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Monday, 21 July, 2008, 00:40 GMT | more prices >>

ExxonMobil pumps $10.8bn profit

By Upstream staff

US supermajor ExxonMobil has booked a 17% rise in first-quarter earnings to $10.89 billion on an almost 70% year-on-year rise in benchmark US crude prices.

Net income for the same period last year came in at from $9.28 billion.

Benchmark US oil prices averaged a record close of $98 a barrel during the quarter, up nearly 70% from a year earlier.

Profits were tempered somewhat as margins to produce gasoline have plummeted, with refiners struggling to push through higher crude costs to customers.

Earnings from the company's exploration and production segment were up 45% to $8.79 billion, while its refining profits dropped 39% to $1.17 billion.