Exxon post 7 percent profit growth - NewsOn6.com - Tulsa, OK - News, Weather, Video and Sports - KOTV.com |

Exxon post 7 percent profit growth

Updated:
DALLAS (AP) _ Exxon Mobil Corp., the world's largest oil company, said Thursday that higher oil prices drove first-quarter profit up 7 percent from the prior year.

Net income rose to $8.4 billion, or $1.37 per share, in the January-March period from $7.86 billion, or $1.22 per share, a year ago. Excluding a gain on the sale of an interest in China's Sinopec, the company's year-ago profit was $7.4 billion, or $1.15 per share.

But analysts polled by Thomson Financial were looking for a higher profit of $1.47 per share for the latest quarter, and shares fell $1.55, or 2.5 percent, to $61.55 in premarket trading.

Revenue grew to $88.98 billion from $82.05 billion a year earlier. Higher crude oil and natural gas prices and improved marketing margins were partly offset by lower chemical margins.

Its worldwide production of oil equivalent in the first quarter of 2006 rose 5 percent.

The earnings report comes amid consumer outcry in the U.S. about soaring gasoline prices. The average retail price of gasoline in the U.S. is now $2.91 a gallon, or 68 cents higher than a year ago.

It also comes as Washington lawmakers are looking to appease consumers with various proposals to make big oil companies pay more taxes.

In January, Exxon posted the highest quarterly and annual profits of any U.S. company in history: $10.71 billion for the fourth quarter of 2005 and $36.13 billion for the full year.

Exxon said it invested $4.8 billion in capital and exploration projects, a 41 percent increase from 2005.

``In the first quarter of 2006, the results of our continuing long-term investment program contributed to a 5 percent increase in production,'' Exxon chief executive said in a prepared statement.

Exxon also said it returned $7 billion to shareholders through dividends of $2 billion and buying back $5 billion worth of shares.
  • NewsMore>>

  • Tulsa Teens Continue Working Despite Theft Of Equipment

    Tulsa Teens Continue Working Despite Theft Of Equipment

    A group of teenage gardeners have to resort back to digging in the dirt with their hands after thieves managed to get away with all of their gardening equipment.

    More >>

    A group of teenage gardeners have to resort back to digging in the dirt with their hands after thieves managed to get away with all of their gardening equipment.

    More >>
  • Local Drivers Are Uneasy About Highway Bridge

    Local Drivers Are Uneasy About Highway Bridge

    It may officially be summer, but spring rain is still causing problems. This time for a bridge construction project.  Construction is stalled while contractors wait for Keystone's lake levels to go down, so until then, drivers will be making their way across this bridge with part of it missing.  Local resident Jody Dell talked about how "scary" it is for people going over Highway 64's Bear Creek bridge.  "Just coming across here and it's so narrow,&qu...More >>
    It may officially be summer, but spring rain is still causing problems. This time for a bridge construction project.  Construction is stalled while contractors wait for Keystone's lake levels to go down, so until then, drivers will be making their way across this bridge with part of it missing.  Local resident Jody Dell talked about how "scary" it is for people going over Highway 64's Bear Creek bridge.  "Just coming across here and it's so narrow,&qu...More >>
Powered by Frankly
News On 6
303 N. Boston Ave.
Tulsa, OK 74103
Newson6.com is proud to provide Oklahomans with timely and relevant news and information, sharing the stories, pictures and loves of Oklahomans across our great state.
All content © Copyright 2000 - 2017 KOTV. All Rights Reserved. For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.