Exxon Mobil 1Q profit rises 10 percent |
|
|
|
Published
:
Thu, 26 Apr 2007 13:50
|
NEW YORK (AP) - Exxon Mobil Corp., the world's largest publicly traded oil company, said Thursday its net income grew 10 percent in the first quarter, as higher refining, marketing and chemical profit margins overcame lower crude oil and natural gas prices.Net income rose to $9.3 billion, or $1.62 per share, for the January-March period from $8.4 billion, or $1.37 per share, a year ago. Analysts polled by Thomson Financial were looking for a higher profit of $1.52 per share.Revenue fell to $87.2 billion from $88.9 billion a year earlier. Like other major oil companies, Exxon was hurt by lower oil and natural gas prices to start 2007 compared with a year ago.Last year, the Irving, Texas-based company posted the largest annual profit by a U.S. company -- $39.5 billion. That result topped the previous record, also by Exxon Mobil, of $36.13 billion set in 2005.Last month, Exxon Mobil said it will spend some of that money on more than 20 new global projects in the next three years, investments expected to add 1 million oil-equivalent barrels a day to the company's volumes at peak production.The company said its spending tab for capital and exploration projects in the first quarter was $4.3 billion.'In the first quarter, Exxon Mobil continued to actively invest, bringing additional crude oil, finished products and natural gas to market,' Exxon Mobil Chairman and Chief Executive Rex Tillerson said in a statement.Its shares rose 58 cents to $80.50 in premarket trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
|
|
|
|
Print this Story
No mediation for Indonesia, Exxon over gas field - report 