Exxon Mobil earn $10 Billion in 90 Days!

So, today is Friday, July 27, 2007 and Steve Gelsi wrote for the Dow Jones news wire about the latest profit news for Exxon Mobil. Exxon Mobil said Thursday, July 26, 2007 that its quarterly income fell slightly because of lower prices for natural gas and rising costs of doing business, causing the oil giant to miss its Wall Street profit target, but they still earned more than $10 billion U.S. dollars for 90 days work.

Exxon Mobil (XOM) said second-quarter net income fell slightly to $10.26 billion, or $1.83 a share, from $10.36 billion, or $1.72 a share, a year ago. Revenue fell to $98.3 billion from $99.03 billion. Gelsi reported that analysts surveyed by Thomson Financial forecast earnings of $1.96 a share on net income of $10.13 billion, on average.

Shares of Exxon fell 3% to $90.09 in morning action on the New York Stock Exchange. The world's No.1 oil company weighed on the overall Dow Jones Industrial Average (DJI) , which gave up 115 points, or 0.8%, to 13,669. Is that incredible or what that a company can earn over $10 billion U.S. dollars in 90 days and people want to bail out on their stock. What is the world of finance really like? I don’t have a clue about this.

Exxon Mobil said lower natural gas prices were "mostly offset" by higher refining, marketing and chemical margins. The company distributed $9 billion to shareholders during the quarter through $2 billion in dividends and $7 billion in share repurchases. Shares outstanding were reduced to 5.55 billion at the end of the quarter, from 5.63 billion at the end of the first quarter. Fadel Gheit, an analyst at Oppenheimer & Co., said in a brief phone interview that the results were "disappointing" and that the company fell well short of its profit mark of $1.97 a share. I don’t know who Fadel is, but he must be one hell of a rich kid to be disappointed in a company that earned $10 billion U.S. dollars in 90 days by selling gasoline in the west at prices above $3.00 a gallon. If I was giving the report to the public like Fadel, I’d be really really disappointed – for sure man!

"Natural gas prices in Europe clobbered them," he said. "The cost of equipment, fuel, material and labor rose very sharply -- throughout the whole industry," Fadel reported.

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