Posted on 04/27/2006 9:52:05 AM PDT by VU4G10
Exxon Mobil Corp., the world's largest oil company, reported Thursday the fifth highest quarterly profit for any public company in history, posting gains from higher oil prices that were likely to stoke the furor over outsized oil company earnings.
Despite the 7 percent gain in earnings to more than $8 billion in the first quarter, Exxon Mobil said its earnings came in below its record fourth-quarter because all three of its business _ exploration and production; refining; chemicals _ didn't perform as well.
The earnings report comes amid consumer outcry in the U.S. about soaring gasoline prices. The average retail price of gasoline in the U.S. is now $2.91 a gallon, or 68 cents higher than a year ago.
It also comes as Washington lawmakers are looking to appease consumers with various proposals to make big oil companies pay more taxes or provide consumers with some other relief.
In January, Exxon posted the highest quarterly profits of any public company in history: $10.71 billion for the fourth quarter of 2005 and $36.13 billion for the full year.
In the first quarter, net income rose to $8.4 billion, or $1.37 per share, from $7.86 billion, or $1.22 per share, a year ago. Excluding a gain on the sale of an interest in China's Sinopec, the company's year-ago profit was $7.4 billion, or $1.15 per share.
But analysts polled by Thomson Financial were looking for a higher profit of $1.47 per share for the latest quarter, and shares fell $1.02, or 1.6 percent, to $62.08 in morning trading on the New York Stock Exchange.
Howard Silverblatt, a senior index analyst for Standard & Poor's, said the latest profit figure still places Exxon fifth historically among quarterly earnings. Exxon also holds the first, second and fourth spots; Royal Dutch Shell PLC has the third spot.
The company said its average sale price for crude oil in the U.S. during the quarter was $55.99 per barrel compared to $42.70 a year ago. It sold natural gas in the U.S., on average, for $8.31 compared to $6.18 during the same period one year ago.
Earnings from exploration and production of oil and gas rose to $6.4 billion from $5 billion a year ago. Refining profits fell from $1.4 billion to $1.2 billion and profits from its chemical business fell to 949 million from $1.4 billion
Revenue grew to $88.98 billion from $82.05 billion a year earlier. Higher crude oil and natural gas prices and improved marketing margins were partly offset by lower chemical margins.
Placed in perspective, Exxon's revenue for the three-month period was still greater than the annual gross domestic product of some major oil producing nations, including the United Arab Emirates ($74.67 billion) and Kuwait ($55.31 billion), according to statistics maintained by the Central Intelligence Agency.
Exxon said it invested $4.8 billion in capital and exploration projects, a 41 percent increase from 2005.
"In the first quarter of 2006, the results of our continuing long-term investment program contributed to a 5 percent increase in production," Exxon chief executive said in a prepared statement.
Exxon also said it returned $7 billion to shareholders through dividends of $2 billion and buying back $5 billion worth of shares.
The only one that I use in a comparable volume of consumption is water.
and how much to the US GOvt. take in on that?
As it should be.
Your point is???
>>>good points, however, when trying to reason with those consumed by ENVY, all the logic and facts will make little difference. >>>
Consumed by envy eh? Nice to see that you think more highly of yourself than deserved on your people judging skills.
No not envy, just common sense. Go ahead, keep applauding high gas prices. When the economy starts dipping because of higher prices of EVERYTHING, you won't be sooooo giddily happy for Exxon.
>>>Yes, CHEAP. Is ethanol cheaper than gasoline per gallon? Just name one liquid that is cheaper per gallon, ok?
If your car could run on 100% ethanol, you would be paying 50 cents/gallon more!! LOOK IT UP.
Yes, gas is CHEAP.
Just name one, ok?>>>
So by your logic, supply and demand go right out the window. Name one product that is consumed more by the gallon than gasoline. Just name one, ok????
>>>but it's for the children...>>>
What the heck are you yapping about?
