tagged w/ profit
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HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company, says it shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter. bolstered
Bolstered by this summer's record crude prices, the Irving, Texas-based company said Thursday that net income jumped nearly 58 percent, or $2.86 a share in the July-September. That compares with $9.41 billion, or $1.70 a share, a year ago.
The previous record for U.S. corporate profit was set earlier this year, when Exxon Mobil earned $11.68 billion in the second quarter.
Revenue rose 35 percent to $137.7 billion.
On average, analysts expected the company to earn $2.39 per share in the latest quarter on revenue of $131.4 billion.HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company,... more
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Exxon Mobil Corp., the world's largest publicly traded oil company, says it shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.Exxon Mobil Corp., the world's largest publicly traded oil company, says it... more
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LONDON (Reuters) – British oil major BP Plc (BP.L) may have marked the oil industry's high point by reporting a record $10.0 billion third quarter replacement cost profit on Tuesday, as the recent collapse in crude prices ensures a tougher outlook.
Europe's second-largest non-government controlled oil company by market value said the forecast-beating earnings showed a turnaround under Chief Executive Tony Hayward was delivering results.
BP shares were up 2.11 percent at 447.75 pence, retreating from opening highs at around 472 pence but still outperforming the DJ Stoxx European oil and gas sector index (.SXEP) at 4:58 a.m. EDT.
"They are particularly impressive results," said Jason Kenney, oil analyst at ING in Edinburgh. "We will just have to see how long the oil price stays low or lower."
BP added that, even though oil prices may fall further, it remained committed to growing dividends. Investors had feared these could come under pressure after crude fell from a record above $147/barrel in July to around $64 now.
LONDON (Reuters) – British oil major BP Plc (BP.L) may have marked the oil... more
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Whilst the number of letters being delivered by British post has fallen by five million a day, the Royal Mail has doubled its operating profit to £177 million in the last six months.
Whilst the number of letters being delivered by British post has fallen by five... more
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Department store operator Macy's has slashed its 2008 profit outlook, as a softening economy has consumers scaling back on spending.Department store operator Macy's has slashed its 2008 profit outlook, as a... more
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ExxonMobil CEO and chairman Rex Tillerson defended his company's staggering $11.7 billion in profits for the second quarter, saying that the company's earnings reflected the magnitude of its business operation.
"I saw someone characterize our profits the other day in terms of $1,400 in profit per second. Well, they also need to understand we paid $4,000 a second in taxes, and we spent $15,000 a second in cost," Tillerson told ABC News' Charles Gibson. "We spend $1 billion a day just running our business. So this is a business where large numbers are just characteristic of it."
ExxonMobil earned the best quarterly profit ever for a corporation, up 14 percent from last year but still below investors' expectations. While Wall Street was slightly disappointed by Exxon's earnings, some Americans were outraged by what they saw as big oil profiting at their expense. Tillerson recognized that consumers are angry about the escalating price of gas.
"I can understand why people are very upset and why they're very worried and concerned about their ability to deal with these high prices," Tillerson said. "It does bother me that much of that is directed at us. Our job is to provide energy, to provide it in a means that is reliable. And we hope we can provide it in a means that's convenient as well to the consumer."
When asked whether he agreed with Phil Gramm, Sen. John McCain's former economic adviser, who labeled America as a "nation of whiners," Tillerson said he empathizes with American consumers.
"I don't think there's any question that if these prices -- $3.50, $4 a gallon for gasoline -- and the follow-through effects on the cost of electricity [are] causing a lot of problems for a lot of Americans. ... Their budgets just are very difficult for them to accommodate this."
Supply and Demand
But Tillerson also said that the combination of new technology on the supply side and energy efficiency on the demand side will make gas more affordable for the average American.
"What we can do is add new supply and to provide means for people to use the energy more efficiently, which will help reduce demand," Tillerson said. "And that's what we're spending a lot of our effort doing, is working on both sides of the demand equation and the supply equation."
Tillerson's suggestions for energy efficiency echoed recommendations by presumptive Democratic nominee Sen. Barack Obama, who called for tire-inflation and proper car tuneups to provide relief to distressed voters.
"Things like providing lighter weight tires, tires that retain their pressure more efficiently, lighter weight plastics to go into vehicles to reduce vehicle weight" will help consumers use gas more efficiently, according to Tillerson.
Energy has been center stage on the campaign trail, with both Democrat and Republican sides attacking one another's proposals and calling for energy independence.
But Tillerson added that energy independence is "not realistic for the United States or almost any other country."
"I'm not sure that it's even desirable for the United States to pursue that as a goal," he said. "Our country's economy is so interdependent with the rest of the world in so many areas of, not just commodities, but capital markets. ... So I'm not sure why we would view energy any differently than the way we view the rest of our economy."
The Next Generation
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ExxonMobil CEO and chairman Rex Tillerson defended his company's staggering $11.7... more
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