The company reported profits of $10.33 billion ($2.13 per share) compared to $7.35 billion ($1.44 per share) a year ago. The Company’s E&P profit rose 54 % while the refining business saw profits rise by 36%. Better refining margins in fact pushed up profits by $1 billion. Though the company is increasingly focusing on gas (NYSE:UGA), prices have remained depressed due to high supplies. “Their oil and gas production mix was a tick higher to the gas side than I thought,” said Phil Weiss, oil analyst at Argus. “The concern I have is that they are becoming gassier and gassier, which is less lucrative.”
Exxon (NYSE:XOM) has so far spent $26.7 billion in the first nine months of this year on acquisition of gas acreage. It acquired gas producer XTO Energy last year.
- XOM is trading at $81.36 today, up 0.36%. Shares are up 23.45% in one year. The stock’s trading range for the year is between $65.09 and $88.23.
Investing Insights: Exxon Mobil Corp Earnings Cheat Sheet: Profits Climb By Double Figures Again.