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Friday, 29 August, 2008, 17:40 GMT | more prices >>

ExxonMobil pumps US profits record



By Upstream staff 

ExxonMobil has booked fouther-quarter earnings of $11.66 billion - the highest ever operating profit reported by a US company - on the back of surging commodities prices.

Net income rose nearly 14% from the year-earlier of $10.25 billion.

Earnings per share rose to $2.13 from $1.76 last year. Analysts, on average, were expecting earnings of $1.98 per share.

"They performed across the board, upstream, downstream, U.S. and foreign," James Halloran, who helps manage about $35 billion at National City Private Client Group, told Reuters.

Revenue in the quarter rose to $116.64 billion from $90.03 billion in 2006.

Oil prices averaged more than $90 a barrel during the quarter and nearly hit $100 due to tight supplies, geopolitical risks and the weak dollar. They averaged just over $60 a barrel in the same period a year earlier.

Profit margins from refining were relatively weak in the quarter as gasoline prices failed to keep pace with oil prices that soared to record levels.


Friday, 01 February, 2008, 14:03 GMT  | last updated: Friday, 01 February, 2008, 14:09 GMT

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