Mixed Messages On Oil Industry Earnings (Wizbang)

Exxon Quarterly Profit 5th Highest Ever

Exxon Mobil Corp., the world's largest oil company, reported Thursday the fifth highest quarterly profit for any public company in history, posting gains from higher oil prices that were likely to stoke the furor over outsized oil company earnings.

Oil Industry Earnings Disappoint Street

NEW YORK - Oil companies fueled the firestorm over high energy prices Thursday as several of the nation's largest firms reported soaring quarterly profits, but for Wall Street, the earnings weren't high enough.

Exxon Mobil Corp., the world's biggest oil company, posted an $8.4 billion profit in the first quarter, but the results fell shy of analysts' target. Marathon Oil Corp. disappointed the Street despite doubling its quarterly profit, and Apache Corp. missed estimates on an 18 percent increase in earnings.

The problem is that in January 2006, Exxon reported the highest quarterly profit for any public company in history: $10.71 billion for the fourth quarter of 2005, which is a hard act to follow...

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Comments (5)

...unless you consider retu... (Below threshold)

1. Posted by cirby | April 27, 2006 5:00 PM | Score: 0 (0 votes cast)

cirby:

...unless you consider return on investment, in which case Exxon looks pretty wimpy.

$8.4 billion profit on a company worth $384 billion?

Not great.

Posted on April 27, 2006 17:00

God golly this country is f... (Below threshold)

2. Posted by Tim McNabb | April 27, 2006 5:22 PM | Score: 0 (0 votes cast)

Tim McNabb:

God golly this country is full of economic/business imbeciles

Posted on April 27, 2006 17:22

The governments take was 16... (Below threshold)

3. Posted by frankfucszeroiq | April 27, 2006 7:37 PM | Score: 0 (0 votes cast)

frankfucszeroiq:

The governments take was 16 billion, and they did,nt lift a finger to produce refine or take any business risks at all.. now what is wrong with this picture?

Posted on April 27, 2006 19:37

This country is brim-full w... (Below threshold)

4. Posted by McGehee | April 27, 2006 8:17 PM | Score: 0 (0 votes cast)

McGehee:

This country is brim-full with people who don't understand what the phrase "profit margin" really means.

Posted on April 27, 2006 20:17

Hmmm.1. What frank... (Below threshold)

5. Posted by ed | April 28, 2006 12:11 PM | Score: 0 (0 votes cast)

ed:

Hmmm.

1. What frankly amazes me are the vast number of people who are bitching about paying $0.25 more per gallon of gas but don't blink an eye at paying $150 for Windows XP.

Aren't they aware of the ridiculous profit margin that Microsoft has?

2. The reason why the market was disappointed is because they were expecting better numbers.

Posted on April 28, 2006 12:11

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