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Three Big Oil Firms Post Record Profits WSJ 102500revised Commentary by Mark Geraci 3Q Financial Report and its US Economic Impact The three largest US oil companies Exxon Mobil Chevron and Texaco posted record third quarter profits earlier this week crushing Wall Streets estimates and sending many analysts scrambling to adjust their fourth quarter outlooks Making headline news just last week Chevron announced that it would acquire Texaco in an acquisition that would form a combined entity to be named Chevron Texaco keeping the strong brand names well assume Under the deal Chevron will exchange 077 shares for each Texaco share valuing the deal at 35 billion Management projects the combination will generate 12 billion in cost savings in the nine months following the deals completion Texaco Chairman and Chief Executive Peter Bijur Tuesday called the two companies natural partners and said the merger will create a US-based global enterprise that is highly competitive across all energy sectors Wire Services CNBCcom Texacos earnings for the current 3Q were stellar total net income of 798 million or 146 a diluted share double that of last years income of 387 million or 71 a share an upside surprise of 12 cents according to the analysts consensus firm First CallThompson Financial or in laymans terms profits jumped 80 percent And they arent exactly selling high bandwidth fiber-optic infrastructure components just good old- fashioned black gold Chevron the aggressor reported 3Q earnings rose to 153 billion or a profit of 235 a diluted share nearly tripling from 582 million or 88 cents last year shattering estimates by 54 cents according to First Call The company attributes its remarkable growth this last year to increased US refining and marketing and increases in exploration and total production Earnings from its US exploration and production business rose to 572 million up from 264 million a year ago as a result Its international exploration and production business earned 713
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