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Exxon Mobil Q2 profits hit US$10.7 billion

Industry

Exxon Mobil saw their profits rise 41 per cent in the second quarter with earnings hitting US$10.7 billion compared to US3.1 billion in the second quarter of 2010, reflecting higher crude oil and natural gas realisations.

"ExxonMobil recorded strong results during the second quarter of 2011, while investing at a record level of over US$10 billion to develop new supplies of energy to meet growing world demand - Exxon Mobil 's Chairman Rex Tillerson commented.

Oil-equivalent production increased by 10 per cent over the second quarter of 2010, "driven by our world-class assets in Qatar and our growing unconventional gas portfolio," added Tillerson.

A company statement showed that second quarter natural gas production was 12,267 mcfd (millions of cubic feet per day), up 2,242 mcfd from the second quarter of 2010, driven by additional U.S. unconventional gas volumes and project ramp-ups in Qatar.

Non-U.S. Downstream earnings of US$622mn were US$158mn lower than last year. Chemical earnings of US$1.3 billion were US$47mn lower than the second quarter of 2010. Improved margins increased earnings by US$12mn, while lower sales volumes decreased earnings by US$9mn.

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