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Exxon Mobil reports record profit | Exxon Mobil reports record profit |
(about 6 hours later) | |
The world's largest publically listed company, the oil giant Exxon Mobil, has reported $40.6bn (£20.4bn) net profits during 2007, a record for a US company. | The world's largest publically listed company, the oil giant Exxon Mobil, has reported $40.6bn (£20.4bn) net profits during 2007, a record for a US company. |
Net profits surged to $11.66bn during the October to December quarter, also a record, up from $10.7bn a year earlier. | Net profits surged to $11.66bn during the October to December quarter, also a record, up from $10.7bn a year earlier. |
The profits were buoyed by soaring global oil prices which briefly hit $100 a barrel in December. | The profits were buoyed by soaring global oil prices which briefly hit $100 a barrel in December. |
On Thursday, Anglo-Dutch rival Royal Dutch Shell saw $27.56bn annual profits, a record for a UK-listed firm. | On Thursday, Anglo-Dutch rival Royal Dutch Shell saw $27.56bn annual profits, a record for a UK-listed firm. |
Future production | Future production |
"Their foreign operations did extremely well. That's where they beat the street," said James Halloran, an analysts at National City. | "Their foreign operations did extremely well. That's where they beat the street," said James Halloran, an analysts at National City. |
But some analysts said looking ahead the issue of production could pose a problem. | But some analysts said looking ahead the issue of production could pose a problem. |
Chris MacDonald at WHG Funds said: "If they are spending $21bn a year on capital expenditure and they can't grow production....It does not bode well for the industry in general." | Chris MacDonald at WHG Funds said: "If they are spending $21bn a year on capital expenditure and they can't grow production....It does not bode well for the industry in general." |
Exxon lost assets in Venezuela last year when the government took control of oil projects owned by overseas companies. | Exxon lost assets in Venezuela last year when the government took control of oil projects owned by overseas companies. |
But that was offset by increased output from fields in the North Sea and Qatar and overall production was up 1% in the quarter. | But that was offset by increased output from fields in the North Sea and Qatar and overall production was up 1% in the quarter. |
In a statement, Exxon Mobil Chairman Rex Tillerson said: "Our long-term investment program in projects, often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network". | In a statement, Exxon Mobil Chairman Rex Tillerson said: "Our long-term investment program in projects, often far from major consuming nations, continued to provide resources essential to the increasingly interdependent global energy supply network". |
Shares closed down 0.5% in New York at $85.95. |
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