Exxon reports record profit of nearly $16 billion


Steve Hargreaves, CNNMoney

NEW YORK (CNNMoney) – Exxon Mobil reported a quarterly profit of nearly $16 billion Thursday — the highest ever for a U.S. corporation.

The number beat out the previous quarterly record of $14.83 billion set in the third quarter of 2008, also by Exxon.

But this quarter’s massive number includes $7.5 billion from “divestments and tax-related items,” partly from the sale of refining and chemical operations in Japan.

Excluding that special credit, the company made $8.4 billion, down 21% from the $10.7 billion Exxon made in the same period last year as falling oil and natural gas prices cut into earnings.

Exxon said its combined production of oil and gas decreased 5.6% from year-earlier levels — also a worrying trend for investors.

Exxon’s quarterly profit of $15.9 billion came on revenues of $127.4 billion, giving it a profit margin of just over 12%.

The lackluster economy caused oil…

View original post 275 more words

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s