Exxon Mobil Posts Largest Annual Profit for U.S. Company
By JOHN HOLUSHA, New York Times http://www.nytimes.com
Published: January 30, 2006
Exxon Mobil Corporation said today that its 2005 earnings totaled $36.13 billion, an increase of 42 percent from the previous year. The amount is the largest annual profit ever for an American company.
Earnings for the final quarter of the year were $10.71 billion, or $1.71 a share, up 27 percent from the $8.42 billion, or $1.30 a share, in the final quarter of 2004.
The fourth-quarter performance capped a record year for oil companies driven by a surge in crude oil and gas prices. Crude oil prices rose 40 percent last year, driven by rapidly rising demand from economically rising countries like China and India and production problems in oil-producing countries like Nigeria and Iraq.
Total revenues for the quarter reached $99.66 billion from $83.37 in the year-ago period.
Exxon Mobil reported that oil and gas production declined by 1 percent in the fourth quarter. However, the company said that if the lingering effects of Hurricanes Katrina and Rita, which crimped production in the Gulf of Mexico and on the Gulf Coast, and other factors are included, production rose 2 percent.