Exxon Mobil achieves the biggest quarterly profit in US by Petra Kamenicka

Exxon Mobil is the world’s largest publicly traded oil company. Representatives of this company released on Thursday their profit report. Exxon Mobile achieved in second quarter the biggest operating profit in American corporate history. Company turned a profit of $11,7 billion, profit was lifted mainly by record-breaking crude prices. The profit rose 14% from a year ago. Net income a share is $2,22, compared with $1,83 a share in the quarter a year ago. In the quarter a year ago, a revenue was 98,4 billion, this year’s revenue is 138,1 billion. This represents 40% growth.
Despite these successful results, Exxon Mobil took a beating - mainly from consumers-drivers who spend huge amounts of cash at gas stations and investors who expected even more. Analyst have expected Exxon Mobil to earn $2,52 per share or $144 billions.
Exxon Mobil is not the only one company reporting excessive profits. Royal Dutch Shell, the largest oil company in Europe reported in second quarter a 33% increase in profit. A high oil prices have contributed to this profit even as production declined. The profit in Royal Dutch Shell rose to $11,56 billion from $8,67 billion. Even Shell’s smaller competitor BP reported a 28% increase in profit. The oil company Eni from Italy achieved a 52% growth of profit.
Some investors and financial analysts might be delighted by this Thursday’s reports. But ordinary American drivers feel desperate when paying for gasoline on gas stations. Some Americans feel like being ripped off. Ameriacan society hopes, that oil companies will use their vast profit for investing into renewable sources of energy.


related story: http://www.iht.com/articles/2008/07/31/business/31exxon.php

by Petra Kamenicka for PocketNews (http://pocketnews.tv)

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posted by Lucia Adamova