Exxon Mobil profit soars 41%

@CNNMoney October 27, 2011: 11:45 AM ET
Exxon Mobil reported a 41% increase in net income for the third quarter, compared to last year.

Exxon Mobil reported a 41% increase in net income for the third quarter, compared to last year.

NEW YORK (CNNMoney) -- Exxon Mobil reported quarterly earnings of $10.3 billion on Thursday, a surge of 41% from a year earlier.

Why? Higher prices for oil and natural gas.

Profit at the oil company soared compared to the same period a year ago, when it was $7.4 billion. Per-share income climbed to $2.13 per share from $1.44 in the prior year.

And revenue rose to $125.3 billion from $95.3 billion in the year-ago quarter, the company said.

Exxon's (XOM, Fortune 500) stock rose 3% in early trading, but then flattened.

Oil industry competitors also saw stock gains. Chevron Corp (CVX, Fortune 500). rose 2%, while BP PLC (BP) rose less than 1%. Royal Dutch Shell (RDSA) rose less than 1%and Total SA (TOT) jumped 4%.

Exxon's strong performance was still well below its profit of $14.83 billion in the third quarter of 2008. That's a corporate record for quarterly profits.

Today, Exxon's profits are on track to do even better in the fourth quarter, since oil prices have increased more than 13% over the last month.

Oil prices have been volatile, dropping precipitously during the summer. But over the last year, prices have managed an increase of 13%, largely because of increases in October and September.

Exxon was once the oil industry's leading company, until it was overtaken by Shell last year.

Chevron is scheduled to report third-quarter earnings on Friday. The company is expected to announce revenues of nearly $70 billion, an increase of 40% from a year ago, and net income of $6.7 billion. To top of page

CNNMoney Sponsors

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer.

Morningstar: © 2015 Morningstar, Inc. All Rights Reserved.

Factset: FactSet Research Systems Inc. 2015. All rights reserved.

Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved.

Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor’s Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2015 and/or its affiliates.