Exxon Profits Soar in Second Quarter

July 29, 2010
Profit rises to $7.56 billion.

Profits at energy titan ExxonMobil nearly doubled in the second quarter of the year, the company said July 29, as production from fields in Qatar and Kazakhstan rose.

Net earnings rose to $7.56 billion, versus $3.95 billion in the same period a year before.

Exxon CEO Rex Tillerson said the profits were a result of "higher crude oil realizations, improved downstream margins, and strong chemical results."

The figures smashed analysts' estimates of $1.46 a share, versus the $1.60 posted.

Falling production across Exxon's global operations were "more than offset" by "increased production from projects in Qatar and Kazakhstan," the company said.

"Oil-equivalent production increased by 8.0 percent over the second quarter of 2009 driven by contributions from our world-class assets in Qatar," said Tillerson.

The firm said earnings from its chemicals business reached $1.37 billion, up from just over $1 billion in the second quarter of 2009.

Copyright Agence France-Presse, 2010

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