$8.4 billion Q1 Exxon Mobil Profit

Exxon Mobil profit rises on soaring prices

Exxon Mobil Corp., the world's largest publicly traded oil company, on Thursday reported quarterly profit surged, driven by rising oil prices.

Net income in the first quarter was $8.4 billion, or $1.37 a share, up from $7.86 billion, or $1.22 a share, a year earlier.

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This is gonna get ugly....

Chevron's numbers come out tomorrow...

Here are numbers released for some others:

ConocoPhillips profit soars as oil prices surge

BP set to post strong profits

Solid 1Q Conoco refining margins expected for whole sector

Schlumberger first-quarter profits climb

Woodside's First-Quarter Sales Rise 25% on Oil Prices

PetroChina Shares Rise on 1st-Qtr Gas Output, Oil Price Gains


[edit on 27-4-2006 by loam]

Chevron Earnings Soar 49 Percent to $4B

There are so many threads on the board about this topic, I just thought I'd keep a running list of the earnings here.

What I dont understand is how the rise in petrol prices are blamed solely on higher oil prices. Percentagewise, the rise in petrol prices far outstrips oil prices. The only explaination for the current price of petrol has to be price gouging.

Oil rose from $65 to $72/per barrel (+%10.7)

At the same time petrol prices (in Australia) went from $1.13 to $1.44/liter (+%27.4)

If any other commodity rose %10 and consumers were charged close to %30 extra would we accept that the rise is simply due to higher production costs? Couple that with record first quarter earnings from the oil companies and what doubt is left? If the rise in fuel prices was due to higher oil prices then the profit margins should not change.

I know first hand that the oil companies collude in price fixing. No one has the politcal or financial will to take on Big Oil.