Another year has passed — one that saw gas prices spike to well over $3.00 a gallon in many parts of the U.S. — and the folks at Exxon Mobile are breaking record profits:
Exxon Mobil Corp. roared past Wall Street expectations and set a new record for the highest profit ever earned by a U.S. company in a single year.
Exxon said today the company’s 2006 profits reached $39.5 billion, trumping its own 2005 record of $36.1 billion. Excluding a $410 million tax benefit, annual profits reached $39 billion &#xu2;014 still nearly $2 billion higher than the $37.1 billion analysts expected.
Not that Exxon Mobil is alone in their accomplishment, several other oil companies also did very well:
The Hague-based Royal Dutch Shell earned $5.28 billion in the quarter, a 21 percent jump over $4.39 billion in the fourth quarter of 2005. Full-year earnings were $25.4 billion, a 1 percent rise over $25.3 billion in 2005.
And Marathon earned $1.08 billion, or $3.06 per share, a 17 percent drop from $1.26 billion, or $3.43 per share in the fourth quarter of 2005. Excluding one-time items, Marathon earned $838 million, or $2.38 per share, compared to $1.33 billion, or $3.61 per share in the year-ago period.
Either way, Marathon exceeded Wall Street expectations. Analysts surveyed by Thomson Financial expected earnings of $2.26 per share for the quarter.
For the year, Marathon earned $5.2 billion, or $14.50 per share, up from $3 billion or $8.44 per share in 2005.
Hopefully they’re putting some of that money into researching alternative fuel sources seeing as the oil isn’t going to last forever.