Exxon Mobil posts quarterly profit of $9.9 billion

What?!!!!! Exxon Mobil posts quarterly profit of $9.9 billion!!!!

According to Deepa Babington from Reuters, on Oct 27th Exxon Mobil Corp. on Thursday posted a quarterly profit of $9.9 billion, its biggest ever and one of the largest in U.S. corporate history, as it raked in a bonanza from soaring oil and gas prices.

For the companies have been enjoying an unusually rosy environment for months. In addition and in the third quarter, oil prices and refining margins rose sharply after Hurricanes Katrina and Rita.  I mean those that ripped through the Gulf of Mexico.  Thereby disrupting energy operations in the region.

For I mean Exxon Mobil Corporation.

The one stylized as ExxonMobil, is an American multinational oil and gas corporation headquartered in Irving, Texas. It is the largest direct descendant of John D. Rockefeller‘s Standard Oil,[3] and was formed on November 30, 1999. All through the merger of Exxon (formerly the Standard Oil Company of New Jersey) and Mobil (formerly the Standard Oil Company of New York). Finally, ExxonMobil’s primary brands are Exxon, Mobil, Esso, and ExxonMobil Chemical.[4] Moreover, ExxonMobil is incorporated in New Jersey.[5]

One of the world’s largest companies by revenue, ExxonMobil from 1996 to 2017 varied from the first to sixth largest publicly traded company by market capitalization.[6][7]

ExxonMobil. LogoColor

 

 

 

In conclusion and while Exxon’s quarterly profit was up 75 percent from a year earlier.  Yet revenue also rose 32 percent to more than $100 billion. So the results fell short of Wall Street forecasts due to production outages caused by the hurricanes and sharply lower profit at the company’s chemicals division.

 

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