At Exxon Mobil, a Record Profit but No Fanfare

[Clara T]

At Exxon Mobil, a Record Profit but No Fanfare

By SIMON ROMERO and EDMUND L. ANDREWS
New York Times

HOUSTON, Jan. 30 Exxon Mobil, aided by strong energy prices, disclosed Monday that it had set a record for profits among American companies, reporting $36 billion in annual income. But while most companies would be proud to trumpet record profits, Exxon Mobil did everything it could to play down the news.

For Exxon Mobil, which also handily widened its lead over Wal-Mart as the company with the largest revenues in the nation, the report was an embarrassment of riches. Anxious about criticism of the results, executives began laying the groundwork months ago to try to prevent a political reaction against the company and the energy industry.

For example, Exxon Mobil paid for advertisements in leading newspapers arguing that profit margins in the industry lagged far behind those of other industries, like pharmaceuticals and banking.
Still, growing oil profits are generating new scrutiny of the industry, with legislators and taxpayer groups expressing concern over Big Oil's good fortune, as soaring energy prices put increasing pressure on the pocketbooks of consumers.

Exxon Mobil's results on Monday, of course, caused jaws to drop; by some measures, the company became richer than some of the world's most pivotal oil-producing nations. Exxon Mobil reported a 27 percent surge in profit for the fourth quarter as elevated fuel prices gave rise to a full-year profit in 2005 of $36.13 billion on revenue of $371 billion. Exxon Mobil said its overall profit climbed more than 40 percent last year, while its tax bill rose only 14 percent.

http://www.theledger.com/apps/pbcs.dll/article?AID=/20060131/ZNYT01/601310439/1001/BUSINESS

[PDJane]

1. Well, but

they're trying to get awards for the oil spill reduced.......can't brag about profits and then yell about liability, now can we? That's a bit too cynical even for the oil business.

[firefox]

2. It would be interesting to know last quarter they did not set a record.

[tanyev]

3. Aww...terribly tragic when you are successful beyond your wildest

dreams of raping and pillaging and you can't even brag about it.

:nopity::nopity: