Exxon Mobil, the world's largest oil company, crushed Wall Street expectations today by reporting its highest-ever quarterly profit of $8.42 billion.
The Texas-based oil giant's profit was a 27% increase from a year earlier and got a lift from sky-high crude oil prices, but also from strong results in its chemicals division and a one-time tax payment of $2.2 billion.
The profit amounted to $1.30 a share, far ahead of the $1.07 projected by Wall Street analysts. Revenue jumped to $83.4 billion.
'Strong operational performance in all areas of our business helped ExxonMobil capture the benefits of favourable market conditions in 2004,' chairman Lee Raymond said.
