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Oil companies report higher profits

ChevronTexaco, the last major U.S. integrated oil company to report results this quarter, said total revenues jumped to $40.72 billion from $30.84 billion a year earlier.

San Ramon, TX-based Chevron-Texaco said Friday that it earned $3.2 billion, or $1.51 per share, during the three months that ended in September. That compared with net income of $1.98 billion, or $1.01 per share, at the same time last year.

Exxon Mobil Corp. and ConocoPhillips, the largest and third-largest U.S. oil companies, both also reported sharply higher profits thanks to oil prices of more than $50 a barrel.

Exxon Mobil Corp., the world’s largest publicly traded oil company, said that quarterly profit surged 56 percent, driven by soaring oil prices and strong results from refining operations.

ConocoPhillips, based in Houston, reported a 53 percent jump in quarterly profit.

Oil prices, which have ballooned 60 percent this year due to fears of supply disruption in countries like Nigeria and Russia coupled with demand from growing economies like China and India, have delivered a windfall for oil producers.

Exxon’s third-quarter net income jumped to $5.68 billion, or 88 cents a share, compared with $3.65 billion, or 55 cents a share, in the year earlier period.

The Irving, TX-based company reported record earnings of $6.23 billion – its highest quarterly operating profit ever. Profit of 96 cents a share on that basis also easily beat Wall Street forecasts of 87 cents a share.

On an annualized basis, Exxon’s record earnings would surpass even the gross domestic product of nations like Paraguay and Afghanistan.

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