3Q Big Oil Financial Report

Three Big Oil Firms Post Record Profits –WSJ 10.25.00/revised Commentary by Mark Geraci 3Q Financial Report and its US Economic Impact The three largest U.S. oil companies, Exxon Mobil, Chevron, and Texaco posted record third quarter profits earlier this week, crushing Wall Street’s 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 …

…GDP, generally expected to grow by roughly 3%, which could cast a more illuminating light on the current economic environment. If the GDP is weak it may confirm that rising energy prices are slowing the economy. As the peak season of demand nears, oil and heating oil prices will continue to rise to keep pace with limited supply, and rest assured, Exxon, Chevron, and Texaco will continue to report record growth in revenues and corporate profitability.