Exxon Mobil (XOM) Breaks Its Own Profit Record
Quarter 3 earnings reports have been coming out, and once again Exxon Mobil (XOM) has managed to steal the crown. The company has broken its own profit record with $14.83 billion in one quarter. Nearly $15 billion in one quarter. CNN Money has the numbers:
Exxon Mobil, the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
The company’s prior record was $11.68 billion in the second quarter of 2008.
The latest quarter’s net income equaled $1,865.69 per second, nearly $400 a second more than the prior mark.
The company said its revenue totaled $137.7 billion in the third quarter.
It is well to remember that the 3rd quarter of 2008 saw record oil prices, and that is helping Exxon. The company has been selling its gas stations and other downstream sources of revenue and focusing on upstream processes. So oil prices have played a huge role in Exxon’s success.
With oil prices falling now, though, Exxon’s profits may not be as large for quarter 4, but we will have to wait to see whether yesterday’s Fed rate cut will spur demand for oil, bringing a turnaround in oil prices.
Exxon’s share price still down
However, rather than boosting the stock price of XOM, the earnings announcement has kept things the same. Indeed, Exxon Mobil is down in stock trading today. For those interested in value investing, it may not be a bad time to purchase Exxon stock, since it is likely to increase over time, and could be seen as a good deal right now.
Disclaimer: I am not an investment professional. Nothing in this piece or on this Web site should be construed as investment advice. Before making investment decisions, do your own research and/or consult with an investment professional. All investment comes with the risk of loss. You are responsible for your own investment decisions and any loss that may result from your decisions.
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Exxon profit, investments, Exxon Mobil
