Exxon Mobil’s profit increased 53 percent in the fourth quarter of 2010 as a result of higher
crude oil prices and growing demand, among other factors.
Exxon’s final quarter profits in 2010 marks the largest quarterly profit in over two years.
In the fourth quarter, Exxon Mobil’s profit hit $9.25 billion, or $1.85 a share, on revenue of
$105.2 billion. This marks a significant increase over 2009, when Exxon Mobil’s final quarter
profit was $6.05 billion, or $1.27 a share, on revenue of $89.8 billion.
Exxon Mobil’s annual profit for 2010 was $30.46 billion, or $6.22 a share, and total revenue
was $383 billion. In 2009, Exxon made a profit of $19.28 billion, or $3.98 a share, on revenue of
$310 billion.
Exxon’s lucrative results are consistent with other oil companies, such as Chevron and
ConocoPhillips. Exxon said that their profits result from an increase in oil prices, which have
been steadily rising over the past few months. Monday set a high at $92.19 a barrel.
Exxon reported that other factors contributing to their quarterly profit include higher natural gas
prices, better refining margins and strong sales from their chemical division.