Esso’s Profits: Over 80,000 Dollars Per Minute
Esso - Exxon Mobil Corp, the largest oil company in the world according to stock markets, has announced a new profit record for the fourth quarter of 2005, exceeding 10 billion US dollars. It is likely that these results will fan the political debate in the United States on the energy industry.
As oil, gasoline and natural gas prices continue their upward trend, Exxon’s net profits increased 27% compared to the same period in 2004. The corporation’s last quarter profits are the equivalent of $ 80,842.39 per minute, one of the highest quarterly profits ever recorded in business history.
Higher oil prices were the main reason behind these extraordinary results. The earnings from crude oil production and sales were 44 percent higher than in 2004. However, profits from Exxon’s operations of refining and refined fuel sales were up only 2% for the same period.
Exxon was the last of the major oil companies to release their profit statement for the last quarter. Chevron Corp last week reported a 20 percent increase, while ConocoPhillips saw its profits up 51 percent.
Exxon’s earnings sky rocketed even though the company reduced its fossil fuel production by 1% in comparison to the previous year.
Crude oil production increased by 2.5% its extraction of crude in Western Africa, Azerbaijan, and the North Sea, to compensate for the low outputs of fields located in the Gulf of Mexico, a region hard hit by hurricanes in 2005.
Exxon’s fantastic profits are expected to lead to calls in Washington for the adoption of measures to curb the profits of the oil industry, as occurred after the last quarter.
The country is displeased with the high price of energy.
Periodico26 Cuba
As oil, gasoline and natural gas prices continue their upward trend, Exxon’s net profits increased 27% compared to the same period in 2004. The corporation’s last quarter profits are the equivalent of $ 80,842.39 per minute, one of the highest quarterly profits ever recorded in business history.
Higher oil prices were the main reason behind these extraordinary results. The earnings from crude oil production and sales were 44 percent higher than in 2004. However, profits from Exxon’s operations of refining and refined fuel sales were up only 2% for the same period.
Exxon was the last of the major oil companies to release their profit statement for the last quarter. Chevron Corp last week reported a 20 percent increase, while ConocoPhillips saw its profits up 51 percent.
Exxon’s earnings sky rocketed even though the company reduced its fossil fuel production by 1% in comparison to the previous year.
Crude oil production increased by 2.5% its extraction of crude in Western Africa, Azerbaijan, and the North Sea, to compensate for the low outputs of fields located in the Gulf of Mexico, a region hard hit by hurricanes in 2005.
Exxon’s fantastic profits are expected to lead to calls in Washington for the adoption of measures to curb the profits of the oil industry, as occurred after the last quarter.
The country is displeased with the high price of energy.
Periodico26 Cuba
posted by Ottawa Gas Prices | 4:07 PM
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