Thursday, October 26, 2006
Exxon Mobil Posts $10.49B Profit in 3Q
DALLAS (AP) -- Oil industry behemoth Exxon Mobil's earnings rose to $10.49 billion in the third quarter, the second-largest quarterly profit ever recorded by a publicly traded U.S. company. Its shares briefly rose to a 52-week high.Oh well. Thought I could get away without a comment.
The report Thursday comes as high crude prices this year have fueled record profits in the oil industry, triggering an outcry from consumers who were being asked to pay about $3 a gallon [ed. somwhere in fantasy land, not here in the land of nearly 4 buck gas] for gasoline in early August.
If this is the second largest, what could possibly be the first?
The largest quarterly profit ever was Exxon Mobil Corp.'s $10.71 billion profit in the fourth quarter of 2005.It's enough to make a person a commie. Especially since their dividend rate currently runs less than 2 percent. WTF are they doing with it all?
The company may beat that next quarter, said Howard Silverblatt Standard & Poor's Senior Index Analyst. "Then in all likelihood they will be at that $40 billion mark for the year."
This work is licensed under a Creative Commons License.