Exxon Mobil posts quarterly profit of $9.9 billion

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

Acoording 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.

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

While Exxon’s quarterly profit was up 75 percent from a year earlier, and revenue rose 32 percent to more than $100 billion, 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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