Soaring prices, better refining margins annd higher oil and gas production all combined to yield ExxonMobil Corp a profit of more than U.S. $10 billion.
It was the second highest largest quarterly operating profit ever reported by a US company. While the profit sailed past trade forecasts and significantly increased share costs, it has also sparked off anger among consumer groups and lawmakers over profit amidst the high petroleum prices.
Exxon has raised its capital spending to US $20 billion to be used for fresh exploration and production. The company also plans to increase its stock buy back programme to US $ 7 billion to use its increasing hoard of cash.
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