Oil Giant Posts 53 Percent Increase in Profit
January 31, 2011
Exxon Mobil posted quarterly earnings that topped Wall Street expectations, due to rising oil prices and increased production, reports CNNMoney.com. The oil company posted earnings of $9.25 billion in the fourth quarter. That was up 53% from $6.05 billion from last year. Revenue also beat forecasts. Sales climbed 17 percent to $105.2 billion in the quarter. Production rose 19 percent in the fourth quarter, driven by the company''s growing natural gas efforts. The oil company boosted its presence in the natural gas business with its purchase of XTO Energy in 2010. The company''s chemical unit logged earnings of $1.1 billion, a $351 million increase from a year earlier. For the full year, chemical earnings were a record $4.9 billion, up $2.6 billion from 2009. Meanwhile, higher refining margins increased Exxon''s quarterly earnings by $1.3 billion.