October 27, 2005- Oil Companies Announce Largest Profit In U.S. History

FACT CHECK: MAGIC OIL NUMBERS

$9.9 BILLION- Exxon Mobile Corp. announced quarterly (3rdquarter) profits
$9 BILLION- Royal Dutch Shell Plc announced quarterly profit
$100 BILLION- Revenues at Exxon breached the 100 billion dollar mark for the first time.
$107 BILLION–Estimated combined 2005 profits of the world's five biggest investor owned oil companies.
$770 MILLION - The recently tripled net income at Marathon Oil Corp., the fourth-largest U.S. oil producer

WASHINGTON, D.C. – Today, Exxon Mobile Corp. announced the largest quarterly profit in U.S. corporate history of $9.9 billion for the third quarter. Revenues at Exxon breached the 100 billion dollar mark for the first time.

Exxon’s announcement of nearly $10 billion in profits in just 3 months comes on the heels of Royal Dutch Shell’s announcement of $9 billion in third quarter profits made earlier Thursday.

“In one day, we have seen these two oil companies announce profit margins that are $2 and $3 billion more than the greatest quarterly profits we have ever seen, from any company, anywhere in the history of the world,” stated Rep. Markey. “Yesterday Republicans chose to raise revenue by forever destroying the Arctic National Wildlife Refuge rather than by marginally increasing the fees these oil companies pay to drill on the public’s land. Today’s announcements only further demonstrate that the Republican Party has become an extreme institution concerned with the interests of the oil companies rather than with the interests of the American public. GOP used to stand for Grand Old Party, but now it stands for Gas and Oil Party. This is the expected result of the Bush Administration’s policy to “Leave No Oil Company Behind.”

FOR IMMEDIATE RELEASE
October 27, 2005

 CONTACT: Tara McGuinness
Morgan Gray
202.225.2836