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Entries in Exxon Mobil (3)

Wednesday
Aug102011

For a Brief Moment, Apple Was World's Most Valuable Company

Justin Sullivan/Getty Images(NEW YORK) -- Just how big has electronics company Apple become?

Well, for a short time Tuesday, it surpassed Exxon Mobil Corp. as the most valuable company on the planet.

During another wild day of trading on Wall Street, Apple's market capitalization reached $343 billion, briefly topping Exxon Mobil's, which slipped to a mere $334 billion.  Market capitalization is the total dollar market value of all of a company's outstanding shares.

Even as the oil giant retained its top spot, though only by $2 billion, there's no denying the power of Apple.  Since introducing the iPod a decade ago, shares in the company have jumped an astronomical 4,000 percent, while the stock value has tripled since 2007 due to the advent of the iPhone.

Exxon Mobil, which is still doing pretty well for itself considering, has seen its shares drop by about seven percent lately because of sliding oil prices.

Copyright 2011 ABC News Radio

Tuesday
May102011

Senate Finance Committee to Hear from Big Oil Execs at Hearing Thursday

Comstock Images/Thinksto(WASHINGTON) -- The Senate Finance Committee, chaired by Montana's Sen. Max Baucus, will hold a hearing Thursday morning with the executives of the five oil companies targeted by the Democrats’ new bill, called the Close Big Oil Tax Loopholes Act.

The new measure is intended to scrap $2 billion in tax subsidies each year for the five largest and most profitable oil companies and, in turn, apply the savings to paying down the federal deficit.  

The committee will ask John Watson, Chairman of the Board and CEO of Chevron Corporation; Marvin Odum, U.S. President of Shell Oil; H. Lamar McKay, Chairman and Presidnt of BP America Inc.; James Mulva, Chairman and CEO of ConocoPhillips; and Rex Tillerson, Chairman and CEO of Exxon Mobil, to defend the subsidies, especially in the wake of recent high oil company profits.
 
Senate Majority Leader Harry Reid on Tuesday said he plans to kick off debate on the new bill on Wednesday, with a vote scheduled “in the next week.”
 
“Every year oil companies get billions of dollars of subsidies from the American taxpayers,” Reid said. “Common sense tells us these oil companies do not need these huge subsidies. We've had executives of these oil companies who have said so in the past. Recently the former CEO of Shell has said that. And economists recognize that these subsidies, if we took them away, would not affect gas prices at all."

Reid continued, "The only purpose these subsidies serve is to line the pockets of these oil companies. The most effective way to bring down the deficit is to start now and make good, smart choices. Putting seniors ahead of oil companies should be a no-brainer.”

But the Democrats face an uphill battle in passing their measure. It will need 60 votes to advance, a long shot in a chamber where there are only 53 Democrats and even some of them -- like Louisiana’s Mary Landrieu -- don’t support the measure. Republicans have vociferously opposed the bill.

Copyright 2011 ABC News Radio

Thursday
Apr282011

Gas Earnings: Exxon Profits Up 69%, Shell Up 30%

KAREN BLEIER/AFP/Getty Images(WASHINGTON) -- Exxon Mobil and Royal Dutch Shell reported first quarter profit increases Thursday of 69 percent and 30 percent, respectively, from the same period last year. With rising gas and oil prices, analysts expected the five biggest oil companies -- with Exxon as the largest -- to report that they are swimming in revenue.

Exxon earned $10.7 billion in the first quarter, up from $6.3 billion. Shell announced profit of $6.3 billion in the first quarter this year, up from $4.8 billion.

BP and ConocoPhillips announced their first quarter earnings Wednesday, in a week when the biggest oil companies have begun to release their 2011 profits. The "Big Five" oil companies include BP, Chevron, Conoco Phillips, Exxon Mobil and Shell.

ConocoPhillips said its first quarter earnings increased 43 percent to $3 billion from $2.1 billion in the same period last year. BP's first quarter earnings dipped this year -- $5.48 billion compared with $5.60 billion during the first quarter a year ago -- including a charge of $384 million related to the oil spill in the Gulf of Mexico.

Valero Energy, based in San Antonio, Texas, and the largest independent U.S. refiner, announced Tuesday a first quarter profit of $98 million "primarily due to higher margins for diesel and jet fuel," compared to a first quarter loss last year of $113 million.

Chevron, based in San Ramon, Calif., is slated to announce its earnings on Friday while Marathon Oil, based in Houston Texas, will announce its earnings Tuesday.

The national average for regular gas is $3.88 a gallon, the highest since August 2008, according to the Department of Energy this week.

Copyright 2011 ABC News Radio







ABC News Radio