Profits rise at Exxon Mobil with margins up

THE WORLD’S largest publicly traded oil producer Exxon Mobil Corp said its quarterly profit nearly doubled on surging margins at its operations outside the United States, but results fell shy of Wall Street’s expectations.

While Exxon’s US portfolio, including its shale projects, lost money, Exxon’s gas and oil operations across the world posted a 69 per cent jump in profit.

The company sold more gasoline and kerosene in the quarter, boosting the bottom line as well, but sales of chemicals slipped due in part to plant maintenance costs and weak margins.

Darren Woods, chief executive of Exxon Mobil, said: “Our job is to grow long-term value by investing in our integrated portfolio of opportunities that succeed regardless of market conditions.”

The company posted secondquarter net income of $3.35bn, or 78 cents per share, compared to $1.7bn, or 41 cents per share, a year earlier. Analysts expected earnings of 84 cents per share.

Production fell about 1.0 percent to 3.9 million barrels of oil equivalent per day. The results come as Exxon battles its shareholders and others over climate change issues. It has been locked in a skirmish over climate change documents with New York State Attorney General Eric Schneiderman, who has sought to punish the oil producer for what he says are misleading public disclosures.