EXXON Mobil’s fourth-quarter profit narrowly beat Wall Street’s expectations yesterday as rising crude oil prices offset falling margins for chemicals, engine lubricants and fuel.
But production of natural gas and crude oil slipped during the period.
The company posted net income of $9bn (£5.6bn), or $1.97 per share, compared with $9.2bn, or $1.85 per share, this time last year.
The quarterly profit was Exxon Mobil’s lowest for 2011.
Total revenue rose 16 per cent to $121.6bn, above analyst forecasts of $119.7bn.
Oil companies around the world benefitted from a jump in oil prices during the fourth quarter.
Crude futures traded in New York jumped about 25 per cent to end the quarter at $98.83 per barrel. Brent prices gained five per cent during the quarter.
The price jump helped to lift Exxon Mobil’s profit in the upstream unit, which produces oil and natural gas, by 18 per cent. Land sales also lifted the results, the company said.
Still, the weak economy harmed Exxon Mobil’s margins. Profit at Exxon Mobil’s downstream unit, which makes engine lubricant, fell 13 per cent. The chemical unit, which makes plastics and related products, saw profit drop 49 per cent.
The Texas-based company spent $10bn during the quarter on capital projects and exploration, in line with the same period in 2010.
Shares in Exxon closed 2.05 per cent down at $83.74.
