ExxonMobil Q2 Profit Hits $10.68 Billion

Increase of 41%

ExxonMobil, the world's largest energy company, on July 28 reported a second-quarter profit of $10.68 billion, an increase of 41% from a year ago, but short of analysts' expectations.

Revenues for the April-June period were $125 billion, up 36% from the same period last year amid surging prices for crude oil. Analysts had expected revenues of $121.4 billion.

Earnings were $2.18 per diluted common share, falling short of analysts' consensus forecast of $2.33.

The Texas-based oil and gas giant said it had spent a record $10.3 billion on capital expenses and exploration, cutting into profit margins.

"ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over $10 billion to develop new supplies of energy to meet growing world demand," said CEO Rex Tillerson.

ExxonMobil is the world's largest publicly traded company in terms of market capitalization. It has upstream oil and gas projects in countries as far afield as Russia, Canada, Qatar, Nigeria and Papua New Guinea.

Copyright Agence France-Presse, 2011

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