Exxon Mobil tops Wall St as output rises eight per cent
EXXON MOBIL reported a better-than-expected second-quarter profit, with oil prices and margins to process crude into fuel rebounding and production rising.
Profits for the US-based group came to $7.56bn (£4.83bn) in the quarter excluding items, compared with $4.09bn a year ago.
Oil and gas output in the quarter rose eight per cent, boosted by the company’s liquefied natural gas projects in Qatar, Exxon said.
While, Exxon’s refining business reported a better-than-expected profit of $1.22bn in the second quarter, up sharply from $512m from a year earlier. Barclays Capital had expected Exxon’s refining business to report a profit of $860m.
Conditions in the refining sector have improved in recent months, with business and
consumer demand for diesel and gasoline rebounding.
Crude oil prices have also climbed roughly 30 per cent from a year ago, another factor that has contributed to higher profits in the second quarter for oil companies.
Shares in Exxon rose to $61.35 in premarket trading from the previous day’s close of $60.91, but fell slightly to close at $60.52.