Exxon announces record profit  

Posted by Big Gav in ,

The SMH has an article on Exxon’s latest record profit announcement - Oil giant earns $10b in three months

Exxon earned nearly $US11 billion ($A10.15 billion) in the first quarter, a performance likely to land it in the centre of the national debate over high gasoline prices.
The world's largest publicly traded company on Thursday reported net income of $US10.65 billion ($A9.83 billion), or $US2.14 per share, in the first three months of the year. That compares with $US6.3 billion ($A5.81 billion), or $US1.33 per share a year ago. Revenue increased 26 per cent to $US114 billion ($A105.2 billion).

The results surpassed Wall Street estimates of $US2.04 per share on sales of $US112.6 billion ($A103.91 billion), according to FactSet.

The quarter was Exxon's best since it earned a record $US14.83 billion ($A13.69 billion) in 2008's third quarter. It comes at a time when some drivers are paying $US4 or more for gas and President Obama is threatening the oil industry's multibillion-dollar tax subsidies.
Earnings grew across the company's business segments. Income from its exploration and production business gained 49 per cent to $US8.7 billion ($A8.03 billion) while the company's downstream business, which includes refineries, posted a huge 30-fold jump to more than $US1.1 billion ($A1.02 billion). …

Europe's largest oil company, Royal Dutch Shell PLC, reported $US8.78 billion ($A8.1 billion) in first-quarter profits, up 60 per cent from a year ago. BP PLC's quarterly earnings rose 16 per cent to $US7.2 billion ($A6.64 billion). ConocoPhillips said net income grew 43 per cent to $US3 billion ($A2.77 billion) and Occidental Petroleum Corp said earnings climbed 46 per cent to $US1.55 billion ($A1.43 billion).

Exxon Mobil Corp increased earnings even though it produced less oil and natural gas liquids. Benchmark crude prices rose 20 per cent from a year ago.
The company has increasingly focused on producing natural gas. Exxon expects natural gas to displace coal as the second most important fuel source within the next decade, and last year it acquired XTO Energy to become the largest US natural gas producer.

0 comments

Post a Comment

Statistics

Locations of visitors to this page

blogspot visitor
Stat Counter

Total Pageviews

Ads

Books

Followers

Blog Archive

Labels

australia (607) global warming (394) solar power (377) peak oil (343) renewable energy (254) electric vehicles (221) wind power (184) ocean energy (163) csp (157) geothermal energy (144) solar thermal power (144) smart grids (139) tidal power (137) coal seam gas (130) oil (130) solar pv (127) nuclear power (126) energy storage (125) lng (116) china (113) geothermal power (112) iraq (112) green buildings (109) natural gas (108) agriculture (88) oil price (79) biofuel (78) smart meters (72) wave power (71) uk (68) electricity grid (67) energy efficiency (63) coal (62) google (57) bicycle (51) internet (51) shale gas (49) surveillance (49) food prices (48) big brother (47) thin film solar (42) canada (40) biomimicry (39) scotland (38) ocean power (37) politics (37) shale oil (37) tesla (37) new zealand (35) air transport (34) algae (34) water (34) concentrating solar power (32) queensland (32) saudi arabia (32) california (31) credit crunch (31) bioplastic (30) offshore wind power (30) arctic ice (29) population (29) cogeneration (28) geoengineering (28) batteries (26) drought (26) resource wars (26) woodside (26) bruce sterling (25) censorship (25) cleantech (25) ctl (23) economics (22) limits to growth (22) carbon tax (21) coal to liquids (20) distributed manufacturing (20) indonesia (20) iraq oil law (20) lithium (20) origin energy (20) brightsource (19) buckminster fuller (19) rail transport (19) ultracapacitor (19) exxon (18) santos (18) ausra (17) michael klare (17) atlantis (16) cellulosic ethanol (16) collapse (16) electric bikes (16) iceland (16) mapping (16) ucg (16) bees (15) concentrating solar thermal power (15) ethanol (15) geodynamics (15) psychology (15) brazil (14) fertiliser (14) lithium ion batteries (14) al gore (13) ambient energy (13) biodiesel (13) bucky fuller (13) carbon emissions (13) cities (13) investment (13) kenya (13) matthew simmons (13) public transport (13) biochar (12) chile (12) desertec (12) internet of things (12) otec (12) texas (12) victoria (12) cradle to cradle (11) energy policy (11) hybrid car (11) terra preta (11) toyota (11) amory lovins (10) fabber (10) gazprom (10) goldman sachs (10) gtl (10) severn estuary (10) tinfoil (10) volt (10) afghanistan (9) alaska (9) antarctica (9) biomass (9) carbon trading (9) distributed generation (9) esolar (9) four day week (9) fuel cells (9) jeremy leggett (9) pge (9) sweden (9) arrow energy (8) big oil (8) eroei (8) fish (8) floating offshore wind power (8) guerilla gardening (8) linc energy (8) methane (8) methane hydrates (8) nanosolar (8) natural gas pipelines (8) pentland firth (8) relocalisation (8) saul griffith (8) stirling engine (8) us elections (8) western australia (8) airborne wind turbines (7) bloom energy (7) boeing (7) bolivia (7) chp (7) climategate (7) copenhagen (7) vinod khosla (7) apocaphilia (6) ceramic fuel cells (6) cigs (6) futurism (6) jatropha (6) local currencies (6) nigeria (6) ocean acidification (6) scenario planning (6) somalia (6) t boone pickens (6) space based solar power (5) varanus island (5) garbage (4) global energy grid (4) kevin kelly (4) low temperature geothermal power (4) oled (4) tim flannery (4) v2g (4) club of rome (3) norman borlaug (2) peak oil portfolio (1)