Exxon Mobil profits soar on high prices

[MellowOne]

Exxon Mobil profits soar on high prices

08:09 AM CDT on Thursday, October 27, 2005

Associated Press

Exxon Mobil 56.58
10:30 AM ET +0.38

Previous close: 56.20
IRVING, Texas — Exxon Mobil Corp., the largest publicly traded oil company in the world, on Thursday said third-quarter profit surged, buoyed by higher crude-oil and natural-gas prices, even as the period's hurricanes hampered production.

Net income ballooned to $9.92 billion, or $1.58 per share, from $5.68 billion, or 88 cents per share, a year ago. Excluding certain items, earnings were $8.3 billion, or $1.32 per share, versus $6.23 billion, or 96 cents per share, in the 2004 quarter.

Analysts polled by Thomson Financial, on average, predicted earnings excluding items of $1.38 per share.

Revenue grew to $100.72 billion from $76.38 billion in the prior-year period.

The hurricanes slashed U.S. production volumes by 50,000 barrels of oil equivalent per day, down nearly 5 percent year-over-year, costing the company $45 million before taxes, Exxon Mobil said. Total daily production slipped to 2.45 million barrels of oil equivalent from 2.51 million barrels.

more....

http://www.dallasnews.com/dws/bus/stories/1027dnbusexxon.d554109.html

[beyurslf]

1. I know they will be slashing prices to "give back" all the profit that was

"looted" from the American people during a time of national crisis.

[Canuckistanian]

2. Limbaugh thinks this is great news...

Then he goes on a tirade that "Libruls" are trying to bankrupt the oil companies.

Oh yeah, all us great and powerful Libruls "holding the oil companies down" As if.

[thecodewarrior]

4. fucking repukers

Are saying "good I own stock in them".

Bullshit. Nobody makes money even with stock. You pay more filling up your tank then your return.

Hey my stock just went up selling nukes to muslims. As long as I get mine fuck everyone else<<<<<<<<<<Repuker.

[PA Democrat]

3. And the greedy pigs have one of the worst underfunded pensions

Record profits and they don't fund their stinking pensions.


Some of the biggest underfunded companies: Exxon Mobil (nyse: XOM - news - people ), which is $12 billion in arrears and 24 years away from payback; General Motors (nyse: GM - news - people ), which is $8 billion in the hole; and IBM (nyse: IBM - news - people ), which is facing $7 billion in underfunded pensions. The latter two giants need another eight and four years, respectively, to meet their obligations, which themselves are moving, and ballooning, targets.


http://www.forbes.com/personalfinance/2005/07/07/pensions-ibm-hp-cz_bc_0707pensions.html

[mmonk]

5. Proof they aren't having supply problems

but an orchestrated supply and demand issue to raise prices. Real supply shortages would indicate higher prices as well but with higher costs for them equaling more narrow profits.