ExxonMobil in its third quarter report said that it owed much of its US$7.4 billion – a 55% hike in comparison to the same period last year – in earnings to higher crude oil and natural gas realizations, improved refining margins, and what it said were “solid chemical results”.
Its upstream earnings were $5.5 billion, up $1.5 billion from the third quarter of 2009.
Similar to its second quarter results announcement, the oil giant once again credited its operations and the ramping up of projects in Qatar for the strong results despite economic uncertainties, according to chairman Rex Tillerson.
“Oil-equivalent production was over 20% higher than the third quarter of 2009, driven by our world-class assets in Qatar and our recent unconventional gas acquisition,” he said.
“Capital and exploration spending for the first nine months of 2010 was $22.2 billion, up 18% from the first nine months of last year.
