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Archive for Friday, October 28, 2005

Exxon Mobil profit, sales reach record

October 28, 2005

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— Exxon Mobil Corp. rewrote the corporate record books Thursday as the oil company's third-quarter earnings soared to almost $10 billion and it became the first public company ever with quarterly sales topping $100 billion.

Anglo-Dutch competitor Royal Dutch Shell PLC wasn't far behind, posting a profit of $9 billion for the quarter.

Those results led Democrats in Congress to demand a new windfall profits tax.

But Energy Secretary Samuel Bodman said President Bush opposes such a move and is instead considering a wide range of proposals to help cushion consumers, including the creation of an emergency reserve of gasoline and other refined products.

Thursday's outsized earnings are a result of surging oil and natural gas prices that pushed pump prices to record territory after Hurricane Katrina.

Comments

pz5g1 9 years, 1 month ago

For about a hundred bucks you can buy a share of XOM and get enrolled in its dividend reinvestment program. This has been a solid company for decades. If you've got a long-term investment horizon and could sock away more cash (as little as $50 at a time) into the account occassionally, you'd have a nice little position in 20 or 30 years.

just_another_bozo_on_this_bus 9 years, 1 month ago

Wonder if they'll ever use any of those $billions to pay for damages they owe in the Valdez oil spill, or just use their vast wealth to continue delaying paying the fines and damages.

We know they'll continue buying politicians so that there are few available options to oil.

pz5g1 9 years, 1 month ago

If politicians are responsible for finding alternative energy sources then we're all in trouble. I'm not familiar with the legal details of the Valdez but a quick Google search indicates they've completed paying their fine which was around a billion dollars. Maybe there are other aspects to the case. Actually, you could open an account for only $50 a month if you could afford that for five consecutive months.

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