Fourth-quarter earnings top targets for world's largest oil company
Exxon Mobil Corp. posted record profits for any U.S. company on Monday — $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 natural-gas prices and solid demand for refined products.
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 senior index analyst for Standard & Poor’s. He said the previous high was Exxon’s $25.3 billion profit in 2004.
The company said its average sale price for crude oil in the U.S. during the quarter was $52.23 a barrel, compared with $38.85 a year earlier. It sold natural gas in the U.S., on average, for $11.34 per 1,000 cubic feet, compared with $6.61 during the same period a year ago.
Exxon’s results lifted the combined 2005 profits for the country’s three largest integrated oil companies to more than $63 billion.
ConocoPhillips said last Wednesday that its fourth-quarter earnings rose 51 percent to $3.68 billion, while annual income climbed 66 percent to $13.53 billion. Two days later, Chevron Corp. said its fourth-quarter earnings rose 20 percent to $4.14 billion, while annual income jumped 6 percent to $14.1 billion.
While we in Wisconsin are talking about how to fund heating for mid to low-income folks, and Chavez's Citgo is giving discounted heating oil to America's poor and Appleton Public Schools are cutting teachers to pay for bus fuel: