Exxon profit up 75%

[strandinthewind]

Exxon's $10B net a U.S. corporate record

The oil company gains from soaring oil and gas prices, but falls short of estimates.

October 27, 2005: 1:25 PM EDT

NEW YORK (Reuters) - Exxon Mobil Corp. posted a quarterly profit of $9.9 billion Thursday, the largest in U.S. corporate history, as it raked in a bonanza from soaring oil and gas prices.

Record profits for Big Oil at a time when consumers are paying sky-high prices for gasoline have brought calls for a windfall profits tax or other penalties on oil companies.

The companies have been enjoying an unusually rosy environment for months. In the third quarter, oil prices and refining margins rose sharply after hurricanes Katrina and Rita ripped through the Gulf of Mexico, disrupting energy operations in the region.

While Exxon's quarterly profit was up 75 percent from a year earlier, and revenue rose 32 percent to more than $100 billion, the results fell short of Wall Street forecasts due to production outages caused by the hurricanes and sharply lower profit at the company's chemicals division.

"They were a bit disappointing, but this a temporary phenomenon," said Paul Kuklinski, an analyst with Boston Energy Research/Soleil Securities. "This is largely attributable to hurricane effects."

Exxon (up $0.15 to $56.35, Research) shares fell slightly in midday trade.

The world's largest publicly traded oil company said net income jumped to $9.92 billion, or $1.58 a share, from $5.68 billion, or 88 cents a share, a year earlier.

Excluding a gain of $1.62 billion from restructuring its stake in a Dutch gas transportation business, earnings were $1.32 per share, six cents below the average forecast among analysts polled by First Call.

The record earnings topped the $9 billion net profit reported Thursday by Royal Dutch Shell PLC and were well above the best quarterly performances by Citigroup Inc. (Research), the world's largest bank -- $7.2 billion -- and conglomerate General Electric Co. (Research) -- $5.6 billion -- according to Reuters Fundamentals.

Expansion of capacity

In addition to calls for a windfall profits tax or other penalties, lawmakers and consumer advocates have been urging oil companies to expand refining capacity and take other steps to help bring down gasoline prices.

Energy Secretary Sam Bodman said Thursday that oil firms have a responsibility to boost refining capacity in times of record profits. Marathon Oil said it would do just that, announcing a $2.2 billion expansion of its Garyville, La., refinery.

"We're already seeing some companies yielding to pressure," said Oppenheimer & Co. analyst Fadel Gheit. "But everybody is waiting for the big lady to sing, which is Exxon."

Exxon said it did not see the point of a windfall profits tax.

"Frankly, if you're trying to encourage supply growth, it seems odd to put in place disincentives," Henry Hubble, vice president of investor relations for Exxon, said on a conference call with analysts.

Production falls

Exxon's oil and gas production fell 4.7 percent in the third quarter from a year earlier as outages caused by Katrina and Rita, maintenance activities, and maturing fields more than offset higher production from new fields in West Africa.

Excluding the impact of the hurricanes, divestments and entitlement effects, output fell 1 percent.

Still, record crude oil prices -- which touched $70 a barrel in the quarter -- pushed earnings at its exploration and production unit to $5.73 billion, up $1.8 billion from a year earlier.

At its refining and marketing operations, profit rose to $2.13 billion, up $727 million from a year earlier. Stronger refining margins outweighed weak marketing margins and lower petroleum product sales.

Earnings at its chemicals division tumbled to $472 million, down $537 million from a year earlier, due to higher feedstock costs and lower margins.

Exxon's capital expenditures jumped to $4.41 billion from $3.63 billion a year earlier.

Shares of Exxon, the largest of the so-called "super-major" oil companies, were little changed at midday on the New York Stock Exchange. The shares rose more than 10 percent in the third quarter but underperformed the broader Standard & Poor's integrated oil and gas index, which climbed more than 13 percent.

http://money.cnn.com/2005/10/27/news...ex.htm?cnn=yes

[JazmenFlowers]

we represent one of the biggest oil companies and since I'm privvy to some of the financial records, it is astounding the amount of money they make

[Brwn_eyes0511]

Originally Posted by JazmenFlowers

we represent one of the biggest oil companies and since I'm privvy to some of the financial records, it is astounding the amount of money they make

What do you do for a living?

