ExxonMobil 14% Profit Rise Disappoints Shareholders
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Friday, 01 August 2008 |
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ExxonMobil has recorded a 14% rise in quarterly net profit to us$11.68bn yet short of most forecasts on Wall
Street. Downstream earnings were down on the same quarter in 2007.
The earnings set another record for ExxonMobil with revenues climbing 40 percent from the same period a year ago to 138
billion dollars in the April-June period, lifted by record high crude
oil prices.
Chairman Rex Tillerson said that record oil and gas
prices "were partly offset by lower refining and chemical margins,
lower production volumes and higher operating costs."
Downstream earnings of $1,558 million were down $1,835 million from the
second quarter of 2007 as lower margins reduced earnings by
$1.9 billion, driven by significantly lower worldwide refining margins.
Petroleum product sales of 6,775 kbd were 199 kbd lower than last year's
second quarter, mainly reflecting asset sales and lower demand.
U.S. Downstream earnings were $293 million, down $1,452 million from the
second quarter of 2007. Non-U.S. Downstream earnings of $1,265 million
were $383 million lower.
PetrolWorld 310708
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