Breaking news from CNN.com:
Exxon Mobil Corp. set a quarterly profit record for a U.S. company today, surging past analyst estimates, CNNMoney.com reports. Exxon Mobil, the leading U.S. oil company, said its third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. That profit included $1.45 billion in special items.
Wait, remind me again who bought all that gas?
Phil Weiss, analyst for Argus Research, said he doesn't expect Exxon to break any more profit records in future quarters.
"I don't expect the fourth quarter to be nearly as good as the third because of lower oil prices," said Weiss.
Does this mean we'll celebrate if low oil prices cause Exxon not to earn record profits in the 4th quarter?
