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July 29, 2010    

Exxon Q2 profits surge 91%

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by Kay Murchie

Exxon Mobil, which is the world’s largest oil company, has today announced profits nearly doubled in the April to June period - easily exceeding analysts’ expectations.

The oil giant said net earnings rose to $7.56 billion, or $1.60 a share, against $3.95 billion, or 81 cents a share, in the same period a year earlier.

Analysts had expected earnings of $1.46 a share.

According to the company’s chief executive, Rex Tillerson, the profits were a result of “higher crude oil realisations, improved downstream margins, and strong chemical results.”

Meanwhile, production was up 8% in the three-month period, driven by contributions from Exxon’s assets in Qatar.

Earlier today, Royal Dutch Shell announced second quarter profits almost doubled after completing its restructuring programme ahead of schedule.

Shell posted profits of $4.5 billion (£2.9 billion) - a rise of 94% on the $2.3 billion reported a year ago.

Meanwhile, rival BP reported a $17 billion loss. However, this was primarily due to the costs related to the oil spill in the Gulf of Mexico.

Exxon’s rival, Chevron Corp, is scheduled to report its second quarter results tomorrow.

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Tags: , Chevron, , , Exxon, , quarter two, , Shell


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