Exxon Reports Best Quarter in History; Misses Estimates

Oil giant credits strong demand

(AP) - Halliburton says the expansion of oil and natural gas drilling in North America helped boost company earnings by nearly 54% in the second quarter. Revenue also hit a company record for the period. The Houston oil services giant reported earnings of $739 million, or 80 cents per share today, with revenue jumping 35.2% to $5.94 billion. More»

New, earlier target date aimed at investors

(NEWSER) - The relief well that is supposed to finally stanch the oil flow from the Deepwater Horizon may be ready as early as July 27, BP is now telling the Wall Street Journal . That's weeks ahead of the mid-August schedule they’ve discussed until now, and just happens to be the day its second quarter earnings report comes out. At the Obama administration’s urgings, the oil giant is also developing a “backup to the backup plan,” in case things go wrong. More»

(NEWSER) - CEOs and investors have springs in their steps. After a week full of positive earnings reports, many now believe worst is over, the Wall Street Journal reports. Yesterday saw a slew of reports that matched or beat estimates, including Motorola, Goodyear, Sony, and Kellogg Co. The economy “has found bottom,” says Dow Chemical’s CEO, “but will be slow in recovering.” More»

(NEWSER) - JPMorgan Chase, the largest bank to repay TARP money, posted second-quarter earnings of $2.7 billion—smashing analysts' predictions with a 36% increase in profit. The bank became America's second-largest after hoovering up Bear Stearns and Washington Mutual, and like Goldman Sachs it has used a boom in investment banking to offset lagging recovery in mortgage and credit markets. "This is a real tribute to Jamie Dimon, who's done a spectacular job in managing the firm through this difficult time," said one investor. More»

(NEWSER) - Stocks jumped at the open today, with the Dow up 61 points, the Nasdaq adding 0.5%, and the S&P gaining 0.7%, powered by strong moves in its energy and basic materials sectors. That was due in part to the surge in fuel prices, with oil clearing $71 a barrel. Chevron and Exxon Mobil each rose 1%. Shares in industrial companies also climbed, with Caterpillar up 1.3%. If it holds, the Dow's move will put it in positive territory for the year. More»