There is a lot of effort being made all over the world at getting oil from new sources, not just JDZ. I don't say that to downplay the JDZ potential, I think it has great promise, I would not have invested in ERHE otherwise. If we can just get these big companies to get moving ASAP and spend their profits, we could get more oil and drive the price back down.
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AP
Exxon Mobil 2Q Profit Jumps 36 Percent
Thursday July 27, 8:53 am ET
Exxon Mobil 2Q Profit Jumps to 2nd Highest Level for U.S. Company
IRVING, Texas (AP) -- Exxon Mobil Corp. said Thursday it earned $10.36 billion in the second quarter, the second largest quarterly profit ever recorded by a publicly traded U.S. company.
The earnings figure was 36 percent above the profit it reported a year ago. High oil prices helped boost its revenue by 12 percent to a level just short of a quarterly record.
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Exxon Mobil's report comes a day after another large U.S. oil company, ConocoPhillips, said it earned more than $5 billion in the quarter and at a time when many drivers in the U.S. are paying $3 for a gallon of gas -- increasing the likelihood of further political backlash in Washington.
Exxon Mobil, the world's largest oil company by market capitalization, said earnings amounted to $1.72 per share in the April-June quarter compared with a profit of $7.64 billion, or $1.20 per share, a year ago.
The results topped Wall Street expectations but came in behind Exxon Mobil's record profit of $10.71 billion set in the fourth quarter of 2005.
Analysts polled by Thomson Financial expected the company to earn $1.64 per share.
Revenue rose to $99.03 billion from $88.57 billion in the prior-year quarter. That was short of Exxon Mobil's record third-quarter revenue of $100.72 billion -- which also stands as record revenue generated by any U.S. public company ever in a single quarter.
Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases. Congress has been urging the big oil companies to put more of their profits toward boosting the supply of energy for consumers.
Exxon Mobil shares rose 82 cents to $67.42 in premarket trading.
