Wall Street

Online Stock Market Trading Exxon Mobil Corp. (XOM.N) on Thursday said quarterly earnings before items rose, setting a record on higher energy prices, richer refining margins and increased oil and gas production.

"EDF Energy has offered to cap prices for prepayment customers and this comes as a welcome move as many of these customers are on low or fixed incomes. For a free energy price check, please call SimplySwitch. These are EDF Energy¯ host regions of London Energy, Seeboard Energy and SWEB Energy, where traditionally prices are higher.

Stock Investing Course But net profit fell 23 percent from last year, when an accounting change and asset sales produced gains of more than $2 billion. Revenue rose 6 percent at the world's largest publicly traded energy company.

Wall Street has been expecting earnings per share of $1.25, excluding items, on sales of $989.3 million. In February, year forecast for earnings of $1.20 to $1.26 per share, based compensation. Chief Executive E. Scott Beattie said that organizational improvements in Europe and Asia, particularly China, would contribute to revenues and earnings next year.

Stock Market Game Worries about supply disruptions, OPEC production cuts and thin inventories have kept energy prices sky high for more than a year, generating windfalls for oil companies. Meanwhile, a rebounding global economy boosted refining, marketing and chemicals results.

The EDF Energy group, who own London Energy, Seeboard Energy and SWEB Energy, have announced the cost of their domestic gas will rise by approximately 15.9% (â60) and electricity by 10.8% (â30). The price rises will come into effect from 5th August 2005 and will be applied to both new and existing customers. The Online plans are unaffected by this price rise, and tariffs for the Capped price plans are protected until March 2007.

Stock Investing Game ``Commodity prices remain high and refining margins are strong, so it's overall a very positive quarter,'' said Gene Pisasale, senior investment officer at Wilmington Trust. ``We expect this quarter, the next quarter, late in the year and maybe through year-end and into '05 to be positive for the group.''

Business electricity customers should expect to be affected by recent and predicted price increases by energy suppliers, according to a leading analyst. Tariq Akbar, who is the senior energy analyst at research firm Datamonitor, also stated that organisations are "under pressure" from suppliers who claim they have had their hand forced on price rises owing to high wholesale price increases. Speaking to BusinessGreen.com, he added that the rising costs may encourage businesses to...

Journal Prime Rate Street Wall Irving, Texas-based Exxon said first-quarter net income fell to $5.44 billion, or 83 cents a share, from $7.04 billion a year ago, when the company had a $550 million benefit from an accounting change and a $1.7 billion gain from selling shares of Germany's Ruhrgas AG.

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Stock Market News Excluding those items, earnings were up 14 percent, from $4.79 billion, or 71 cents a share, a year earlier. Revenue rose to $67.6 billion from $63.8 billion.

Stock Investing Basics On an operating basis, Exxon exceeded the average analyst estimate compiled by Reuters Research by five cents, or more than 6 percent. Its shares edged higher in morning trading.

Stock Investing Software Exxon shares jumped 1.4 percent before giving back gains. They were up 10 cents at $43.22 in afternoon trade on the New York Stock Exchange, just below a two-year high set Tuesday.

Stock Market Trading GAINS WIDESPREAD

Stock Investing For Dummy As expected, higher commodity prices juiced earnings. Benchmark U.S. oil prices rose nearly 4 percent. NYMEX gas prices and U.S. gasoline prices also soared.

Stock Market Crash But Exxon surprised some analysts by boosting worldwide production by 0.8 percent, to the equivalent of 4.55 million barrels a day. Oil output rose 5 percent to its highest level since 1998, reflecting new projects in West Africa and Norway.

Stock Investing Tip These gains, and the start-up of a liquefied natural gas (LNG) export plant in Qatar, boosted combined oil and gas output and contributed to record upstream earnings.

Stock Market Chart Meanwhile, refining and marketing earnings surged 39 percent to $1.00 billion, the segment's highest first-quarter results in 13 years, reflecting better margins and sales.

Online Stock Investing Chemicals earnings nearly doubled to $564 million, the highest in a decade, driven by margins and a weaker dollar.

Stock Market Crash Of ``What surprised us was the strength of chemicals and of refining and marketing outside the U.S.,'' said Sanford C. Bernstein energy analyst Neil McMahon, who had issued one of the most bullish earnings forecasts at 80 cents a share.

Stock Investing For Beginner Still, a growing number of analysts and investors say Wall Street shouldn't be so surprised by the extended energy rally.

Finance Journal Personal ``In the past few months analysts have been inching up their projections for commodity prices, but they were lagging the actual market,'' said Pisasale of Wilmington Trust, which recently increased its energy stock exposure to ``market weight'' relative to the S&P 500.

Stock Market Report ``Just about every analyst didn't expect commodity prices to remain so high,'' he said.

Finance Investing Stock Market Reuters - 4/29/2004

Topic: Petroleum Industry

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