Exxon Mobil Profit Rises on Higher Prices
From Bloomberg News
Exxon Mobil Corp. had its first profit gain in six quarters because of a rise in oil and natural gas prices.
Net income in the fourth quarter rose to $4.09 billion, or 60 cents a share, from $2.68 billion, or 39 cents, in the same period in 2001, the company said. Revenue rose 18% to $56.2 billion.
Higher prices sparked a doubling of earnings from oil and gas production to $3 billion even as oil output fell.
Shares of Irving, Texas-based Exxon Mobil fell 62 cents to $33.23 on the NYSE.
