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IRVING, Texas -- Exxon Mobil Corp. third quarter profit rose 55 percent because oil and gas prices were higher, the company reported. Numbers were also higher because Exxon bought natural gas producer XTO Energy, contributing to a big jump in fuel production.
Exxon profit rose to $7.35 billion for the quarter, or $1.44 a share, from $4.73 billion, or 98 cents a share, last year. Revenue rose 16 percent to $95.3 billion.
Additionally, Exxon produced 21 percent more fuel than last year, and oil-equivalent production reached 4.453 million barrels of oil equivalent a day, according to reports.
Royal Dutch Shell also announced its third quarter earnings yesterday, which were $3.5 billion, up from $3 billion a year ago. Earnings per share were up by 16 percent.
Commenting on the results, Royal Dutch Shell CEO Peter Voser said: “Our results have rebounded substantially from year-ago levels, driven by some improvement in industry conditions, and Shell’s strategy. We are seeing new growth, with improved earnings and cash flow, underpinned by a 5 percent increase in oil and gas production, a 22 percent increase in LNG sales and increased downstream volumes. This is a better performance from Shell, achieved despite continued difficult industry conditions in refining and natural gas markets.”
Vosser continued that he feels Shell is making good progress on implementing its strategy, with a focus on performance improvement, delivering a new wave of growth, and maturing the next generation of growth options for shareholders, with achievements in all of these themes during the quarter.