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Exxon Mobil's Profit Jumps on Higher Oil Prices, Production

Monday, 31 Jan 2011 08:55 AM

Exxon says net income grew 53 percent in the fourth quarter as oil prices rose and the company increased production.

The largest publicly traded oil company on Monday reported earnings of $9.25 billion, or $1.85 per share, the highest since its record profit of $14.8 billion in the third quarter of 2008. In the year-ago quarter, Exxon earned $6.05 billion, or $1.27 per share.

Revenue increased 17 percent to $105 billion.

Analyst had expected earnings of $1.62 per share on revenue of $99.1 billion, according to FactSet.

For the full year, Exxon Mobil Corp. said it earned $30.5 billion, or $6.22 per share, compared with $19.3 billion, or $3.98 per share, in 2009. Annual revenue increased 32 percent to $383 billion.

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