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Entries in Exxon Mobile (2)

Wednesday
Apr272011

Top Five Oil Companies Have High Expectations for Earnings

JIM WATSON/AFP/Getty Images(WASHINGTON) -- BP and ConocoPhillips announced their first quarter earnings on Wednesday, continuing the week when the biggest oil companies begin to release their 2011 profits. With rising gas and oil prices, analysts expect the five biggest oil companies to announce that they are swimming in revenue.

ConocoPhillips announced that 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 were down 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 oil spill in the Gulf of Mexico.

Valero Energy, based in San Antonio, Texas and the largest independent U.S. refiner, announced on 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.

Energy behemoth Exxon Mobil is scheduled for Thursday while Chevron is slated for Friday. Marathon Oil, based in Houston Texas, will announce its earnings next week on May 3.

On Tuesday, the price of light, sweet, crude oil futures settled at $112.21 a barrel. Many analysts are waiting to see if oil prices will break the most recent high of Sept. 22, 2008, when oil settled at $120.92 a barrel.

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

Monday
Jan312011

Exxon Reports 53% Increase In Fourth Quarter Profits

Photo Courtesy - KAREN BLEIER/AFP/Getty Images(IRVING, Texas) -- Exxon said it earned a net $9.3 billion in the fourth quarter of 2010, a 53 percent increase over what it earned in the same quarter of 2009.

The company said it earned $30.5 billion over the full year, up 57 percent from the prior year. Earnings per share in 2010 rose 55 percent to $6.22 from 2009.

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