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Exxon Mobil 4Q profit rises 1.6% amid higher prices

February 02/2012

(nasdaq) -- Exxon Mobil Corp."s (XOM) fourth-quarter earnings edged up 1.6% as high oil prices offset impacts from lower production and weak refining margins.

The company has been distancing itself from the refining and marketing, or downstream, business globally. A number of major energy companies have been repositioning amid a boom in alternative shale energy fields and a glut of refining capacity. However, big investments in shale natural-gas resources, such as Exxon"s USD 25 billion acquisition of XTO Energy in 2010, remain a bet for the future as natural-gas prices remain at historic lows.

Exxon Mobil 4Q profit rises 1.6% amid higher prices

Exxon Mobil, the world"s largest publicly traded oil company by market value, reported a profit of USD 9.4 billion, or USD 1.97 a share, up from USD 9.25 billion, or  USD 1.85 a share, a year earlier.

Revenue increased 16% to USD 121.61 billion. Exploration and production earnings were up 18% mostly owing to higher prices as production fell 9% on an oil-equivalent basis.

Refining and marketing slumped 63% on weaker refining margins and lower petroleum product sales.

During the quarter, Exxon Mobil repurchased 69 million common shares at a cost of USD 5.4 billion, including USD 5 billion to reduce shares outstanding.

Author:Anna Larionova
Category:General News
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