Exxon Mobil posts $14.83 billion net income
by Pinedale Online!
October 31, 2008
Exxon Mobil (XOM, Fortune 500) recently reported their third-quarter net profit of $14.83 billion, or $2.86 per share. These earnings are up from $9.41 billion, or $1.70, a year earlier. In the second quarter of 2008, the company reported earnings of $11.68 billion. Click here for the company’s news release on the Exxon Mobil 3rd Quarter 2008 earnings: Exxon Mobil 2008 3rd Quarter Earnings Report
Exxon Mobil is an international oil and gas company based out of Irving, Texas, whose operations include activities in Wyoming. The company operates the Shute Creek natural gas processing plant near LaBarge (approximately 50 miles south of Pinedale). They recently announced plans to spend more than $100 million to build a plant near LaBarge to develop and test technology to capture and store carbon dioxide, which would be used to open up new sources of oil and natural gas. By re-injecting it into the ground, the gas re-pressurizes zones allowing more recovery of hydrocarbon products. The company could use the CO2 on their own wells or sell it to other companies for use on their wells. They hope to start up that plant in late 2009. Click on this link for a story in the Jackson Hole Star Tribune in May, 2008 about the Exxon Mobil CO2 plant: Exxon Mobil plans Wyo CO2 plant
The company said it lost $50 million, before taxes, in oil revenue because of Hurricanes Gustav and Ike. They expect damages related to these hurricanes to reduce fourth-quarter earnings by $500 million. Despite the surge in profit, Exxon said oil production was down 8% in the third quarter, compared to the same period last year. The company also said it is spending more money to locate new sources of oil. They spent $6.9 billion on oil exploration in the third quarter, a jump of 26% from the same period last year. For more on the company, see their website: www.exxonmobil.com