Exxon Mobil Announces Record Quarter Earnings

Published October 25th, 2000 - 02:00 GMT

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. 



You may also like