Arab Today, arab today exxonmobil\s q2 profits soars on onetime
Last Updated : GMT 06:58:51
Arab Today, arab today
Arab Today, arab today

ExxonMobil\'s Q2 profits soars on one-time

Arab Today, arab today

Arab Today, arab today ExxonMobil\'s Q2 profits soars on one-time

New York - AFP

US energy giant ExxonMobil posted Thursday strong profit gains for the second quarter, boosted by a one-time gain and drops in capital and exploration spending and divestments. Net income was $15.9 billion in the April-June period, an increase of 48.6 percent from a year ago, lifted by $7.5 billion in gains related to divestments and tax-related items, including a restructuring in its Japanese holdings. Exxon Mobil Corporation reported earnings of $3.41 per share, up 56 percent from the 2011 second quarter. Total revenues rose 1.5 percent, to $127.4 billion, widely topping expectations of $115.1 billion. Oil-equivalent production fell 5.6 percent; excluding certain impacts, production was essentially flat, the oil and natural gas giant said. ExxonMobil chairman Rex Tillerson said the results reflected the company\'s long-range investment strategy amid challenging economic conditions. \"Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development,\" Tillerson said in a statement. Capital and exploration spending totaled $9.3 billion in the second quarter, down 9.0 percent from the same period in 2011. For the first six months of the year, ExxonMobil said it had spent a record $18.2 billion. Tillerson said that ExxonMobil is making progress on plans to invest roughly $37 billion per year over the next five years to help meet the global demand for energy.

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