As prices at the pump continue to climb, so, too, do the
profits of the major oil companies.
Reuters reported that in the first quarter of 2006,
ExxonMobil had a net income of $8.4 billion, up from $7.86 billion in the first
quarter of 2005.
Revenue, meanwhile, jumped to $88.98 billion in 2006, up
from $82.05 billion in 2005. Revenue represents the amount of business brought
in by a company in a given time frame, regardless of profit or loss.
ExxonMobil isn’t the only oil company raking it in.
Reuters reported that net income for ConocoPhillips
jumped to $3.29 billion for the first quarter, up from $2.91 billion in the
same quarter in 2005. Revenue for that company was also up, at $47.9 billion
for 2006, compared to $38.9 billion in 2005.
At least one company, however, reported a drop. BP Amoco PLC
reported that its first quarter net income fell from $6.6 billion in 2005 to $5.6
billion in 2006.
The company blamed rising taxes and a drop in production in
the Gulf of Mexico following last year’s hurricanes for the drop in profits,
according to a press release.