Processing Magazine

Exxon Mobil Third-Quarter Income Jumps 55 percent

October 28, 2010

Exxon Mobil Corp. said that its income jumped 55 percent in the third quarter on higher oil prices and increased production, according to the Associated Press. The world''s largest publicly traded oil company reported earnings of $7.35 billion, or $1.44 per share, for the third quarter. That compares with $4.73 billion, or 98 cents per share, in the year-ago period. Revenue increased 15.8 percent to $95.3 billion. Petroleum companies have seen profits jump as oil prices rebounded from 2009. The ability to sell crude barrels for more money has offset unexpected drilling expenses and a drop in Gulf of Mexico production that some companies are starting to see following BP''s giant oil spill earlier this year.

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