Oil giant Exxon Mobil has posted a 2005 Q2 net income of $7.64 billion, an increase of 32% over last year, as oil and gas prices continue to soar.
The company is attributing its success to massive gains in its exploration, refining and retail divisions, as well as a little help form rising energy costs.
Exxon increased its capital and exploration spending to $4.53 billion from $3.62 billion. As a result, the firm recorded a $4.91 billion profit in its exploration and production unit, $2.22 billion in its refining and marketing units and $814 million in its chemical unit.
Upstream profits netted the company $4.9 billion, indicating strong crude and natural gas prices, while revenue also rose to $88.57 billion, a 25% improvement on last year’s $70.69 billion.
Exxon claims the results are its best ever for a second quarter.
However, the group’s oil production decreased by 4.3% from the second quarter of 2004. Excluding divestment and entitlement effects, production fell by 2%. Higher production in West Africa and Qatar was offset by mature field decline and maintenance activities.