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Old 02-01-07, 02:05 PM   #1
georgiaboy
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Exxon Sets Record on Annual Profits

http://www.nytimes.com/2007/02/01/bu...=1327986000&en


February 1, 2007
Exxon Sets Record on Annual Profits

By CLIFFORD KRAUSS
HOUSTON, Feb. 1 — Exxon Mobil reported a record annual profit on Thursday but a modest decline in fourth-quarter earnings because of falling oil and gas prices. Meanwhile, its competitor Royal Dutch Shell reported an unexpected rise in quarterly earnings, a sign that the industry is still going strong.

The results followed reports by other energy companies in recent days that said easing commodity prices, declining refining and chemical earnings, rising steel and labor costs and higher royalties and taxes had hurt their bottom lines somewhat.

But the shortfalls at all the major companies, including Occidental, ConocoPhillips and Hess, have come after record or near-record previous quarters. With oil and gas prices on the upswing again in recent days, few analysts think the bonanza of profits that energy companies have enjoyed in recent years will end anytime soon.

Exxon, the world’s largest publicly traded oil company, reported profit of $10.3 billion in the fourth quarter. That represented a decline of 4.3 percent from its record profit in the fourth quarter of 2005 and was Exxon’s first quarterly decline in almost three years.

But for the year, Exxon’s profit rose 9 percent from 2005 results to a record of $39.5 billion, the largest annual profit ever for an American company.

Oil prices for the quarter ranged between $55 and $63 a barrel, averaging just shy of $60. That represented a 15 percent decline from the third quarter and was less than 1 percent lower than the fourth quarter of 2005.

Shell reported a profit $5.28 billion, a 21 percent rise from the fourth quarter of 2005. Shell’s annual income of $25.4 billion was also a record.

Production rose 4.1 percent to 3.65 million barrels of oil a day in the fourth quarter.

Oil prices in 2006 averaged $66, $10 higher than the year before, according to a recent Citigroup report on the energy industry. Oil prices reached a high of $77 in July, but they have declined to the low-to-mid $50s due to generally warm weather and the perception of easing tensions in much of Middle East since then.

Natural gas prices declined through much of the year from their peak following the exceptionally active hurricane season in 2005. But they have remained historically high despite the unseasonably warm winter in much of the country.

Henry Hub natural gas prices averaged $6.3 per million cubic feet in the latest quarter, down 46 percent from the fourth quarter in 2005.
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Old 02-01-07, 02:11 PM   #2
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Long live the Hummer!
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Old 02-01-07, 02:29 PM   #3
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Capitalism, ain't it great !!

I'm sure there are a lot of happy stockholders and employees.
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Old 02-01-07, 02:41 PM   #4
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Good for them. I hope you own some Exxon shares.
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Old 02-01-07, 03:17 PM   #5
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Originally Posted by dobber
Capitalism, ain't it great !!

I'm sure there are a lot of happy stockholders and employees.
Stockholders are so so most of the move has been made when oil was going up to 70's, employees are happy they get nice bonus, top managers are really happy especially the ceo, cfo, coo, .. I think one ceo retired with 650million package or something outrageous.

I think they need to repeal the tax break oil companies got when oil was at 10 bucks. since we are giving subsidies when oil is low we might as well tax them more when it's higher. they shouldn't call it windfall tax... sounds so petty.. call it justified reimburstment for the subsidies they recieved for the last 20 years.
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Old 02-01-07, 03:48 PM   #6
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Yet they'll still tell you that most of that profit went back into the company and refineries. (Read: company and refineries = executives and shareholders pockets)

Every year they make record earnings, yet the price of gas still rises. (hence, the record earnings...)

Man, I need to invest $$ in Exxon-Mobil stock!
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Old 02-01-07, 03:55 PM   #7
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Quote:
Originally Posted by dobber
Capitalism, ain't it great !!

I'm sure there are a lot of happy stockholders and employees.

Great indeed, and this at a time when oil prices collapsed in the last few months after every economic luddite said they would be $90 a barrel by winter. Just imagine the whining and complaining we would hear from social service government bureaucracies if their sources of funding were slashed that much.

Similarly, all the luddites who suggested oil and gas prices would 'soar after the election went by' have been proven wrong as well.

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Old 02-01-07, 03:56 PM   #8
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They aren't stupid, the government has been giving them massive tax breaks for years IIRC the current numbers exceed $10 billion, and they aren't putting crap back into the infrastructure, why do you think there was a problem with the pipeline in Alaska? They all but admitted that they hadn't been doing PM on it. They know peak oil is coming and they are trying to get all they can while they can.

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Old 02-01-07, 03:56 PM   #9
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too bad Exxon STILL hasnt paid its bill for the Valdez spill
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Old 02-01-07, 04:01 PM   #10
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Quote:
Originally Posted by Gee3
Yet they'll still tell you that most of that profit went back into the company and refineries. (Read: company and refineries = executives and shareholders pockets)

Every year they make record earnings, yet the price of gas still rises. (hence, the record earnings...)

Man, I need to invest $$ in Exxon-Mobil stock!
Shareholders do not pocket much, all they get is increased stock price and maybe extra dividend. Depending on when you bought this stock you will be up from 5%-100% in the last 5 years. On the other hand the executives will be getting filthy rich... all those stock-buy back is the company buying back the stock they gave to the executives in grants and options. It's a beautiful set-up for the top execs... too bad so many got greedy and ruined it somewhat for the rest with enron, aldephia, worldcom, bre-x, oracle, seible, either cooking the books, or just paying themselves 50% of all the profit the company made or more.
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