Exxon Mobil Sets Annual Profit Record - KLTV.com - Tyler, Longview, Jacksonville |ETX News

02/01/07 - New York

Exxon Mobil Sets Annual Profit Record

Exxon Mobil Corp. posted the largest annual profit in U.S. history Thursday, even though fourth-quarter earnings fell on lower natural gas prices and shrinking gasoline margins.

For the year, Exxon Mobil earned $39.5 billion, up from its previous record $36.1 billion in 2005.

Net income slipped to $10.25 billion, or $1.76 a share, from $10.71 billion, or $1.71 a share, a year earlier.

Excluding one-time items, Exxon Mobil, the world's largest publicly traded company, earned $1.69 a share.

The average forecast of analysts polled by Reuters Estimates was $1.51 a share.

Oil prices in the fourth quarter dropped from the record levels hit in July but were still robust, hovering around $60 a barrel -- roughly in line with year-earlier levels.

Natural gas prices, on the other hand, were sharply lower than in 2005. According to Reuters data, the average U.S. natural gas price was about $6.61 per million British thermal units in the fourth quarter, down from $12.77 a year earlier.

Since the end of the 2006 third quarter, Exxon Mobil shares are up 10.4 percent, outperforming the Chicago Board Options Exchange's oil index, which has risen 8.8 percent.

Story courtesy of CNN Newsource.

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