The Mudcat Café TM
Thread #87545 Message #1657919
Posted By: Amos
30-Jan-06 - 01:44 PM
Thread Name: BS: Bush Iraq Propaganda Campaign
Subject: RE: BS: Bush Iraq Propaganda Campaign
In other news of related interest:
NEW YORK (Reuters) - Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), the world's largest publicly traded oil company, on Monday reported a quarterly profit of $10.7 billion, capping a year of record earnings dominated by surging oil and gas prices.
The results pushed up Exxon's profit for the year to a staggering $36.13 billion -- bigger than the economies of 125 of the 184 countries ranked by the World Bank. Profit rose 42 percent from 2004.
The company and its peers have come under fire for posting billions in profit while consumers struggle with high gasoline prices. Exxon was quick to emphasize that such results would help it make long-term investments to meet energy demand.
The Irving, Texas company's fourth-quarter net income rose 27 percent, to $10.71 billion, or $1.71 a share, from $8.42 billion, or $1.30 a share, a year earlier. Revenue was just shy of $100 billion.
Excluding a special gain, the company earned $1.65 per share, handily beating the average forecast of $1.45 among analysts polled by Reuters Estimates.
"It's an exceptionally strong quarter -- they're the world's most profitable company," said Robert Lutts, president of Cabot Money Management. "It could raise eyebrows among some, but they're doing their job."
Exxon shares were up $1.84, or 3 percent, at $63.13 in late-morning trade on the New York Stock Exchange.