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Exxon Mobil Corp. reported a 53 percent increase in quarterly profit Monday as an improving world economy sparked higher demand for fuel and chemicals as crude oil prices rose.
It reported a fourth-quarter profit of $9.25 billion, or $1.85 per share, up from with $6.05 billion, or $1.27 per share a year earlier.
Shares in BP gained on Friday, with traders citing talk that Exxon Mobil was considering a bid for the oil company.
By 10:29 a.m. EDT, BP shares were up 1.1 percent at 450 pence, having hit an intraday high of 451.35 pence on the rumor. Get the full story »
U.S. stocks could see big swings to the downside next week on any remotely “bad” news since volatility indexes are at levels considered too low.
The Chicago Board of Options Exchange Volatility Index, a gauge widely used to measure investors’ anxiety levels, fell 2.54 percent on Friday to close at 18.78, its lowest level since April. The VIX, which rose to near 50 in May, has been around or under 20 for the past two weeks. Investors also will face a blizzard of earnings, which many analysts believe will continue to support the rally that began early this month. But any disappointments in either earnings or outlooks could, of course, trigger a sharp sell-off. Get the full story »
ExxonMobil Corp. reported a better-than-expected second-quarter profit Thursday, as oil prices and margins to process crude into fuel rebounded from a year earlier and production rose.
Conditions in the refining sector have improved in recent months, with business and consumer demand for diesel and gasoline rebounding. Get the full story »
From CNN | BP’s stock price has fallen far enough for the oil company to become an attractive takeover target for its biggest rivals, according to industry analysts.
BP’s stock finished at $28.88 Wednesday, a plunge of more than 50% from its close of $60.09 on April 19, the day before its leased oil rig, the Deepwater Horizon, exploded and sank in the Gulf of Mexico, killing 11 workers. On Thursday, shares were up more than 3%.
Fred Lucas of JPMorgan believes that investors have overdone it in dumping the stock, cheapening it to an attractive value for buyers – meaning potential parent companies, not just individual investors. Get the full story »
