Exxon Mobil Corp. (NYSE:XOM) has posted its largest third-quarter profit increase in six years with rise in commodity prices as energy demands mounted steadily.
Exxon reported that third-quarter net income rose 55 percent to $7.35 billion, or $1.44 a share, from $4.73 billion, or 98 cents, a year earlier. This rise in profits is due to the increased fuel consumption as indicated by a 2.2 percent increase from 2009. Further, a 12 percent jump in U.S. oil futures has also helped Exxon Mobil Corp. (XOM) in amassing profits in the third quarter.
Exxon (XOM) rose 74 cents, or 1.1 percent, to $66.41 due to the steady energy demands. This net income has been the largest for a third quarter since 2004. With rising energy demands Exxon has increased production by 21 percent to the equivalent of 4.45 million barrels a day.
Exxon (XOM) has also gone ahead and purchased natural-gas producer XTO Energy. With mounting energy demands the company purchased $3.3 billion of its own shares during the quarter and analysts predict that the company would exceed the average per-share profit and continue to purchase its own shares in future.
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