Exxon Mobil Profit Soars 41% on Higher Prices, Refining Margins |
| Wall Street Journal - Oct 27, 2011 |
Exxon Mobil Corp. said Thursday its third-quarter earnings surged about 41% despite a drop in production as it continued to benefit from climbing oil prices and a stronger refining margin.
Exxon Mobil reported net income of $10.33 billion, or $2.13 a share, up from $7.35 billion, or $1.44 a share, a year earlier. The earnings, although in line with analysts' average estimate, were a bit disappointing for some who had hoped the oil company would post a big upside surprise like those from Royal Dutch Shell PLC and ConocoPhillips.
"I was hoping Exxon will surprise us too," says Fadel Gheit, an analyst with Oppenheimer & Co.
Major oil companies have reported a string of soaring quarterly earnings this year thanks to high oil prices. But Exxon's results, which included a 4% drop in production despite high levels of spending, also show major oil companies continue to struggle to maintain—let alone increase—output.
Read Full Article from Wall Street Journal
- Posted: 2011-10-27 11:44:49
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