Exxon Mobil, Shell Exceed Profit Predictions as Prices Soar
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Exxon Mobil Corp. and Royal Dutch Shell Plc, the world’s two biggest oil companies, posted higher third-quarter earnings than analysts expected after crude prices soared to a record and production increased.
At Irving, Texas-based Exxon Mobil, net income rose 5.7% from a year earlier to $10.5 billion, or $1.77 a share, the company said today in a statement. Shell’s net income dropped 34% to $5.94 billion. Profit excluding a year-earlier divestiture and changes in inventory values rose to $7.03 billion from $5.8 billion. Exxon Mobil shares touched a record high after the company reported its 10th straight increase in profit and its biggest production gain since Exxon Corp.’s 1999 acquisition of Mobil Corp. The world’s three largest oil companies — Exxon Mobil, Shell and BP Plc — netted $172,000 a minute during the quarter.
