Exxon Mobil saw earnings rise 2% in the last quarter of 2011 to $9.4 billion, with net income up 35% to $41.06 billion.
The company cited higher oil and gas realizations for the rise in income and profit, and unlike results anticipated from other supermajors reported improved refining and chemicals margins.
The supermajor’s quarterly report did not mention the deals it has signed with the Kurdish Regional Government, and only made one passing reference to Iraq, where it is slated to invest $100 billion developing the West Qurna 1 field, which it operates, and ancilliary infrastructure.
The upstream business provided Exxon with $8.8 billion in Q4, up $1.34 billion from the same period in 2010.
International earnings also improved markedly, to $7.64 billion and $29.34 billion from $6.16 billion and $19.82 billion last year. Europe, however, weighed on demand, partially offsetting growth in the US.
Oil and liquids production decreased to 2.25 billion barrels in the fourth quarter from 2.52 billion a year earlier.
Natural gas production also fell from 14.65 billion cubic feet available for sale per day in the fourth quarter of 2010 to 13.67 billion in the fourth quarter of 2011.
