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Exxon Earnings Triple as Energy Prices Surge

May 02, 2003|From Bloomberg News

Exxon Mobil Corp., the world's largest publicly traded oil company, said first-quarter profit tripled to $7.04 billion because of surging energy prices and proceeds from the sale of a German natural-gas business.

Net income was equal to $1.05 a share, compared with $2.09 billion, or 30 cents a share, a year ago, the company said. Revenue rose 47% to $63.8 billion.

Chief Executive Lee R. Raymond delivered a record quarter for the third time in as many years as oil prices rose 56% on average and natural gas doubled. The refining business, which had a loss a year ago, earned $723 million before taxes and interest.

Exxon's profit was the fourth largest by a U.S. company for any quarter since at least 1990, according to Bloomberg data.

Excluding a $1.7-billion gain from the sale of Exxon's stake in German natural-gas distributor Ruhrgas, a $550-million benefit from an accounting change, and merger expenses, profit was $4.79 billion, or 71 cents a share, the company said.

Analysts expected 70 cents, according to Thomson First Call.

Shares of Irving, Texas-based Exxon rose 28 cents to $35.48 on the New York Stock Exchange.

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