[JazmenFlowers]

Originally Posted by Brwn_eyes0511

What do you do for a living?

defend companies that have/had asbestos-containing products

you'd be surprised how many companies had/have their hands in this pot

[Brwn_eyes0511]

Originally Posted by JazmenFlowers

defend companies that have/had asbestos-containing products

you'd be surprised how many companies had/have their hands in this pot

I can only image.

Are you an attorney, paralegal...?

[JazmenFlowers]

Originally Posted by Brwn_eyes0511

I can only image.

Are you an attorney, paralegal...?

paralegal: the real power of attorney

that's what I say.

[Brwn_eyes0511]

Originally Posted by JazmenFlowers

paralegal: the real power of attorney

that's what I say.

I'm going to school to be a paralegal (almost complete). And I agree with you on that!

[JazmenFlowers]

Originally Posted by Brwn_eyes0511

I'm going to school to be a paralegal (almost complete). And I agree with you on that!

are you really? welcome to my world (as Stevie says)

It is a really great career if you get with a good firm. I've been in the legal field since I was 16. My grandad was on the DEA, dad is chief of police, my uncle is in the FBI and my brother is thinking of joining FBI as well. Law seems to be in the blood.

I was 2 months from starting law school and suddenly realized I didn't really want to be a lawyer, so I'm glad I didn't make that mistake. The only thing I say about being a paralegal, and you may already know this, is that it is really exhausting and demanding. I can't see myself doing this when I'm like 40. Having to bill and and the other crap wears me out...hopefully, I'll move up to be national counsel for a single company or some managerial position. Right now I supervise our team of about 5 attys and 6 paralegals. I'm the senior paralegal you could say. I manage 650 cases and 30+ clients...

What are your plans as a paralegal?

[snowman]

Originally Posted by JazmenFlowers

defend companies that have/had asbestos-containing products

you'd be surprised how many companies had/have their hands in this pot

Have you ever been involved w/ Owens-Corning Fiberglas? I used to work for them a while back...

[Brwn_eyes0511]

Originally Posted by JazmenFlowers

are you really? welcome to my world (as Stevie says)

It is a really great career if you get with a good firm. I've been in the legal field since I was 16. My grandad was on the DEA, dad is chief of police, my uncle is in the FBI and my brother is thinking of joining FBI as well. Law seems to be in the blood.

I was 2 months from starting law school and suddenly realized I didn't really want to be a lawyer, so I'm glad I didn't make that mistake. The only thing I say about being a paralegal, and you may already know this, is that it is really exhausting and demanding. I can't see myself doing this when I'm like 40. Having to bill and and the other crap wears me out...hopefully, I'll move up to be national counsel for a single company or some managerial position. Right now I supervise our team of about 5 attys and 6 paralegals. I'm the senior paralegal you could say. I manage 650 cases and 30+ clients...

What are your plans as a paralegal?

Wow very good. Yes case management can be very frustrating.

My favorite area of law would be Corporate. I don't know why, I just really enjoy Corporate law.

But I plan on heading into Criminal law.

btw...My dad is a detective.

[JazmenFlowers]

Originally Posted by snowman

Have you ever been involved w/ Owens-Corning Fiberglas? I used to work for them a while back...

almost every day.

[snowman]

Originally Posted by JazmenFlowers

almost every day.

The KAYLO pipe thing really hurt them. They are half the company they used to be. In the good old days they were a great company to work for...

[JazmenFlowers]

Originally Posted by snowman

The KAYLO pipe thing really hurt them. They are half the company they used to be. In the good old days they were a great company to work for...

yep. Kaylo is a big problem for them even now.

[DavidMn]

Originally Posted by strandinthewind

Exxon's $10B net a U.S. corporate record

The oil company gains from soaring oil and gas prices, but falls short of estimates.

October 27, 2005: 1:25 PM EDT

NEW YORK (Reuters) - Exxon Mobil Corp. posted a quarterly profit of $9.9 billion Thursday, the largest in U.S. corporate history, as it raked in a bonanza from soaring oil and gas prices.

