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Big Oil – Big Profits

The Big Five in the oil biz reported profits last week to the tune of $31 billion for the quarter. This is almost as high as the the last quarter of 2005, when prices went through the roof following Hurricane Katrina’s wrecked rigs and refineries.

ExxonMobil, world’s largest, reported $10.49 billion. Chevron made $6 billion. ConocoPhillips, hampered by Prudhoe Bay, reported $3.88 billion. BP (Prudhoe Bay and Texas refinery explosion) saw profits decline to $6.23 billion. Royal Dutch Petroleum (Nigeria) managed a profit of only $5.94 billion .

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