Exxon's quarterly profit $4 billion
Exxon Mobil Corp., the world's largest publicly traded oil company, said second-quarter profit rose 58 percent because of higher energy prices and improved performance by the refining business.
Net income rose to $4.17 billion, or 62 cents a share, from $2.64 billion, or 39 cents, a year earlier, the Texas-based company said. Revenue rose 12 percent to $57.16 billion from $50.8 billion.
Higher oil and natural-gas prices boosted profit from the production unit by 27 percent to $2.84 billion, and rising fuel sales led to a 50 percent jump in refining profit.
| ChevronTexaco's second-quarter profit nearly quadruples MICHAEL LIEDTKE, AP Business Writer |
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(08-01) 14:08 PDT SAN RAMON, Calif. (AP) -- ChevronTexaco Corp. said Friday its second-quarter earnings nearly quadrupled, and vowed to become even more profitable with a financial tune-up that will include selling nearly half its U.S. gas stations. The San Ramon-based oil giant earned $1.6 billion, or $1.50 per share, for the three months ended in June, up from net income of $407 million, or 39 cents per share, at the same time last year. Second-quarter revenue totaled $29.4 billion, a 16 percent increase from $25.3 billion last year. If not for a $117 million charge to reflect anticipated losses on assets that will be sold, ChevronTexaco said it would have earned $1.61 per share. That figure beat the consensus earnings estimate of $1.52 per share among analysts polled by Thomson First Call. |
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