Monday, February 11, 2008

Exxon and Chevron earnings soar on record oil prices

Exxon Mobil Corp said on Friday record oil prices propelled its quarterly and yearly profits to the highest-ever levels by a U.S. company.

Chevron Corp, the second-largest U.S. oil company, also posted an enormous profit in the quarter as crude prices, which reached more than $99 a barrel during the period, outweighed its relatively weak refining profits.

Exxon, the world's largest oil company not run by a state, fourth-quarter net income rose nearly 14 percent to $11.66 billion, or $2.13 a share, from $10.25 billion, or $1.76 a share, in 2006. Analysts, on average, were expecting earnings of $1.98 per share. ...
 

 

Posted by Peacedream

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