Exxon Mobil reports $11B in quarterly profits
Dallas Business Journal
Exxon Mobil Corp.'s first-quarter profit rose 17 percent from a year ago, as soaring crude oil prices helped the company reach its second-largest U.S. quarterly profit ever.
The Irving-based oil giant earned $10.89 billion, or $2.03 per share, for the quarter, compared with $9.28 billion, or $1.62 per share, a year ago.
Revenue jumped to $116.85 billion from $87.22 billion last year.
However, the company's results for the quarter missed analysts' expectations for earnings of $2.13 per share on revenue of $124 billion, according to Thomson Financial.
"Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Exxon Mobil (NYSE: XOM) said.
The company spent $5.5 billion on capital and exploration projects, up 30 percent from $4.22 billion a year ago.
Exxon Mobil said earnings at its upstream, or exploration and production, business rose 45 percent to $8.79 billion, helped by higher crude oil and natural gas prices. Increased natural gas production was more than offset by lower crude oil volumes, the company said.
Earnings from its downstream, or refining and marketing, business fell 39 percent to $1.17 billion. The company said significantly lower worldwide refining margins decreased earnings by about $1 billion in the quarter, while improved refinery operations increased earnings about $350 million.
Web site: www.exxonmobil.com
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