Archive for the ‘Gas Prices’ Category

Exxon posts record $11.68 billion profit

World’s largest publicly traded oil firm makes $11.68 billion in the quarter, but misses forecasts.

By Steve Hargreaves, CNNMoney.com staff writer

NEW YORK (CNNMoney.com) — Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.

That profit works out to $1,485.55 a second.

That barely beat the previous corporate record of $11.66 billion, also set by Exxon in the fourth quarter of 2007.

But Exxon (XOM, Fortune 500) profit fell short of Wall Street estimates.

Analysts predicted the company, the world’s largest publicly traded oil firm, would make $12.1 billion in profit on $144.4 billion in revenue, according to Thomson Reuters.

Exxon shares fell about 2% in early trading on the New York Stock Exchange.

Excluding money set aside for a recent damage award related to the Valdez tanker spill back in 1989, Exxon made $11.97 billion in the quarter.

Read the rest of the article here – if you can stomach it!

BEN STEIN: I was just in a room with a whole bunch of speculators who are former Enron traders that are now trading natural gas and oil. And they’re laughing their heads off about how much they’re manipulating the price of oil. They couldn’t care less.

Keith Olbermann and the “Enron Loophole”

Thanks to Brent Burns