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Article: Oil prices help Exxon Mobil reach 56 percent profit.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- October 29, 2004
CopyrightCOPYRIGHT 2004 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Dianne Solis, The Dallas Morning News Knight Ridder/Tribune Business News
Oct. 29--Record prices for crude oil and natural gas lifted third-quarter profit 56 percent at Exxon Mobil Corp., the world's largest publicly traded oil company.
Net income was $5.68 billion, or 88 cents a share, from $3.65 billion, or 55 cents a share, in the year-earlier period. That included a $550 million charge to cover exposure from a class-action lawsuit won by Florida gasoline dealers.
Revenue jumped 28 percent to $76.37 billion, from $59.84 billion in the year-earlier period.
Despite oil prices that have averaged slightly above $40 a barrel ...