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Thursday, October 27, 2011

ExxonMobil 3rd Quarter Profits Soar 41%

ExxonMobil's third quarter earnings surged 41% as the oil giant continued to benefit from high oil prices and stronger refining margins. Shares were up 1.4% at $82.20 in premarket trading as the results topped estimates.

The world's largest publicly traded oil company by market value has reported stronger results in recent quarters thanks to high oil prices and improved refining performance. Investors are watching this week to see how much of a drag, if any, recent oil price volatility and renewed concerns about the global economy will put on the sector's recent surge in profits.

ConocoPhillips posted a jump in adjusted third quarter profits on Wednesday, though charges weighed down the bottom line. Chevron is expected to post strong profits on Friday.

ExxonMobil reported a profit of $10.33 billion, or $2.13 a share, up from $7.35 billion, or $1.44 a share, a year earlier. Revenue increased 32% to $125.33 billion. Analysts polled by Thomson Reuters most recently forecast earnings of $2.12 a share on revenue of $113.56 billion.

Exploration and production earnings grew 54% amid higher prices for oil and natural gas, partly offset by a production decline of 4%. Refining and distribution business earnings were up 36% amid stronger refining margins. ExxonMobil said it spent $5.5 billion for stock repurchases, buying back 72 million shares. The total included $5 billion of buybacks to reduce shares outstanding.

Posted courtesy of Rigzone.Com

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