Austin, TX 11/2/2007 10:30:15 PM
Speak with other shareholders about: (NYSE: XOM), (NYSE: CVX), and (NYSE: SUN).
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Nov. 1, 2007 -- Even Exxon Mobil Corp. (NYSE: XOM), the world's biggest publicly traded oil company and king of record corporate profits, couldn't overcome the negative effect higher crude oil prices had on its refining business in the third quarter. The Irving, Texas-based company said Thursday its profit fell 10 percent in the July-September period, when lower natural gas prices and chemical margins also hurt the bottom line. What's more, with oil prices reaching a new record of $96 a barrel Thursday before retreating somewhat, some analysts say refining margins could continue to drag on earnings in the fourth quarter.
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Nov. 1, 2007 -- Chevron Corporation (NYSE: CVX) announced that John McDonald, currently vice president of Strategic Planning, will become chief technology officer, succeeding Donald Paul, who will retire from the company in 2008 after more than 32 years of service. Paul Siegele, currently vice president of Deepwater Exploration/Projects, will replace McDonald. McDonald and Siegele will assume their new roles on Jan. 1.
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Nov. 1, 2007 -- Sunoco Inc.'s (NYSE: SUN) third-quarter profit fell 38 percent because of lower margins and higher refining expenses. The Philadelphia Company said late Wednesday that it earned $216 million, or $1.81 per fully diluted share, in the quarter, down from $351 million, or $2.76 per fully diluted share, in the same quarter a year earlier. Sunoco's revenue grew nearly 10 percent to $11.5 billion in the quarter from $10.5 billion in the third quarter of 2006. The dip in Sunoco's earnings came mostly from its largest segment, refining and supply, which earned $171 million in the quarter, down from $273 million in the third quarter of 2006.
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