Exxon reports massive profits for first quarter

NEW YORK, April 27, 2006 (CBS/AP) - With the price of gas skyrocketing
and political leaders of both parties calling for emergency relief
measures, another oil company reported massive profits Thursday
morning.

Exxon Mobil Corp. made an $8.4 billion profit in the first quarter -
that's a 7 percent increase over last year.

Net income rose to $1.37 per share for the January-March period from
$7.86 billion, or $1.22 per share, a year ago. Revenue grew to $88.98
billion from $82.05 billion a year earlier.

Irving, Texas-based Exxon Mobil is the world's largest publicly traded
oil company. In January, it posted the highest quarterly and annual
profits of any U.S. company in history: $10.71 billion for the fourth
quarter of 2005 and $36.13 billion for the full year.

ConocoPhillips announced record profits yesterday, but it's no doubt
not the last. On Friday Chevron is expected to announce close to $4
billion in profits.

The American Petroleum Institute, an industry trade group, is spending
millions of dollars in newspaper and television ads to convince
Americans that their profits have nothing to do with higher gas prices,
CBS News correspondent Byron Pitts reports...

ConocoPhillips' net income jumped to $3.29 billion, or $2.34 per share
for the January-March period, from $2.91 billion, or $2.05 per share,
in the year-earlier period. Revenue at ConocoPhillips grew to $47.9
billion in the first quarter from $38.9 billion last year.

Fadel Gheit, an analyst with Oppenheimer & Co., said things will only
get better for the company, citing its $33.9 billion acquisition of
Burlington Resources completed March 31...