Excluding a $550 million charge related to a lawsuit, the company reported record earnings
US oil and gas corporation Exxon Mobil, number 1 the world's largest traded oil company ?1 in the world, announced its quarterly profit soared 56 per cent, due to record high crude oil prices and its refining operations? eminent results.
Despite this, Exxon?s shares fell a bit in afternoon trade, held down by a weaker oil and gas sector as crude prices slipped.
Exxon's third-quarter net income jumped to $5.68 billion, or 88 cents a share, compared with $3.65 billion, or 55 cents a share, in the year earlier period.
Excluding a $550 million charge related to a lawsuit, the company reported record earnings of $6.23 billion, or 96 cents a share that beat Wall St forecasts of 87 cents a share.
During the quarter, Exxon also spent $3.01 billion to buy back 65 million shares to offset the dilution from benefit plans and to reduce the number of common shares outstanding. Revenues jumped to $76.38 billion in the quarter from $59.84 billion a year earlier.
Earnings from upstream, or exploration and production, operations shot up to $3.93 billion, reflecting record crude oil and natural gas prices in the quarter.
