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Exxon Mobil "disappoints" with $10.9bn profit

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Date: Thursday 01 May 2008

LONDON (ShareCast) - Record oil prices saw Exxon Mobil post the second highest quarterly net corporate profit ever at $10.9bn, up 17%, though this was still short of market expectations.

Exxon, which holds the record the biggest quarterly profit ever recorded of $11.7bn, posted three months ago, blamed a lag in petrol prices catching up with a rising crude price for not hitting a new record. Refinery margins took the brunt, with profits from this division down by more than half.

Production also fell back. Reported "liquids production" fell 6% in the quarter and though revenue rose 35% to $116.9bn, up 34%, this was again below forecasts Earnings per share were $1.62 a share, compared with forecasts of over $2.10.

"Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," Rex Tillerson, the company's chief executive, said in a statement.

Shares in the firm fell sharply on the figures, which compared poorly with European rivals Shell and BP where net income rose by 25% and 63% respectively.