Exxon Posts Fourth-Quarter Profit Spike
Exxon Posts Fourth-Quarter Profit Spike
Exxon Mobile Corp released its fourth-quarter results Monday, posting its biggest profit in more than two years as oil prices spiked and demand increased around the world. The world's largest company, Exxon reported net income for the period between October and December as $9.25 billion, or $1.85 per share, compared to income of $6.1 billion, $1.27 per share, in 4Q 2009. Earnings topped analysts' average estimate by 25 cents per share.
Exxon's oil and gas output climbed during the period, by 19 percent to the equivalent of 4.97 million barrels per day, its highest output in its 128-year history. The company's refining business bounced back after a dismal 2009 as demand for gasoline, jet fuel, and diesel climbed 3.5 percent. The Irving, Texas-based oil conglomerate reported a 17 percent increase in sales for Q4, to an astounding $105.2 billion. The company's full-year revenue of $383.2 billion exceeded the gross dometic products of countries such as Thailand, Denmark, and Chile.
Exxon Mobile Corp released its fourth-quarter results Monday, posting its biggest profit in more than two years as oil prices spiked and demand increased around the world. The world's largest company, Exxon reported net income for the period between October and December as $9.25 billion, or $1.85 per share, compared to income of $6.1 billion, $1.27 per share, in 4Q 2009. Earnings topped analysts' average estimate by 25 cents per share.
Exxon's oil and gas output climbed during the period, by 19 percent to the equivalent of 4.97 million barrels per day, its highest output in its 128-year history. The company's refining business bounced back after a dismal 2009 as demand for gasoline, jet fuel, and diesel climbed 3.5 percent. The Irving, Texas-based oil conglomerate reported a 17 percent increase in sales for Q4, to an astounding $105.2 billion. The company's full-year revenue of $383.2 billion exceeded the gross dometic products of countries such as Thailand, Denmark, and Chile.
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