Exxon Mobil (NYSE: XOM ) profit to near $11 bln anticipates furor Dominion Lending Centres Clearlease

VANCOUVER, BRITISH COLUMBIA – (April 28, 2011) Clearlease Reports Exxon Mobil Corp. (NYSE: XOM ) earned nearly $11 billion in the first quarter, a performance that will likely land it in the centre of the national debate over high gasoline prices.

The world’s largest publicly traded company on Thursday reported net income of $10.65 billion, or $2.14 per share, in the first three months of the year. That compares with $6.3 billion, or 1.33 per share. Revenue increased 26 per cent to $114 billion.

The results surpassed Wall Street estimates of $2.04 per share on sales of $112.6 billion, according to FactSet.

The quarter was Exxon’s best since earning a record-setting $14.83 billion in 2008’s third quarter. It comes at a time when some drivers are paying $4 or more for gas and President Obama is threatening the oil industry’s multibillion-dollar tax subsidies.

Exxon Mobil Corp. increased earnings despite a slight drop in worldwide oil and natural gas liquids production. Benchmark crude prices increased 20 per cent from the same period last year.

Earnings grew across the company’s business segments. Income from its exploration and production business gained 49 per cent to $8.7 billion while the company’s downstream business, which includes refineries, posted a huge 30-fold jump to more than $1.1 billion.

Anticipating a strong reaction to the results from drivers and politicians, Exxon said on a company blog Wednesday that it has little control over the price of oil, which has risen to near $113 per barrel. The company also noted that less than 3 cents of every dollar it earns comes from the sale of gasoline and diesel fuel.

That may not appease many motorists, however. The national average for a gallon of gas is $3.89, about $1.02 more than a year ago. It’s above $4 in 8 states and the District of Columbia.

On the blog, Ken Cohen, Exxon’s vice-president of public and government affairs, said the company was anticipating “the inevitable headlines and sound bites about high gasoline prices and what to do about them” after the earnings were reported.

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Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

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Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. A. Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 177
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Video Link: http://www.youtube.com/watch?v=tfX_T9BpIug

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