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Contributors: Douglas McIntyre Jon C. Ogg

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Thursday, July 27, 2006

Exxon Record Highs, Who Else is Under their 52-Weeks Highs

Stock Tickers: XOM, BP, RDS/A, OIH, VLO, CVX, IEO, IYE, IEZ, IXC

Exxon Mobil (XOM) reported an astounding $10.36 BILLION profit. This up over 35% from Q2 2005. EPS translated to $1.72 versus expectations of $1.64 to $1.65. Revenues were $99.03 Billion. While this is up from the $88.57 billion the year before, it is sequentially lower than Q1's $100.7 billion.

With the highest oil prices on average throughout any quarter, this is actually under what the company netted out in Q4 2005 at $10.71 billion.

Exxon Mobil said it spent $4.9 billion on capital and exploration projects during the quarter, up 8 percent from a year ago, while distributing $7.9 billion to shareholders in the form of dividends and share repurchases.

This stock is up 1.5% at $67.60 pre-market. That will show it at an all-time high and if this stock stays up here it will be representative of a technical break-out on the charts. We'll see if the charts rule the roost, but if it stays then it may have implications for the entire sector.

While this looks like a break-out for the monster Big Oil, there are many in the group that have lagged. The Oil Service HOLDRs (OIH) are up 1.5% pre-market too, but even over $145.00 they are still well under the May highs of $169+.

Competitors Royal Dutch Shell (RDS/A) are essntially on year highs, but BP Plc (BP) ADR's up 2.7% at $72.76 are actually under the 52-week highs of $76.85 from April-May. BP already reported earnings. Valero (VLO) is also up 1.1% at $67.00 pre-market, but their 52-week high is $70.75 from back in April. There is a myriad of secondary names, and we haven't even scratched the Asian and South American names. ChevronTexaco (CVX) is essentially on their highs as well.

We have several other iShares that can be looked at as well, but these are all near the highs.
-(IEO) iShares Dow Jones US Oil & Gas Exploration & Production
-(IEZ) iShares Dow Jones U.S. Oil Equipment & Services
-(IYE) iShares Down Jones US Energy
-(IXC) iShares S&P Global Energy Sector
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