ExxonMobil profits rise on refining chemicals

ExxonMobil Profits Rise on Refining, Chemicals

ExxonMobil said overall profits in the exploration and production division, normally the cash cow of oil majors, fell 12% to $7.8 billion compared with a year earlier.

ExxonMobil (IW 500/1) Friday reported higher fourth-quarter profits on better results in its refining and chemical divisions, which offset a drop in its exploration and production results.

ExxonMobil said net income for the fourth quarter came in at a $9.95 billion, up 6% from the year-earlier period of $9.4 billion.

The results overcame a 5% decline in ExxonMobil's oil-equivalent production compared with the year-earlier period.

ExxonMobil said overall profits in the exploration and production division, normally the cash cow of oil majors, fell 12% to $7.8 billion compared with a year earlier.

Profits from its refining and marketing division came in at $1.8 billion, more than four times the previous year's level. Chemical sector earnings of $958 billion were up 76.4%.

Per-share profits came in at $2.20, compared with analyst forecasts of $2. Total revenues came in at $115.2 billion, roughly matching forecasts.

Copyright Agence France-Presse, 2013

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