Exxon reorted a profit of $10.36 billion for the secod quarter up from $7.6 Billion last year. The earnings were very close to Exxon's record quarterly profit of $10.71 Billion in 2005's fourth quarter. The company's quarterly revenues up to $99 Billion from $88.6 Billion in the same quarter a year ago, were below consensus estimate of $111 Billion. A reason for the decline could be an accounting change which lowered revenue. Exxon's huge profit will remain at faltering levels as long as global demand for oil remains strong and oil prices remain at low levels. Little news on the street today... so I chose this one for today's headline... love Exxon... love the stock.
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