Is that the ONLY product you can come up with? <--still waiting for that list of liquids
>>>I used to think that this was a conservative site--with common sense, logic and informed reason prevailing well above sites like DU. But you would never know it by what some post on here...lol>>>
Riiight, because you set the standard of 'conservative', right? If someone disagrees with you, they must not be 'conservative'. Arrogance at it's highest.
that was sarcasm my friend.
libs like to claim they're 'doing it for the children'.
By my logic, even gas is CHEAP! With a huge demand (as you alluded to--other than water, of course it is the highest,,,,geeez) you would think that gas would be much higher, right?
So because gas is highly consumed--in spite of increasing market demand)--you have a NATIONAL BIRTHRIGHT TO CHEAP GAS? wow....this keeps getting better and better....lol
as long as W loves amnesty, how about some tax amnesty for
"Big Oil" ?
Geeeze... Do you know what the daily household consumption of water is? Try paying over $3 per gallon for it then we'll talk.
Hmmmm ... not a word about the profit margin. Is it too high? Too low? About the same as other companies? Better or worse than Microsoft? Or Wal-Mart?
>>>And you can't even BUY BOTTLED WATER AT THE STORE FOR LESS THAN THAT! Thanks for making my point.
Is that the ONLY product you can come up with? <--still waiting for that list of liquids>>>
Of course you can! Bottled water by the gallon runs about a dollar. Unless of course you make stupid choices like buying a 20 oz bottle for $1.29, which would just be stupid. Just like paying .50 a gallon more in a matter of weeks when there is no justification for it other than profits for oil companies. Of course if you are ok with that.... I'm not. Of course in the capitalist world, competition would affect some, but not with the collusion going on.
Who pays for all this?..
And thats ONLY for crude oil, gasoline and other products made form oil.. actually the products made from oil are taxed too.. not included in these figures.. And the profit and taxes made on other forms of energy..
It should illegal to TAX.... ALL FORMS OF ENERGY..
Because the givernment ADDS NOTHING... and is a parasitical aggression on the economy.. raising the price of EVERYTHING.. Taxing energy, ANY form of energy, depresses the economy..
Theres a bill for Congress to pass.. OUTLAW ALL TAXes on energy, ANY form of energy production, distribution, and use..
If someone disagrees with me with skewed, circular, irrational, liberal and slanted democratic logic, you bet I wouldn't classify them as conservative.
Again, please cite where I said that. Since you MADE UP THAT ASSUMPTION out of clear air--arrogance is something you are likely VERY FAMILIAR WITH!
Have a nice day...:)
>>>that was sarcasm my friend.
libs like to claim they're 'doing it for the children'.>>>
What do libs and children have to do with me? My mention of families? Are you so brainwashed by Sean Hannity that you have to spout phrases instead of actually listening to an argument?
My point is that if families are forced to stop spending in other areas, such as clothing, food out to dinners, etc... then the economy will eventually suffer. Since the clothing store's profits will fall, the waitress will not make as much and be forced to spend less herself, etc...
But you go ahead and root for the big oil to make billions of dollars. They will be the only ones.
Gasoline costs the same as water at the store--yet you have to go to some god-forsaken place of the world to find oil, get it out of the ground while someone is shooting at you,,,,transport it while some nut-case it shooting at you,,put it on a tanket at $300,000/day (ok, no one is shooting at you anymore),,,transport it across the ocean,,,,refine it,,,,add additives to meet govt blend requirement,,,,transport and insure it again to gas stations,,,,and ALL FOR THE PRICE OF WATER???
Wow--I would say that's an incredible bargain, wouldn't you?
With that logic, no need to respond..LOL
>>>By my logic, even gas is CHEAP! With a huge demand (as you alluded to--other than water, of course it is the highest,,,,geeez) you would think that gas would be much higher, right?>>>
So I met your highly shouted demand and now you back down and change your tune. Figures.
>>>So because gas is highly consumed--in spite of increasing market demand)--you have a NATIONAL BIRTHRIGHT TO CHEAP GAS? wow....this keeps getting better and better....lol>>>
Repeating your little catch phrase doesn't make it any less stupid.
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