April 8, 2005
Exxon Mobil reported quarterly earnings rose to $8.4 billion, up from a year earlier but down from the fourth-quarter's record level, on revenue of $88.98 billion. Along with other oil companies, it faces scrutiny as it thrives on high energy prices and robust global demand.
"ExxonMobil's first quarter earnings excluding special items, were $8,400 million, up 14% from first quarter 2005. Higher crude oil and natural gas realizations and improved marketing margins were partly offset by lower chemical margins. Net income for the first quarter was up 7% from 2005," Chairman Rex W. Tillerson said.
Valero Energy earlier reported 56% growth in its earnings in the first quarter, as operating income rose to $1.5 billion, on stronger distillate and gasoline margins. The company's board approved a 2 cent increase in the company's regular quarterly cash dividend on common stock, from 6 cents per share to 8 cents per share.
California Attorney General Bill Lockyer says he will subpoena documents from all 21 California oil refineries to determine whether they are profiteering and gouging consumers.
President Bush says Congress ought to eliminate the limit on the number of hybrid vehicles produced by an automaker that qualify for current tax credits. Bush also called on Congress to take back some of the billions of dollars in tax breaks that energy companies enjoy.
