Saturday, July 29, 2006

The Midas Touch

The Midas Touch © Emily Duffy 2006
Photo by Emily Duffy

ExxonMobil Chairman Rex Tillerson stated that the corporation's net income for the period from April through June was up 36 percent from the same period in 2005 and production increased 6 percent on an oil-equivalent basis as well.

Although much of the profit was attributed to the near-record cost of fuel, the news still sent ExxonMobil shares to their highest level ever and helped lift stocks higher in early Thursday trading.

Other oil companies also had a profitable second quarter. Royal Dutch Shell stated on Thursday that earnings during that period jumped 40 percent to $7.32 billion. Earlier in the week, British Petroleum reported its profit climbed 30 percent to $7.3 billion, and Houston-based ConocoPhillips announced that earnings rose 65 percent to $5.18 billion.

Full Article

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