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January 30, 2006

Exxon Profit Tops $10 Billion

Topics: National News

After reading this (Drudge says biggest in American history):

Exxon Mobil Corp. (XOM.N: Quote, Profile, Research), the world's largest publicly traded oil company, on Monday reported a quarterly profit of $10.7 billion, capping a year of record earnings dominated by surging oil and gas prices.

The results pushed up Exxon's profit for the year to a staggering $36.13 billion -- bigger than the economies of 125 of the 184 countries ranked by the World Bank. Profit rose 42 percent from 2004.

The company and its peers have come under fire for posting billions in profit while consumers struggle with high gasoline prices. Exxon was quick to emphasize that such results would help it make long-term investments to meet energy demand.

There's little wonder that those oil company executives are refusing to testify at the U.S. Senate hearing.

Posted by Richard at January 30, 2006 11:23 PM

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