Shell and Exxon to smash transatlantic profit records
OIL companies on both sides of the Atlantic will gush record profits this week, with America’s Exxon Mobil posting the world’s biggest-ever profit, and Shell setting a new record for British companies.
Exxon is tomorrow expected to unveil a profit of about $32 billion (£18 billion) for 2005, according to Thomson Financial. It will be the largest single profit in the history of corporate America.
It shatters last year’s previous record for a company of $25 billion, set by Texas-based Exxon, the world’s largest listed oil company, and easily trumps the benchmark $22.1 billion made by Ford in 1998.
On Thursday Shell will top record-setting results with an estimated profit of $23 billion for 2005. This is up nearly a third from 2004, when its profits were $17.6 billion, at the time the biggest by a British company.
BP is expected to continue the trend on February 7 by revealing full-year profits estimated at $21.7 billion. This contrasts with earnings of $16.4 billion in 2004.
Oil-company profits, driven by the surging price of oil and gas, have drawn criticism as the cost of petrol remains high and domestic-heating bills soar.
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