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ExxonMobil Reports Record $36 Billion Profit

HeadlineJan 31, 2006

Oil giant ExxonMobil reported Monday it made a record $36 billion last year–a sum larger than the economies of 125 countries. Exxon became the first company to ever make more than $10 billion in a financial quarter. During the last three months of 2005 the oil giant made over $1,300 every second or nearly $5 million every hour. The country’s three biggest oil companies–ExxonMobil, Chevron and ConocoPhillips–earned a combined $63 billion last year. Officials from the country’s major oil companies, however, are refusing to testify this week at a Senate hearing looking into whether oil industry mergers in recent years have made gasoline more expensive at the pump. While it is making record profits, Exxon Mobil is also trying to avoid paying damages from the 1989 Exxon Valdez oil spill. On Friday the corporation asked a federal appeals court to erase an order for Exxon to pay out five billion dollars in damages ordered by an Alaskan jury.

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