Big Oil: Booming Profits, Climbing Costs
Oil companies' financial results look great this year, thanks to high prices. But those healthy profits are masking costs that keep getting worse. A raft of companies trotted out stunning earnings in late July for the three-month period ended in June. Some increased their multibillion profits by more than 30% year over year; the Irving (Tex.) oil major Exxon Mobil (XOM), for example, announced on July 27 that it had a record net income of $10.36 billion during the second quarter, up from $7.64 billion during the same period of 2005.
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