$A22.22b, ExxonMobil announces record profit

Friday 31 October 2008 

US oil giant ExxonMobil have posted a record third-quarter profit of $A22.22 billion, up 58 per cent from a year ago.

 

The latest report pushed up profits for the first nine months of 2008 to $A56.03 billion, putting the biggest oil and gas company toward another record year for earnings.

 

Revenues in the July-September period jumped 34 per cent to $A20.57 billion.

 

The results include the impacts of hurricanes Gustav and Ike which rocked US Gulf Coast operations. Most of the operations closed by the storms are back on line or are in the final phases of start-up.

 

The company endured increased costs due to the hurricanes and a reduction in production of 24,000 oil equivalent barrels per day. The fallout from damage repairs and lower output was forecast to have shaved $A749.01 million off fourth-quarter earnings.

 

"ExxonMobil's strong results in the third quarter of 2008 demonstrate the continued success of our disciplined business approach," ExxonMobil chairman Rex Tillerson said.

 

"Despite the continuing uncertainty in world financial markets, ExxonMobil has maintained a strong financial position," he said.