Thursday, July 28, 2011

Exxon Mobil Corp. ($XOM) said Thursday its second-quarter profit rose to $10.68 billion, or $2.18 a share, from $7.56 billion, or $1.60, in the year-ago period. Wall Street analysts expected Exxon to earn $2.30 a share, or $11.2 billion, according to a survey by FactSet Research. The Irving, Texas company said its second-quarter earnings benefitted from higher crude oil and natural-gas prices, improved refining results and strength in its chemicals unit. Oil-equivalent production rose 10% on increases in its Qatar liquid natural gas project as well as its growing unconventional gas portfolio. Capital spending rose 58% to $10.3 billion, a record. $XOM is indicated -1.9% preopen.

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