Date: 2006-07-27 17:27:04
UPDATE 2-Exxon Mobil profit tops $10 bln on soaring prices Thu Jul 27, 2006 8:41am ET Source: Reuters News NEW YORK, July 27 (Reuters) – Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), the world’s largest public oil company, on Thursday reported quarterly profit surged 35 percent to top $10 billion, driven by yet another quarter of sharply higher oil prices. In a surprise move, the company boosted also its capital spending program forecast to $20 billion this year, citing additional exploration and production opportunities. The world’s largest company by market capitalization also said it would ramp up its already hefty stock buyback program to $7 billion in the third quarter. Helped also by 6 percent growth in oil and gas production and better refining margins, the company’s earnings easily beat Wall Street expectations, but revenues fell short of forecasts. Net income in the second quarter was $10.36 billion, or $1.72 a share, compared to $7.64 billion, or $1.20 a share, in the year earlier quarter. Analysts on average expected a profit of $1.64 a share, according to Reuters Estimates. Revenue jumped 12 percent to $99.03 billion, from $88.57 billion a year earlier. That was below analysts’ average forecast of $104.26 billion, according to Reuters Estimates. Exxon, like its peers, is enjoying another in a string of bumper quarters as crude oil prices hover at historically high levels. Oil prices hit a record high of $78.40 a barrel about two weeks ago, driven by anxiety over supplies from the Middle East. The company’s latest results are sure to reignite calls for windfall profit taxes on Big Oil companies, who have come under attack over the past year for posting record profits as consumers struggle with soaring gasoline prices. © Reuters 2006. All Rights Reserved avast! Antivirus: Outbound message clean. Virus Database (VPS): 0630-2, 26/07/2006Tested on: 7/27/2006 17:14:07avast! – copyright (c) 2000-2006 ALWIL Software.