Refining margins boost quarterly profits at Exxon Mobil

Friday 01 February 2013 13.45
Exxon Mobil boosted by refining activities
Exxon Mobil boosted by refining activities

Oil giant Exxon Mobile said its fourth quarter earnings rose 6% to $9.95 billion with help from higher profit margins in its refining business.

The biggest US oil company still makes most of its money by producing oil and gas.

But that end of the business is less profitable than a year ago because of lower prices and production. Exxon is making up the difference at its refineries.

The company said its net income for the fourth quarter equaled $2.20 per share, compared with $1.97 per share a year earlier.

Revenue was down 5% to $115.17 billion, a drop of $6.44 billion. Analysts had expected Exxon Mobil to earn $1.99 per share on revenue of $115.22 billion.

The company said its net income for the fourth quarter equaled $2.20 per share, compared with $1.97 per share a year earlier.

Revenue was down 5% to $115.17 billion, a drop of $6.44 billion. Analysts had expected Exxon Mobil to earn $1.99 per share on revenue of $115.22 billion.