Exxon Mobil Announces Record Quarter Earnings
Exxon Mobil Corp. posted record earnings results for the third consecutive quarter on October 24th. Excluding merger effects, third quarter earnings were seen at $4.92 billion, up $2.085 billion from the same period in 1999.
Including net favorable merger effects of $200 billion, net income was at $4.49 billion, up $2.302 billion from last year. Third quarter revenue totaled $58.852 billion, compared to $48.986 billion in 1999, while capital and exploration expenditures increased 10 percent from the second quarter to $2.646 billion and are expected to show further increases in the fourth quarter.
Earnings excluding merger effects for the first nine months of 2000 were $11.79 billion, compared with $5.671 billion for the same period in 1999. Net income for the first ninth months of 2000 was $12.5 billion, up from $5.626 billion last year. Ninth-month revenue was seen at $168.889 billion, compared with $130.945 billion in 1999.
Exxon Mobil chairman Lee R. Raymond said that: “Excluding merger effects, Exxon Mobil’s third quarter 2000 earnings improved substantially from the same period a year ago and were a third consecutive quarterly record.”
He indicated that the company’s results continue to reflect historically high crude oil and natural gas prices, as wells as further improvements in operating efficiency.