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HomeMarketResultsOil giant Exxon Mobil rakes in profit of $19.66 bn in Q3;...

Oil giant Exxon Mobil rakes in profit of $19.66 bn in Q3; revenue doubles

broke records again with its profits in the third quarter, raking in USD 19.66 billion in net income.

The Irving, Texas company said on Friday that it booked USD 112.07 billion in revenue during the quarter, more than double revenue last year during the same period.

Americans have struggled with painfully high gasoline prices in recent months, paying more than USD 4.80 on average for a gallon of regular at the beginning of July. Prices eased somewhat towards the end of the quarter, but customers were still paying more than USD 3.79 a gallon of regular, on average, in late September.

Our strong third-quarter reflect the hard work of our people to invest in and build businesses critical to meeting the demand we see today, said CEO Darren Woods, in a statement. We all understand how important our role is in producing the energy and products the world needs, and third-quarter reflect our commitment to that objective.

Natural gas prices have also been high, especially as demand for liquefied natural gas has remained strong globally. The US has been increasingly exporting liquefied natural gas to Asia and Europe, as supply of Russian natural gas declined and prices skyrocketed.

Oil prices were initially high during the quarter but fell gradually. A barrel of benchmark US crude was selling for more than USD 100 a barrel when the quarter began in July but was selling for closer to USD 80 a barrel at the end of September.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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