Exxon posts $10.49B profit; shares up
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By STEVE QUINN, AP Business Writer 1 hour, 12 minutes ago
DALLAS - Oil industry behemoth Exxon Mobil's earnings rose to $10.49 billion in the third quarter, the second-largest quarterly profit ever recorded by a publicly traded U.S. company.
Its shares briefly rose to a 52-week high.
The report Thursday comes as high crude prices this year have fueled record profits in the oil industry, triggering an outcry from consumers who were being asked to pay about $3 a gallon for gasoline in early August.
The largest quarterly profit ever was Exxon Mobil Corp.'s $10.71 billion profit in the fourth quarter of 2005.
The company may beat that next quarter, said Howard Silverblatt Standard & Poor's Senior Index Analyst. "Then in all likelihood they will be at that $40 billion mark for the year."
That would put the company on track for the highest annual profit ever by a U.S. company. Exxon Mobil holds that record with a 2005 profit of $36.1 billion.
Although crude oil prices began to decline toward the end of the third quarter, the average market price for crude held at around $70 a barrel in the period after peaking above $78 per barrel in July. Oil futures prices have recently traded near $61 a barrel, and gasoline prices have dropped to an average of about $2.43 a gallon. >>>cont
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By STEVE QUINN, AP Business Writer 1 hour, 12 minutes ago
DALLAS - Oil industry behemoth Exxon Mobil's earnings rose to $10.49 billion in the third quarter, the second-largest quarterly profit ever recorded by a publicly traded U.S. company.
Its shares briefly rose to a 52-week high.
The report Thursday comes as high crude prices this year have fueled record profits in the oil industry, triggering an outcry from consumers who were being asked to pay about $3 a gallon for gasoline in early August.
The largest quarterly profit ever was Exxon Mobil Corp.'s $10.71 billion profit in the fourth quarter of 2005.
The company may beat that next quarter, said Howard Silverblatt Standard & Poor's Senior Index Analyst. "Then in all likelihood they will be at that $40 billion mark for the year."
That would put the company on track for the highest annual profit ever by a U.S. company. Exxon Mobil holds that record with a 2005 profit of $36.1 billion.
Although crude oil prices began to decline toward the end of the third quarter, the average market price for crude held at around $70 a barrel in the period after peaking above $78 per barrel in July. Oil futures prices have recently traded near $61 a barrel, and gasoline prices have dropped to an average of about $2.43 a gallon. >>>cont
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Home prices plunge by most in 35 years
29 minutes ago
WASHINGTON - The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.
The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record.
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