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Nov 2, 2008

RECORD PROFIT * USA - Exxon Mobil Posts Largest Quarterly Profit on Record

New York,NY,USA -Transport Topics -30 Oct 2008: -- Exxon Mobil Corp. broke its own record for the largest quarterly profit by a U.S. company Thursday, reporting its third-quarter net income jumped 58% to $14.8 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier... The quarterly profit report broke its previous record of $11.7 billion, or $2.22 a share, in the second quarter. Revenue rose 35% to $137.7 billion...

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Aug 5, 2008

OIL NEWS * USA - ExxonMobil Breaks U.S. Record for Quarterly Profit

Irving,TX,USA -Bloomberg News/Transport Topics -1st Aug 2008: -- ExxonMobil Corp. broke its own record for the largest quarterly profit posted by a U.S. company, reporting net earnings of $11.7 billion, or $2.22 a share, up from $10.3 billion, or $1.83, a year ago... Revenue jumped 40% to $138.1 billion, Irving, Texas-based Exxon said in its latest quarterly earnings statement... Still, the oil company’s profits came in below analyst expectations of $2.48 a share, prompting a sell off that culminated in the biggest one-day drop in Exxon’s stock price in almost a year...

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Jul 22, 2008

Big Oil Profits * USA - Steered to investors

The percentage of money the major oil companies spend to find new deposits of fossil fuels has remained flat for years, in the mid-single digits

Houston,TX,USA -The Associated Press/The Trucker, by JOHN PORRETTO -22 July 2008: -- As giant oil companies like Exxon Mobil and ConocoPhillips get set to report what will probably be another round of eye-popping quarterly profits, just where is all that money going?... The companies insist they’re trying to find new oil that might help bring down gas prices, but the money they spend on exploration is nothing compared with what they spend on stock buybacks and dividends... It’s good news for shareholders, including mutual funds and retirement plans for millions of Americans, but no help to drivers already making drastic cutbacks to offset the high cost of fuel... The five biggest international oil companies plowed about 55 percent of the cash they made from their businesses into stock buybacks and dividends last year, up from 30 percent in 2000 and just 1 percent in 1993, according to Rice University’s James A. Baker III Institute for Public Policy... In Washington, one Democratic proposal would impose a 25 percent tax on “unreasonable” profits of the top five oil companies, which together made more than $120 billion in 2007, and put the money toward a trust fund for investment in alternative energy sources. Republicans say it’s a gimmick that won’t help at the pump and will discourage domestic oil production... But Sen. Charles Schumer, D-N.Y., said the fervor for stock buybacks is a clear sign Big Oil isn’t interested in new production or alternative energy... “When you hear that,” he said, “it screams out for a windfall profits tax.” ... (Photo: The percentage of money the major oil companies spend to find new deposits of fossil fuels has remained flat for years, in the mid-single digits)

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