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Exxon Mobil Posts New Record for Profit
Key Excerpts from Article on Website of ABC/Associated Press
Posted: November 11th, 2006
http://abcnews.go.com/Business/wireStory?id=1255549
Exxon Mobil Corp. had a quarter for the record books. The world's largest publicly traded oil company said Thursday high oil and natural-gas prices helped its third-quarter profit surge almost 75 percent to $9.92 billion, the largest quarterly profit for a U.S. company ever, and it was the first to ring up more than $100 billion in quarterly sales. The hurricanes slashed Exxon Mobil's U.S. production volumes by 50,000 barrels of oil equivalent per day, down nearly 5 percent year-over-year, costing the company $45 million before taxes. The company said total daily production slipped to 2.45 million barrels of oil equivalent from 2.51 million barrels.
Note: Isn't it amazing that though oil production fell, and though we all are paying much higher gas prices, Exxon Mobil earned the largest profits ever in the same quarter as Hurricane Katrina? Wouldn't it be nice if during a national catastrophe the oil companies were willing to drop their prices and suffer a little with the rest of us?
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