Tuesday August 01, 2006 
Tuesday August 01, 2006
Exxon Mobil profit tops $10 billion
Exxon Mobil reported quarterly profit surged 35% to more than $10 billion, driven by yet another quarter of sharply higher oil prices. Soaring prices, stronger refining margins and higher oil and gas production all combined to boost Exxon's second-quarter earnings to $10.36 billion, up from $7.64 billion a share a year earlier. Revenue jumped 12% to $99.03 billion - bigger than the economies of many small countries - from $88.57 billion a year earlier.
Exxon, like its peers, has enjoyed another in a string of bumper quarters as crude oil prices hovered at historic highs. Oil prices, on a steady rise in recent years because of growing Asian demand and fears of supply disruptions, hit a record high of $78.40 a barrel two weeks ago. Exxon is the latest oil major to report blockbuster profits this quarter, coming on the heels of Shell's 36% profit rise, and a 65% profit surge reported by No. 3 U.S. oil company ConocoPhillips.
See also :
1. Shell 2Q2006 profit rises 36% to $6.3 billion, but production falls
2. US oil defends record profits
(2006-08-01 08:12:40 SGT)
[Energy]
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