Exxon Mobil profits reach new record

Monsters and Critics | Apr 26, 2007

Exxon Mobil Corp earnings continued to hit new records Thursday as the world’s largest oil company reported a 10- per-cent rise in first-quarter profits on high petrol prices, despite a fall in the cost of crude oil.

Net income climbed to 9.28 billion dollars from 8.4 billion dollars a year earlier, while revenue fell 2 per cent to 87.2 billion dollars, the Irving, Texas-based company said.

‘Higher refining, marketing and chemical margins were partly offset by a decrease in crude oil and natural gas realizations,’ Exxon Mobil Chairman Rex Tillerson said in a statement.

Demand for petrol in the US climbed 1.7 per cent and petrol prices rose 33 per cent in the first quarter of 2006, while the company said its average price for crude oil fell 3 per cent over the same period.

Exxon doubled its refining profits to 1.91 billion dollars, while earnings from crude oil and natural gas dropped 5.4 per cent to 6.04 billion dollars.

The earnings report beat analysts’ forecasts, according to Bloomberg financial news service. Shares in Exxon Mobil climbed 0.71 per cent to 80.49 dollars in afternoon trading on Wall Street Monday.

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