OIL BUSINESS NEWS - Weekly Digest
* USA - Exxon Mobil third-quarter net tops $10 billion
Houston,TX,USA -MarketWatch, by Jasmina Kelemen -Oct 26, 2006: -- Exxon Mobil Corp., the world's biggest company by market capitalization, turned in a third-quarter profit Thursday that topped $10 billion, or nearly $117 million a day... The staggeringly high earnings build on near record-high oil prices and continued growth in Exxon Mobil's worldwide production, adding up to 270,000 barrels of oil a day to the company's overall output, up 7% from a year ago... For the three months ended Sept. 30, Irving, Texas-based Exxon Mobil reported net earnings of $10.49 billion, or $1.77 per share, up from a year-ago profit of $9.92 billion or $1.58 per share... It was the company's second best quarter, coming in just behind the record fourth quarter it had in 2005, when the oil market was still reeling -- and prices soaring -- the aftermath of Hurricane Katrina...
* UK - BP profit falls 4% on flat production, taxes - Oil major's profit hurt by problems at Texas City and in Alaska
London,UK -MarketWatch, by Steve Goldstein -Oct 24, 2006: -- BP PLC reported a 4% third-quarter profit decline Tuesday, hurt by the fallout from a broken pipeline in Alaska, an explosion at a Texas refinery and rising taxes in Britain... BP, Europe's largest oil producer, said its profit fell to $6.23 billion from $6.46 billion, while revenue rose 4% to $70.73 billion... It's paying a quarterly dividend of 58.95 cents per U.S.-listed share. BP has bought back shares valued at $12 billion during the first nine months of the year... The company recorded more than $2 billion in profit during the quarter by selling off various assets, and it also posted a benefit of $354 million on tax and accounting gains...
* USA - Gasoline prices hold steady, but oil prices climb
USA -Automotive News, by Kim Scherer -Oct 27, 2006: -- Gasoline prices have held steady over the past few days, while the price of a barrel of crude oil is climbing again... The average price of a gallon of regular unleaded gasoline is $2.20 today, unchanged from the national average Tuesday, Oct. 24, according to AAA, of Hawthorne, Fla... Midgrade gasoline stands at an average of $2.34 a gallon and premium at $2.42, both unchanged from the nation's average three days ago... Diesel fuel averages $2.61 a gallon, also unchanged from three days ago...
* USA - Chevron's net up 40%, eclipsing targets
Houston,TX,USA -MarketWatch, by Jasmina Kelemen -Oct 27, 2006: -- Chevron Corp., the nation's second biggest oil company, said Friday its third-quarter net income jumped 40% from last year, breezing past Wall Street's expectations... Buoyed by higher oil production and energy prices, Chevron easily eclipsed results from a year ago, when much of its U.S. Gulf Coast operations -- including its biggest refinery -- were struggling to get back on their feet in the aftermath of Hurricane Katrina... The San Ramon, Calif.-based company reported earnings of $5.02 billion, or $2.29 a share, up from $3.59 billion, or $1.64 a share, generated in the year-ago quarter...
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