Only The Second-Largest Profit Ever

ExxonMobil, the world’s largest publicly traded oil company and the biggest corporation by revenue, announced that it turned a profit of $10.5 billion for the third quarter of 2006. Despite declining oil and gas prices, and higher production costs industry-wide, it is still the company’s second highest profit quarter ever — behind the $10.7 billion the company posted in the fourth quarter of 2005, which is the largest profit posted by any publicly traded company.

“They make more in one quarter than some companies that get more headlines have in market cap,” said Fadel Gheit, an oil analyst at Oppenheimer. “I have been watching it for 20 years and it never fails to amaze me.”

Any wonder why the oil companies have been under fire recently?

## Source: CNN Money ##

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