Top Oil Execs to Testify on Profits

Top executives from five major U.S. oil companies will attend a hearing next week on soaring profits, the Senate Energy Committee said Friday.

Exxon Mobil Corp. Chief Executive Lee Raymond will be among those addressing a joint hearing Wednesday before the Senate Energy and Commerce panels.

Irving, Texas-based Exxon, the biggest U.S. oil company, last week posted a $9.9-billion third-quarter profit, an increase of 75% from a year earlier, on the strength of high crude oil prices. Its quarterly revenue, $100.7 billion, was a record for any company.

No. 2 Chevron Corp. will be represented by Chief Executive David O’Reilly. The San Ramon, Calif.-based company last week posted $3.6 billion in third-quarter net income.

Also testifying will be CEO James Mulva of ConocoPhillips, CEO Ross Pillari of BP America Inc. and Shell Oil Co. President John Hofmeister, the Energy Committee said.

Republicans in Congress are worried that high gasoline and winter heating costs at a time of soaring industry profits could hurt their chances in next year’s midterm elections.

Crude oil and heating oil prices are high, “and at the same time we’re seeing these record profits going into their coffers,” Senate Majority Leader Bill Frist (R-Tenn.) said Friday. “Those executives will have that opportunity to explain, and we will get to the bottom of it.”

The chairman of the Federal Trade Commission and attorneys general from Arizona, New Jersey and South Carolina will testify about potential profiteering.