Exxon Mobil’s quarterly profit jumps 50 percent

In the third quarter 2017 Exxon Mobil posted net income of $3.97 billion, 93 cents per share. Production rose about 2 percent.

exxon mobil profitsExxon Mobil Corp, the world’s largest publicly-traded oil producer, said on Friday its quarterly profit jumped 50 percent on higher crude and natural gas prices.

The company posted net income of $3.97 billion, or 93 cents per share, in the third quarter, compared to $2.65 billion, or 63 cents per share, in the year-ago period. Exxon said Hurricane Harvey, which tore through the U.S. Gulf Coast region in August, dented quarterly earnings by 4 cents per share.

Production rose about 2 percent to 3.9 million barrels of oil equivalent per day.

A 50 percent increase in earnings through solid business performance and higher commodity prices is a step forward in our plan to grow profitability. For the fourth-consecutive quarter, we generated cash flow from operations and asset sales that more than covered our dividends and net investments in the business” said Darren Woods, chairman and chief executive officer.