Exxon Profits Climb 41 Percent

Published by: Dave Simmons on 28th Jul 2011 | View all blogs by Dave Simmons

Exxon Profits Climb 41 Percent

Exxon-Mobil released its second-quarter results Thursday, posting a 41 percent increase in profits thanks to higher oil prices and improved refining margins. For the three months ended June 30th, the world's largest publicly traded oil conglomerate posted earnings of $10.68 billion, or $2.18 per share, compared to the $7.56 billion, $1.60 a share, it earned in the same quarter a year ago. Total revenue, meanwhile, rose 36 percent to $125.5 billion.

The earning represent the best quarter for Exxon since it set a quarterly earnings record of $14.8 billion in 3Q 2008, but the per share earnings fell short of analysts' expectations of $2.30. Revenue exceeded expectations of $119.2 billion. In addition to boosting Exxon's earnings, higher oil prices also increased earnings for rivals BP and Royal Dutch Shell.

As prices for oil and natural gas rose during the second quarter, Exxon took advantage by increasing production by 10 percent. As a result, its production business saw earnings rise more than 60 percent to $8.5 billion.

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