Calm down everyone, Exxon is doing great
Let’s stop with all this “whiff of panic” talk, shall we? Sure, the stock market is having trouble and the dollar ain’t what it used to be. But Exxon is doing fantastic!
“Exxon guns for profit record”
NEW YORK (CNNMoney.com) — Exxon Mobil, the world’s largest publicly traded oil company, is within striking distance of setting an all-time profit record - again.
Analysts are expecting the company to post solid quarterly and full-year earnings next Friday (see correction below) - and if the results top forecasts, Exxon (XOM, Fortune 500) could end up reporting the highest profit ever for a U.S. company.
With oil prices having recently crossed the $100 a barrel threshold, it comes as no surprise that Exxon is a whisker away from setting a new milestone.
“Exxon is likely to have record quarterly earnings,” said Fadel Gheit, a senior energy analyst at Oppenheimer. “For every $1 [increase] in the price of oil, Exxon makes [another] $125 million for the quarter.”
When asked if Exxon could top profit records, another analyst said: “That’s not out of the realm of possibility.”
The company is expected to earn $10.37 billion in the fourth quarter, according to earnings tracker Thomson Financial. That’s about $330 million shy of Exxon’s previous quarterly profit record of $10.7 billion set in the fourth quarter of 2005 - which also was a record for any U.S. corporation.
In winner-take-all capitalism, it’s pretty obvious who the winners are, isn’t it?
–WKW