Friday, August 1, 2008

Exxon Mobil 2Q profit sets US record, shares fall

A refinery of the Libyan/Swiss-owned Tamoil company is pictured ...

By JOHN PORRETTO

HOUSTON - Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest profit from operations ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares slumped 3 percent.

The world's largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.

Revenue rose 40 percent to $138.1 billion from $98.4 billion in the year-earlier quarter.

Excluding an after-tax charge of $290 million related to an Exxon Valdez court settlement, earnings amounted to $11.97 billion, or $2.27 per share.

Analysts on average expected Exxon Mobil to earn $2.52 a share on revenue of $144 billion, according to a survey by Thomson Financial. The estimates typically exclude one-time items.

The record-setting results were largely expected, given that crude prices in the second quarter were nearly double what they were a year ago.

http://news.yahoo.com/s/ap/20080731/ap_on_bi_ge/earns_exxon_mobil;_ylt=Al._CWNWVSYwY4dg5nXt0uas0NUE

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