Wednesday, November 09, 2005

Senators, oil execs face off at hearing

The nation's biggest oil companies defended their combined quarterly profits of more than $30 billion on Wednesday at a Senate hearing where lawmakers demanded to know when prices would ease. It was unclear whether the hearing would lead to any new energy legislation, or simply be a vehicle for Republicans and Democrats to assure voters of their concern about high prices.
Among the witnesses were Lee Raymond, the gruff chief executive of Exxon Mobil Corp. (NYSE:XOM - news), which earned its biggest-ever profit, $9.9 billion, on revenue of more than $100 billion in the third quarter. Raymond is retiring in a few weeks after 12 years of leading an oil company regarded by Wall Street analysts as one of the best run in the industry.


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