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5 October 2022 | Other

Exxon earnings rise

Exxon Mobil Corp

Exxon Mobil Corp reported strong operating profits in the third quarter after a record high the previous quarter. The profit growth was driven by natural gas revenues that were able to offset lower profits in other refining and chemicals businesses.

Exxon and its competitors have posted skyrocketing profits this year due to sharp increases in energy prices and demand, helped by cost cutting. 

Exxon said in a report on individual divisions that natural gas boosted its operating result by about $2 billion, thereby smoothing out a decline of about $1.6 billion in oil profits. Oil and gas pumping profits could be about $13 billion, compared with Wall Street's forecast of $10.1 billion in operating profit.

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