EXXON Mobil, the world’s largest publicly traded oil company, yesterday reported a higher quarterly profit – but missed Wall Street estimates as its international refining business and output fell short.
The company’s second-quarter profit rose 41 per cent to $10.68bn (£6.54bn), up from $7.56bn a year ago.
Exxon’s refining operations had a profit of $1.36bn, down from the anticipated $2bn in the quarter.
But even with the earnings miss, Exxon’s profit was the highest in nearly three years, lifted by a jump in crude oil and higher natural gas prices.
Improvement in the world’s economies has driven up demand for fuel, especially in developing countries like China, which helped push WTI crude prices up 32 per cent from a year-earlier in the second quarter to an average of about $102 per barrel.
Oil and gas output rose to 4.4m barrels oil equivalent per day.