Exxon’s quarterly profit rise beats Wall Street forecasts

first_img KCS-content Thursday 28 October 2010 9:11 pm Tags: NULL More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Share Show Comments ▼ Exxon Mobil, the world’s largest publicly traded oil company, yesterday said its quarterly profit rose 55 per cent, topping expectations, as higher crude prices and improved refining margins boosted results.Third-quarter earnings for oil companies have been helped by a rebound in oil and natural gas prices. Slow improvement in the global economy has also lifted demand for fuels like diesel and gasoline, helping refining businesses. Compared with a year-earlier, US crude oil prices climbed 13 per cent while benchmark gas on the New York Mercantile Exchange rose 23 per cent to average $4.23 per million British thermal units.The Texas-based company said its oil and gas output rose 20 per cent from a year-ago to 4.45m barrels of oil equivalent per day. Gains were fuelled by Exxon’s massive liquefied natural gas projects in Qatar and its June acquisition of US oil and gas company XTO Energy. Exxon said its third-quarter profit was $7.35bn (£4.61bn), or $1.44 per share, compared with $4.73bn, or 98 cents per share, in the year-ago third quarter.Profit in Exxon’s exploration and production unit rose 36 per cent to $5.47bn, while its refining unit had a profit of $1.16bn, up sharply from $325m from a year ago. Exxon’s quarterly profit rise beats Wall Street forecasts whatsapp whatsapplast_img

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