Record profits for Big Oil at a time when consumers are paying sky-high prices for gasoline have brought calls for a windfall profits tax or other penalties on oil companies.

The companies have been enjoying an unusually rosy environment for months. In the third quarter, oil prices and refining margins rose sharply after hurricanes Katrina and Rita ripped through the Gulf of Mexico, disrupting energy operations in the region.

While Exxon's quarterly profit was up 75 percent from a year earlier, and revenue rose 32 percent to more than $100 billion, the results fell short of Wall Street forecasts due to production outages caused by the hurricanes and sharply lower profit at the company's chemicals division.

"They were a bit disappointing, but this a temporary phenomenon," said Paul Kuklinski, an analyst with Boston Energy Research/Soleil Securities. "This is largely attributable to hurricane effects."

Exxon (up $0.15 to $56.35, Research) shares fell slightly in midday trade.

The world's largest publicly traded oil company said net income jumped to $9.92 billion, or $1.58 a share, from $5.68 billion, or 88 cents a share, a year earlier.

Excluding a gain of $1.62 billion from restructuring its stake in a Dutch gas transportation business, earnings were $1.32 per share, six cents below the average forecast among analysts polled by First Call.

The record earnings topped the $9 billion net profit reported Thursday by Royal Dutch Shell PLC and were well above the best quarterly performances by Citigroup Inc. (Research), the world's largest bank -- $7.2 billion -- and conglomerate General Electric Co. (Research) -- $5.6 billion -- according to Reuters Fundamentals.

Expansion of capacity

In addition to calls for a windfall profits tax or other penalties, lawmakers and consumer advocates have been urging oil companies to expand refining capacity and take other steps to help bring down gasoline prices.

Energy Secretary Sam Bodman said Thursday that oil firms have a responsibility to boost refining capacity in times of record profits. Marathon Oil said it would do just that, announcing a $2.2 billion expansion of its Garyville, La., refinery.

"We're already seeing some companies yielding to pressure," said Oppenheimer & Co. analyst Fadel Gheit. "But everybody is waiting for the big lady to sing, which is Exxon."

Exxon said it did not see the point of a windfall profits tax.

"Frankly, if you're trying to encourage supply growth, it seems odd to put in place disincentives," Henry Hubble, vice president of investor relations for Exxon, said on a conference call with analysts.

Production falls

Exxon's oil and gas production fell 4.7 percent in the third quarter from a year earlier as outages caused by Katrina and Rita, maintenance activities, and maturing fields more than offset higher production from new fields in West Africa.

Excluding the impact of the hurricanes, divestments and entitlement effects, output fell 1 percent.

Still, record crude oil prices -- which touched $70 a barrel in the quarter -- pushed earnings at its exploration and production unit to $5.73 billion, up $1.8 billion from a year earlier.

At its refining and marketing operations, profit rose to $2.13 billion, up $727 million from a year earlier. Stronger refining margins outweighed weak marketing margins and lower petroleum product sales.

Earnings at its chemicals division tumbled to $472 million, down $537 million from a year earlier, due to higher feedstock costs and lower margins.

Exxon's capital expenditures jumped to $4.41 billion from $3.63 billion a year earlier.

Shares of Exxon, the largest of the so-called "super-major" oil companies, were little changed at midday on the New York Stock Exchange. The shares rose more than 10 percent in the third quarter but underperformed the broader Standard & Poor's integrated oil and gas index, which climbed more than 13 percent.

http://money.cnn.com/2005/10/27/news...ex.htm?cnn=yes

Falls short of estimates? Where's my kleenex?

[irishgrl]

Originally Posted by DavidMn

Falls short of estimates? Where's my kleenex?

I agree with YOU except for the laughing smilie. I think it should be the
one

btw: I am also a member of the Paralegal contingent, but I dont actually work at it. it doesnt pay that well in MY neck of the woods, so I am a Public Servant instead. The pay is better and the benefits are better. My law school career was crashed by my errant daughter but in the end, now that I know the stress level and work load that attorneys do, maybe this is better. I have a young son that I'd rather be home with anyway