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Exxon Mobil's Profits Fall 41%
Business Brokerage Exxon Mobil Corp. (XOM.N), the world's No. 1 publicly traded oil company, on Thursday reported a worse-than-expected 41 percent drop in earnings alongside a downturn in profit margins in its oil refining business.
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Forex Broker Exxon Mobil became the latest oil company to report a sharp drop in second-quarter earnings as profit from producing fuels such as gasoline, heating oil and jet fuel was undercut by the economic slowdown and the decline in travel after the Sept. 11 attacks on the United States.
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Online Brokerage The company's net income fell to $2.64 billion, or 39 cents a diluted share, from $4.46 billion, or 65 cents a diluted share, a year earlier. It was the fourth consecutive quarter of lower year-on-year earnings for the energy giant after a string of record-breaking results.
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Real Estate Broker For one of the few times in recent memory, the Irving, Texas-based company -- renowned for its worldwide reach and profitability -- reported quarterly earnings that were far below Wall Street expectations. Its shares dropped more than 3 percent in early trade on the New York Stock Exchange.
The group has previously said that house prices have already fallen by 10 per cent in the capital since last year. The spokesman for the group, however, cutting. The group’s share price closed at 240p last Friday, down nearly 50 per cent in the past 12 months. Analysts at the group’s own brokers at ABN Amro are predicting that the profits will fall significantly for the whole year and that the dividend will be frozen.
Agency Brokerage Spark ``The earnings power of this corporation in this environment is clearly not as strong as we thought,'' said Michael Young, an analyst with Gerard Klauer Mattison & Co. ``We're talking about missing consensus (earnings) estimates by about a half billion dollars.''
Nash growth slows Carole Nash has seen a slow down in profit growth for the year ended 31 October 2005. tax profits rose 25% to £2.7m in 2005 up from £2.2m, while a year earlier the broker had reported a 64% hike in profits. Turnover in 2005 increased to £25.3m from £22.6m, while overall premium income, rose to £70.7m. The broker said it had made further appointments to its board to strengthen its position as a top 30 independent broker.
Business Broker Exxon Mobil, the last major oil company to report second-quarter results, followed much the same course as rivals ChevronTexaco Corp. (CVX.N), BP Plc (BP.L) and Royal Dutch/Shell Group (RD.AS) (SHEL.L). All saw relatively strong oil prices offset by a poor refining business.
Brokerage Account Oil prices were down slightly from a year earlier in the second quarter, but at an average of $26 a barrel they were still well above historical standards thanks to a built-in ``war premium.''
Stock Broker The ``war premium'' came amid President Bush's war on terrorism and the Israeli-Palestinian conflict. Additional strength was found in tough supply curbs by the OPEC producer cartel.
Brokerage Online Stock Trading But as oil prices found support, natural gas prices saw a big drop from a year ago because of the slow economy and the lingering effects of a mild winter in the United States.
Broker Justin Ticket Over the course of the second quarter, natural gas prices averaged 22 percent less than they did in the same period a year ago.
Real Estate Brokerage But the weak refining business was the main culprit behind the drop in profits at Exxon Mobil and the world's other top oil companies.
Commodity Broker Exxon Mobil's refining, marketing, and transportation earnings fell 70 percent from a year earlier, to $382 million, during a quarter defined by what Exxon Mobil Chairman Lee Raymond called ``significantly weaker refining margins.''
Brokerage House Overall revenue totaled $50.91 billion, down from $56.18 billion in the 2001 second quarter.
Real Estate Broker Exam Shares of Exxon Mobil, a component of the Dow Jones industrial average, fell $1.26 to $35.50 on the NYSE after the release of its second-quarter results.
Brokerage Services The shares fell about 7 percent in the second quarter but outperformed many other blue-chip stocks, which have been hurt by broad concerns about corporate accounting and the slow economy. The Dow Jones industrials (.DJI) dropped about 11 percent during the quarter.
Broker Live Ticket Both including and excluding one-time items, Exxon Mobil's second-quarter earnings were 39 cents a share. Analysts' estimates ranged from 41 cents to 56 cents a share, with a mean forecast of 46 cents, according to research firm Thomson First Call.
Online Brokerage Firm Reuters - 8/1/2002
Topic: Petroleum Industry
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