Exxon Posts Record $14.8 Billion Profits in Third Quarter

November 1, 2008 · By Kalyani Mukherjee Filed Under Finance Tagged as: Exxon Mobil

Exxon Mobil Corp posted a record profit of $14.8 billion in its third quarter results, boosted by triple-digit oil prices of crude oil last summer.

The Irving, Texas-based energy giant announced its third quarter results on Thursday which saw profits shoot up by 58% to a new record of nearly $15 billion. The company said that it earned $14.83 billion or $2.86 a share as opposed to $941 billion or $1.70 a share during the same period last year. Revenues in the quarter rose to $137.74 billion from $102.34 billion of last year.

However Exxon’s streak of posting spectacular profits is most likely to end with the latest quarter. While prices of crude oil had touched almost $150 a barrel in July this year, in recent weeks the prices have plunged to the level of $65 a barrel. This drop in prices is sure to take away a giant chunk from the profits of Exxon Mobil and other oil companies in the next quarter.

Along with announcing its third quarter results, Exxon also said that total production fell by 8% and predicted that its fourth-quarter earnings would fall by $500 million on account of repairs as well as lower volumes of supply. The dismal forecast led to a 1.3% fall in shares of Exxon which came down to $73.66.

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