ExxonMobil reports largest net income in U.S. history
What a Crock!!!
Exxon Mobil posts record 4th-quarter profit of $10.71 billion
By LYNN J. COOK
ExxonMobil reported today it earned $10.7 billion on sales of $99.7 billion in the fourth quarter of 2005, making it the best quarter the company has ever seen.
For the full year, ExxonMobil, the largest public traded energy company in the world, booked profits of $36 billion on sales of $371 billion.
Howard Silverblatt, a stock market analyst for Standard & Poor's, told the Associated Press that ExxonMobil's profit for the year was the largest annual reported net income in U.S. history. The previous high was ExxonMobil's $25.3 billion profit in 2004, according to Silverblatt.
ExxonMobil also raised its dividend by another 10 percent. The cash dividend of 32 cents per share will be payable on March 10.
Henry Hubble, ExxonMobil's vice president of investor relations, said in a conference call this morning that the company has paid a dividend for more than 100 years and has raised it for the last 23 years in a row.
In the exploration and production segment, ExxonMobil's quarterly profits exploded to $7 billion, thanks to high crude oil and natural gas prices. In the refining and marketing segment, the company posted a profit of $2.39 billion for the three-month period, thanks to higher refinery margins.
In a written statement, ExxonMobil Chairman Rex Tillerson said, "There is a great deal of public interest in global energy prices. We recognize that consumers worldwide want and need reliable supplies of affordable energy — to fuel their vehicles, light and heat their homes and run their businesses.
"Our strong financial results will continue to allow us to make significant, long-term investments requires to do our part in meeting the world's energy needs."
In mid-morning trading, ExxonMobil's shares jumped $1.68 to $62.97 per share on the news.
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