Friday, April 21, 2006


Record Earnings For Oil Companies—Again

Yesterday we drove past a couple of Chevron stations with premium priced at $3.09.9 a gallon. ‘Nuff said.

Oil companies cruise toward record earnings
Exxon Mobil sales seen topping $100 billion
By Jasmina Kelemen, MarketWatch
Last Update: 8:21 PM ET Apr 20, 2006

HOUSTON (MarketWatch) -- With little in sight to put the brakes on rocketing crude prices, equities analysts expect oil companies to once again post record quarterly profits next week when the industry's biggest names open their books.
"Given the current market fundamentals we expect average prices for both oil and gas this year to be significantly above 2005 record levels," said Fadel Gheit, an energy analyst at Oppenheimer, an investment bank. "As a result, we expect 2006 earnings to be above 2005 record levels."

Among the majors presenting results next week are Exxon Mobil Corp. (XOM
exxon mobil corp com

Oil and gas companies are not only expected to significantly exceed earnings and revenue reported in the first quarter of 2005 but are also likely to surpass analyst expectations because consensus estimates are too low, said Gheit.

Comments: Post a Comment

<< Home

This page is powered by Blogger. Isn't yours?