Exxon Mobil records rise in earnings

Exxon Mobil records a rise in earnings

2:34 PM, 17th June 2011
Exxon Mobil records a rise in earnings
Rex W Tillerson, Chairman, Exxonmobil.

  • Earnings were $ 10,650 million, an increase of 69 per cent or $ 4,350 million from the first quarter of 2010
  • Earnings per share were $ 2.14, an increase of 61 per cent.
  • Dividends per share of $0.44 increased by 5% compared to the first quarter of 2010.
  • The Shanghai technology Centre was officially opened and will play a critical role in supporting the strong growth of ExxonMobil’s Chemical business in Asia.

IRVING, US: ExxonMobil announced it’s results and reports rise in profits. Upstream earnings were $ 8,675 million, up $ 2,861 million from the first quarter of 2010. Higher crude oil and natural gas realizations increased earnings by nearly $ 2.6 billion. Production mix and volume effects decreased earnings by $ 160 million, while asset management activity and lower expenses increased earnings by $ 470 million.

Record chemical earnings of $ 1,516 million were $ 267 million higher than the first quarter of 2010. Improved margins increased earnings by $ 470 million, while other items, including the absence of asset management gains from 2010, decreased earnings by $ 200 million. First quarter prime product sales of 6,322 kt (thousands of metric ton) were 166 kt lower than the prior year.

“ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices. Earnings were $ 10.7 billion, up 69 per cent from the first quarter of 2010, reflecting higher crude oil and natural gas realizations, increased refining margins and record chemical performance. In the first quarter, capital and exploration expenditures were $ 7.8 billion, up 14 per cent from last year, as we continue with plans to invest between $ 33 billion and $ 37 billion per year over the next five years to develop new energy supplies to meet future demand growth,” commented Rex W Tillerson, Chairman, Exxonmobil.

© WOC News




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