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U.S. Energy Companies Report Record Quarterly Profits

HeadlineOct 27, 2005

U.S. energy companies are reporting record quarterly earnings this week. Exxon Mobil has reported a third-quarter profit of $9.92 billion — the largest quarterly total ever for a U.S. company. The Los Angeles Times notes the figure amounts to more than what Coca-Cola Co., Intel Corp. and Time Warner Inc. earn in an entire year. Third-quarter profits at ConocoPhillips, the country’s third-largest oil company, are up 89 percent. Together, the 29 major oil and gas firms are expected to earn $96 billion this year, up from $68 billion last year.

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