Exxon posts highest annual profit for any U.S. company in history

by PegNews wire

Somehow, Exxon manages to post record profits in 2006.

IRVING — Despite a small dip in profits in the fourth quarter, Exxon posted the highest annual profit of any U.S. company ever.

The Irving-based oil giant reported 2006 net income of $39.5 billion, or $6.62 a share, up from its previous record of $36.1 billion, or $5.71 a share, in 2005.

If Exxon was really serious about being profitable, they'd charge $30 a gallon.

Revenue for the year rose to $377.6 billion from $370.7 billion in 2005.

The record annual profits were high despite a substandard fourth quarter. Last quarter's profits were down 4 percent to $10.25 billion, compared with fourth-quarter 2005 earnings of $10.7 billion. The company's profit was hurt by weak natural gas prices and lower profit from its refining and marketing operations. Coincidentally, oil prices across the country have dipped from their summer highs, possibly also influencing the oil giant's fortunes.

Exxon's earnings from exploration, production and related activities dropped $818 million from the fourth quarter of 2005 to $6.22 billion, reflecting lower natural gas prices and decreased volumes driven by lower European demand, the company said.

Fourth-quarter revenue dropped to $90 billion from $99 billion a year.

You can see the full report here.

Posted by Todd M.