Exxon guns for all-time profit record

http://money.cnn.com/2008/01/23/news/companies/exxon_profits/index.htm?cnn=yes

NEW YORK (CNNMoney.com) -- Exxon Mobil, the world's largest publicly traded oil company, is within striking distance of setting an all-time profit record - again.

Analysts are expecting the company to post solid quarterly and full-year earnings next Friday (see correction below) - and if the results top forecasts, Exxon (XOM, Fortune 500) could end up reporting the highest profit ever for a U.S. company.

With oil prices having recently crossed the $100 a barrel threshold, it comes as no surprise that Exxon is a whisker away from setting a new milestone.

"Exxon is likely to have record quarterly earnings," said Fadel Gheit, a senior energy analyst at Oppenheimer. "For every $1 in the price of oil, Exxon makes $125 million for the quarter."

When asked if Exxon could top profit records, another analyst said: "That's not out of the realm of possibility."

The company is expected to earn $10.37 billion in the fourth quarter, according to earnings tracker Thomson Financial. That's about $330 million shy of Exxon's previous quarterly profit record of $10.7 billion set in the fourth quarter of 2005 - which also was a record for any U.S. corporation.

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$10.37 billion for three months! :grr:

Just what we need to hear while everything is turning to shit all around us. Oh well, that's what happens when you put the oil men in charge of the country.

good thing they've got "oil men, er boys" in the WH to cover for them.

:grr: :grr: :grr: :grr: :grr: