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Petrol giant narrowly misses all-time profit high
ExxonMobil, the world’s largest independent petroleum refiner, has announced a 6% increase in net-profits during the final three months of 2012.
Reporting the $9.95bn profit increase ExxonMobil, for a total of $44.88bn during 2012, the company feel $340m short of its all-time high of £45.22bn recorded in 2008.
Whilst net-profits increased, total earnings saw a $2.1bn decline, with the firm citing “including higher operating expenses, unfavourable tax items, lower gains on asset sales and unfavourable foreign exchange effects” for the fall.
ExxonMobil stock rose by 7 points on Friday to $90.04 per share and increased by 4% during January.
Based in Irving, Texas ExxonMobil is the United States’ largest oil company.
Speaking during an investor conference call David Rosenthal, vice president of investor relations, said that the profit reflects “the value of our integrated business model and other competitive advantages”.
Whilst facing lower prices and a 6% fall in production compared to 2011, the company was able to increase profits through increased focus on its refining operations.
Mr Rosenthal argued that ExxonMobil had “more than tripled the processing of (cheaper) North American crude over the last couple of years”, but did not provide exact figures. He raised caution about comparing the company’s 2012 profits to other years, saying that “I wouldn’t look at the year-to-year change as anything to be concerned about”.
In a statement the firm said that “ExxonMobil’s strong financial performance enables continued investment in new energy supplies, which creates jobs and support economic expansion”.
