Buoyant Oil Markets Push Exxon Profits Up 53%

Jan. 31, 2011
Full-year earnings hit $30.5 billion.

High oil prices and buoyant demand pushed ExxonMobil's profits up 53% in the final quarter of 2010, the firm said Jan. 31.

Earnings hit $9.25 billion in the last three months of the year, $3.4 billion more than the year-earlier period.

Production and revenues for the quarter were higher, along with investments and dividends.

For the full year, earnings rose 57% from 2009 to $30.46 billion.

"ExxonMobil continues to deliver strong financial and operating results," said chief executive officer Rex Tillerson.

The profit jump came on a 19% increase in production of oil and natural gas in the fourth quarter, especially from the company's stake in Qatar's huge natural gas fields.

Per-share earnings in the fourth quarter were $1.85, up 46% from $1.27 a year earlier.

For the full year earnings per share was $6.22, 56% over the previous year's $3.98.

In pre-market trading Monday morning ExxonMobil's shares were up 1% to $79.80 from Friday's close.

Copyright Agence France-Presse, 2011

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