ExxonMobil registered a net income of $8.4 billion in the first quarter of 2006, Reuters reports. That's up from $7.86 billion in the same quarter 2005. Meanwhile, revenue rose to $88.98 billion, up from $82.05 billion in 2005.
LandLine magazine reports ConocoPhillips' net income rose to $3.29 billion for the first quarter, up from $2.91 billion in 2005. That was on revenues of $47.9 billion, compared to $38.9 billion in 2005.
One company, however, BP Amoco PLC, said its first-quarter net income fell from $6.6 billion in 2005 to $5.6 billion in 2006. The company cited rising taxes and a drop in production in the Gulf of Mexico following last fall's hurricanes as the reasons for the drop in profits, according to a press release.
Meanwhile, President Bush this week announced a plan to help ameliorate the effects of rising fuel prices. He plans to defer deposits during the summer to the Strategic Oil Reserve, thus putting more oil into the market. In addition, he plans moves to promote fuel efficiency, boost the U.S. fuel supply, and invest in alternative fuels, CNN reports. He also asked the departments of Energy and Justice to open inquiries into possible cheating in the gasoline markets. -- Joe Roybal