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Regal Group International: Exxon Mobil 3rd quarter results beat Wall Street’s expectations.
The world’s largest publicly traded oil firm announces a 55% increase in quarterly profits, on higher crude prices and wider refining margins.
Compared to 2009, U.S. crude prices have risen 13% while on the New York Mercantile Exchange benchmark gas has climbed 23%to average $4.23 per million British thermal units.
"Production, mostly from natural gas, looks like the reason for the slightly better-than-
According to Exxon Mobil, its oil and gas output climbed 20% from 2009 figures to 4.45 million barrels of oil equivalent per day. The Irving, Texas based firm’s gains were lifted by its massive liquefied natural gas projects in Qatar as well as by its mid-year acquisition of U.S. oil and gas company XTO Energy.
The $27 billion XTO deal has expanded its natural gas portfolio but the acquisition has not been well received by all its investors with some raising questions about the current gas price. Exxon however has defended the deal saying it expects natural gas demand to increase in the long-term driven by power demand in countries such as China and India.
The oil giant announced third-quarter profit of $7.35 billion, or $1.39 per share, compared to $4.73 billion, or $0.98 a share in the third quarter of 2009, Regal Group International was informed.
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