Exxon sees record profits for any U.S. company
January 31, 2006
Exxon Mobil Corp. posted record profits for any U.S. company on January 30 — $10.71 billion for the fourth quarter and $36.13 billion for the year — as the world''s biggest publicly traded oil company benefited from high oil and gas prices and demand for refined products, the Associated Press reports. The results exceeded Wall Street expectations and Exxon shares rose nearly 3 percent in morning trading. The company''s earnings amounted to $1.71 per share for the October-December quarter, up 27 percent from $8.42 billion, or $1.30 per share, in the year ago quarter. The result topped the then-record quarterly profit of $9.92 billion Exxon posted in the third quarter of 2005. Exxon''s profit for the year was also the largest annual reported net income in U.S. history, according to Howard Silverblatt, a stock market analyst for Standard & Poor''s. He said the previous high was Exxon''s $25.3 billion profit in 2004. Exxon''s results lifted the combined 2005 profits for the country''s three largest integrated oil companies to more than $63 billion.