Exxon Profit Rises 53 Percent, Tops Street

HOUSTON (Reuters) - Exxon Mobil Corp reported a better-than-expected 53 percent increase in quarterly profit as an improving world economy sparked higher demand for fuel and chemicals as crude oil prices rose.

It reported a fourth-quarter profit of $9.25 billion, or $1.85 per share, compared with $6.05 billion, or $1.27 per share in the same quarter a year earlier.

Analysts on average had expected a profit of $1.63 per share, according to Thomson Reuters I/B/E/S.

Oil-equivalent production rose 19 percent from the year-ago quarter, lifted by liquefied natural gas operations in Qatar, the Irving Texas company said on Monday.

Revenue soared to $105.2 billion from $89.8 billion a year earlier.

Shares of Exxon, the world's largest publicly traded oil company, rose 1.4 percent in premarket trading.

(Reporting by Anna Driver in Houston, editing by Dave Zimmerman)

Copyright 2010 Thomson Reuters. Click for Restrictions.

Comments

[nomoredead]

07:54 AM on 02/01/2011

But...but.....I thought it was the demand from India and China that was making the price per gallon rise.

I have cut my driving in half and would love to go electric soon.

But you realize GE is trying to find a way to monopolize charging stations so it will wind up costing americans, lets say...$200 per month for some sort of charging hookup.
Big Business will find away to profit billions off of electric cars.

[sonofsamphm1c]

05:11 PM on 01/31/2011

Nobody lowers their price to avoid profit. Why should they?

Good for ExxonMobil. Great job. Hire some people.

[Pippen]

03:20 PM on 01/31/2011

Big Oil has seen the future and it is raping the land at the fastest possible rate before the "people" pull the plug. The profits they make now are not shared but go to about two handfuls of people in the world. Everyone else is a slave. Like you.

About 10- 20 people run the entirety of the industry, George Bush Senior is still one of them but at least he's concentious of having the image of a patriot. Others in the group could care less about patriotism. They are devoid of any character and the rats are pocketing coin as they position themselves to jump ship with not a golden parachute but a Diamond embroidered Star ship with hand woven currency sails.

All on your dime. Why ? Because they own politicians. The polticians they own aren't real people they are marionettes of the industry. You keep voting for these marionettes and then scratch your head when gas at the pump goes up to $3.50 a gallon.

Americans deserve what they get. Keep voting for republicans and you're national energy policy will ALWAYS look the same or worse.

Big oil is moving their game overseas as fast as they can physically move. By the time the U.S. finally 'GETS IT" they'll have left the country for greener EPA pastures.

[MrStat1]

04:05 PM on 01/31/2011

Ah, the profits are shared by stockholders, including many 401k funds that millions of people have, in the form of higher stock prices and dividends. You seem to not understand this.

[Pippen]

08:45 PM on 01/31/2011

....uhm......you are naive sir. Executives are in it for the cash. They have alot of ways to siphon the cash flow amoung their friends inside and outside the company. You are so very naieve. I bet you were a boyscout ? A weebalo ?

[Photon55]

02:20 PM on 01/31/2011

With an economy on the verge of collapse one would think that this company with its egregious profits would want to share in our struggle for economic survival. Exxon has benefitted from government tax breaks and subsidies and could help by lowering prices in order for the economy to gain some momentum. But greed and profit trump the best interests and welfare of the nation and its people and no real consideration for the plight of the country.

[Hatima Transport]

01:14 PM on 01/31/2011

Must be nice....:(

[nypapajoe]

01:10 PM on 01/31/2011

We all know that the oil industry collectively made a huge profit the question is how much in taxes have they paid to the USA? Answer that! Why don't you report that! This will be news!!!!!

[personal beliefs]

03:10 PM on 01/31/2011

http://blogs.forbes.com/energysource/2010/04/07/exxon-says-it-does-pay-u-s-income-taxes/

[innerpuppie]

12:31 PM on 01/31/2011

My goodness, aren't they just a clever little bunch! Look at those profits rise☺ I'll be it is just so much fun to be able to charge whatever your little heart desires for something that people cannot do without (not much anyway).

I can just see the exec's leaning back in their chairs, lighting a stogy, taking a puff and throwing a dart at a board filled with dollar signs and numbers - just how much will they raise the cost of oil today - let's see where the dart lands, folks, let's see where the dart lands.

[schnauzergirl]

02:26 PM on 01/31/2011

Yep, sounds a bout right. Too bad they don't think down the line a bit. People won't be able to afford gas anymore and will either lose their jobs because they can't make it to the office or they will get so fed up they will go electric or alternative fuel. Suddenly the American cahs cow is gone. But as long as they get their coroprate jets and million dollar bonuses, who cares right?

[Tom Hendricks]

11:57 AM on 01/31/2011

Time to make patriotism a part of Exxon's business plan. Though the news media has yet to talk about it - the 2nd National Hiring Day is coming in a month. This is a day that corporations are encouraged to hire new employees. Corporations, like EXXON are called on to put patriotism first and help their country in hard times. Those corporations that cannot hire, are asked to stop firing for that month.
There has never been a time In American History where it is less difficult for Corporations to hire, and more helpful to all Americans if they did.
This may help us all. Though the news media has yet to talk about it - the 2nd National Hiring Day is coming in a month. This is a day that corporations are encouraged to hire new employees. Corporations are called on to put patriotism first and help their country in hard times. Those corporations that cannot hire, are asked to stop firing for that month.
There has never been a time In American History where it is less difficult for Corporations to hire, and more helpful to all Americans if they did.
This may help us all. http://musea.wordpress.com/2011/01/31/musea-extra-national-hiring-day-update/

[haimchaim]

11:24 AM on 01/31/2011

light has been shone upon places that were once dark or unlightened .. u know the real & lasting value of oil companies around the world .. in a previously thought . shyly peering there way to approach-them..

[BlueDog1]

10:18 AM on 01/31/2011

You wow that's late breaking.........................Exxon never knew a anti trust law it couldn't bust