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ExxonMobil's Q2 Profits Soar on One-Time Gain

July 26, 2012
Net income was $15.9 billion in the April-June period, an increase of 48.6% from a year ago. ExxonMobil reported earnings of $3.41 per share, up 56% from second-quarter 2011.

ExxonMobil Corp., the top-ranked company on IndustryWeek's 2012 IW U.S. 500, posted strong profit gains for the second quarter, boosted by a one-time gain and drops in capital and exploration spending and divestments.

Net income was $15.9 billion in the April-June period, an increase of 48.6% from a year ago, lifted by $7.5 billion in gains related to divestments and tax-related items, including a restructuring in its Japanese holdings.

ExxonMobil reported earnings of $3.41 per share, up 56% from second-quarter 2011.

Total revenue rose 1.5%, to $127.4 billion, widely topping expectations of $115.1 billion.

Oil-equivalent production fell 5.6%. Excluding certain impacts, production was essentially flat, the company said.

ExxonMobil Chairman Rex Tillerson said the results reflect the company's long-range investment strategy amid challenging economic conditions.

"Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development," Tillerson said in a statement.

Capital and exploration spending totaled $9.3 billion in the second quarter, down 9% from the same period in 2011.

For the first six months of the year, ExxonMobil said it spent a record $18.2 billion.

Tillerson said ExxonMobil is making progress on plans to invest roughly $37 billion per year over the next five years to help meet the global demand for energy.

Copyright Agence France-Presse, 2012   

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