Profit hits 11.68 bln dlrs at ExxonMobil

NEW YORK, July 31, 2008 (AFP) – US energy giant ExxonMobil on Thursday reported a 14 percent jump in quarterly net profits to a record 11.68 billion dollars in results below most forecasts on Wall Street. The second-quarter earnings amounted to 2.27 dollars per share excluding special items compared with an average forecast of 2.52 dollars per share for the largest US oil and gas firm.

Revenues surged 40 percent from the same period a year ago to 138 billion dollars in the April-June period, lifted by record high crude oil prices.

Chairman Rex Tillerson said however that record oil and gas prices “were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs.”

The company set aside 290 million dollars to cover maximum punitive damages set by the recent Supreme Court ruling in the Exxon Valdez oil spill case.

Without that, the earnings would be 11.97 billion dollars.