Exxon's mother of all profits

Team Infidel

Forum Spin Doctor

OIL giant Exxon Mobil has ridden soaring energy prices to a world record $US36.13 billion ($A48.15 billion) profit.

The company, a major producer in the Bass Strait, saw its profit increase 43 per cent in 2005, up from $US25.33 billion in 2004.

Exxon Mobil has been the most profitable company in the US for four of the past five years.
Its December quarter profit of $US10.71 billion outstripped BHP Billiton's full-year result in 2004-05 by more than 60 per cent.
BHP's $US6.5 billion ($A8.66 billion) profit was an Australian record.

Exxon Mobil chairman Rex W. Tillerson attributed the mammoth result to higher crude oil and natural gas prices and improved refining and marketing margins.
The chiefs of America's largest oil companies were recently called before a Senate committee to defend their lofty margins in the face of soaring petrol prices.
The four largest US oil companies -- Exxon Mobil, Chevron, ConocoPhillips and Marathon Oil -- earned $US19.8 billion in the three months to December 31, a 34 per cent increase on the previous year.
Mr Tillerson yesterday recognised the public interest surrounding rising global energy prices.
"We recognise that consumers worldwide want and need reliable supplies of affordable energy," he said.
"Our strong financial results will continue to allow us to make significant, long-term investments required to do our part in meeting the world's energy needs."
The price of oil has risen more than 50 per cent in the past 12 months and is hovering around $US68 a barrel.
Australian companies are also benefiting from the price hike.
Caltex, which is half-owned by Chevron, is forecasting a 21 per cent jump in profits for the year to December 31, 2005.
Woodside Petroleum recently reported record production and sales, putting it on track for a $A1 billion-plus profit, while Santos is expected to almost double its profit to more than $A600 million when it reports this month.
The previous record for a company profit was held by US telco MediaOne Group, now a part of AT&T.
 
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