Exxon Mobil and Shell Profits Soar Despite Price Drop
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, posted higher-than-expected fourth-quarter earnings after gains in production softened the blow of declining energy prices.
Profit at Irving, Texas-based Exxon Mobil was $9.84 billion excluding a tax gain, the company said yesterday in a statement. That was $1.15 billion higher than the average of 10 analyst estimates compiled by Bloomberg. Shell said its profit excluding one-time items and inventory changes was $5.5 billion.
