Exxon Mobil posts 69% Q1 profit growth
Exxon Mobil Corp (NYSE:XOM) posted a 69% increase in first quarter earnings on Thursday as oil and gas prices soared.
For the first three months of 2011, the oil and gas giant posted earnings of $10.65 billion, or $2.14 per share, compared to $6.3 billion, or $1.33 per share, in the year-ago period.
Total revenue jumped to $114 billion from $90.25 billion a year earlier. Analysts expected earnings of $2.06 per share on revenue of 114.85 billion.
Despite a decrease in quarterly net production of crude oil and natural gas liquids, the company reaped the benefits of rising oil and gas prices and increased refining margins.
Upstream earnings rose 49% year-over-year to $8.67 billion, primarily reflecting higher crude oil and natural gas realizations, the company said.
Downstream earnings, which includes refineries, posted a massive jump, as earnings rose to $1.1 billion, up by $1.06 billion from the first quarter of 2010.
The company said higher industry refining margins, partly offset by lower marketing margins, increased earnings by $470 million.
Exxon Mobil also reported record chemical earnings of $1.52 billion, $267 million higher than a year earlier.
On an oil-equivalent basis, production rose 10% in the first quarter, driven by the company's assets in Qatar.
Related news
- London Mining remains on track to hit 2012 production target at Marampa
- Ceres Power Holdings reports significant improvements of its fuel cell products
- Oxford Catalysts Group shares advance as it announces first start-up of FT reactor
- Mariana Resources kicks off drilling programme at Las Calandrias gold-silver project
- Orogen Gold begins Phase 1 drilling programme at Deli Jovan
- Magnolia Petroleum on track to hit 100 wells target by end-2012
- Mwana Africa sells 15pct stake in Freda Rebecca gold mine for $405k - UPDATE
