$3/gal gas prices aren't bad for everyone.
$3/gal gas prices aren't bad for everyone.
Exxon Mobil 2Q profit jumps 36 percent By STEVE QUINN, AP Business Writer
1 hour, 6 minutes ago
DALLAS - Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company's revenue by 12 percent to a level just short of a quarterly record.
Exxon Mobil's report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion in the quarter and at a time when many drivers in the U.S. are paying $3 for a gallon of gas — increasing the likelihood of further political backlash in Washington.
Exxon Mobil, the world's largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.
Analysts polled by Thomson Financial expected the company to earn $1.64 per share.
Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion — which also stands as record revenue generated by any U.S. public company ever in a single quarter.
Its shares rose 85 cents to $67.45 in premarket trading. That would top its 52-week high of $67.18.
Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.
By segment, exploration and production earnings rose sharply to $7.13 billion, up $2.23 billion from the second quarter of last year, a reflection of higher crude and natural gas prices. Production increased 6 percent from a year ago and 9 percent if the impact of divestments and entitlements are excluded.
The company's refining and marketing segment reported a $264 million earnings increase to $2.48 billion, the result of stronger refining margins, slightly offset by weaker marketing margins.
Exxon's chemical business saw earnings rise $26 million to $840 million.
1 hour, 6 minutes ago
DALLAS - Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost the company's revenue by 12 percent to a level just short of a quarterly record.
Exxon Mobil's report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion in the quarter and at a time when many drivers in the U.S. are paying $3 for a gallon of gas — increasing the likelihood of further political backlash in Washington.
Exxon Mobil, the world's largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.
Analysts polled by Thomson Financial expected the company to earn $1.64 per share.
Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion — which also stands as record revenue generated by any U.S. public company ever in a single quarter.
Its shares rose 85 cents to $67.45 in premarket trading. That would top its 52-week high of $67.18.
Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.
By segment, exploration and production earnings rose sharply to $7.13 billion, up $2.23 billion from the second quarter of last year, a reflection of higher crude and natural gas prices. Production increased 6 percent from a year ago and 9 percent if the impact of divestments and entitlements are excluded.
The company's refining and marketing segment reported a $264 million earnings increase to $2.48 billion, the result of stronger refining margins, slightly offset by weaker marketing margins.
Exxon's chemical business saw earnings rise $26 million to $840 million.
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Read an analyst report today that if another Katrina like weather event occurs in the south, prices could easily reach $100+ a barrell ... translating to $5/gallon+ at the pumps.yeti wrote:Energy stocks are an obvious choice. I was about 40% cash but just moved about half that into energy.
A little late, but hey I am not exactly a pro and it is a good move nonetheless.
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2pink1stink wrote:let's hope so.XtremeJibber2001 wrote:
Read an analyst report today that if another Katrina like weather event occurs in the south, prices could easily reach $100+ a barrell ... translating to $5/gallon+ at the pumps.
Yup. keep your fingers crossed. No crowds, fresh tracks!
Ron Paul 2012
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I can, but I work for a big investment bank that has 1000's of business relationships with all sorts of companies. If we're doing a deal and have non-public information regarding a client I'm restricted form trading, which isn't a lot of fun when your positions are bleeding and you can't get out. It's just not worth it to buy individual securities.XtremeJibber2001 wrote:No investing outside your 401k?Cityskier wrote:My job restricts me from buying most of the stocks I'd be interested in, but my Vanguard Energy Fund has been the star of my 401(k).
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Big bummer. Yea, you and me both BK, haha.BigKahuna13 wrote:pssst.....psssst......for a few points I'll invest your money for ya. :)Cityskier wrote:My job restricts me from buying most of the stocks I'd be interested in, but my Vanguard Energy Fund has been the star of my 401(k).
I think I might make the move from tech to business/investing sometime in the future ... guess we'll see. But what a odd/awful perdicament you're in CS.
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I've owned Mobil, now ExxonMobil, since 1986 when crude was at $8/bbl. It's been good over that time, but not great by any measure.
"Abandon hope all ye who enter here"
Killington Zone
You can checkout any time you like,
but you can never leave
"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
F. Scott Fitzgerald
"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe
Killington Zone
You can checkout any time you like,
but you can never leave
"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
F. Scott Fitzgerald
"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe
Why would another Katrina drive Barrels up to $100? We do not produce that much oil in the gulf, we Process it, which is why Heating oil and gasoline went up, even though the cost of a barrel at that time remained relatively stable.XtremeJibber2001 wrote:Read an analyst report today that if another Katrina like weather event occurs in the south, prices could easily reach $100+ a barrell ... translating to $5/gallon+ at the pumps.yeti wrote:Energy stocks are an obvious choice. I was about 40% cash but just moved about half that into energy.
A little late, but hey I am not exactly a pro and it is a good move nonetheless.
Now if Iran suddenly launches an attack on Isreal through Lebanon or something, then all bets are off and the $100/brl is nearly a given.
MUST STOP POSTING ! MUST STOP POSTING !
Shut up and Ski!
Why's Everybody Always Pickin on Me?
Shut up and Ski!
Why's Everybody Always Pickin on Me?
- tyrolean_skier
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Anyone that works for a company regulated by the SEC must obtain prior approval before making any move on any individual stocks. That was the case for me as well when I had my last job. You could have money in mutual funds because you did not make the decision on how the money is moved around.XtremeJibber2001 wrote:Big bummer. Yea, you and me both BK, haha.BigKahuna13 wrote:pssst.....psssst......for a few points I'll invest your money for ya. :)Cityskier wrote:My job restricts me from buying most of the stocks I'd be interested in, but my Vanguard Energy Fund has been the star of my 401(k).
I think I might make the move from tech to business/investing sometime in the future ... guess we'll see. But what a odd/awful perdicament you're in CS.