Exxon: What $100 Billion in Quarterly Revenue Looks Like (XOM, CVX, COP, DIG)

Energy

Published: January 31, 2011 9:24 am

Last Updated: April 27, 2020 9:04 pm

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Exxon Mobil Corporation (NYSE: XOM) is helping to stabilize stocks this morning after Big Oil reported its 2010 and fourth quarter earnings. The largest fully integrated oil and gas giant in America actually had the largest quarterly profit in over two years due to prices and demand. Net income in the quarter rose to $9.25 billion, or $1.85 EPS versus $6.1 billion or $1.27 EPS in the fourth quarter of 2009. Thomson Reuters had estimates of $1.63 EPS for this quarter. The big figure was this: a 17% gain to $105.19 billion in revenues for its fourth quarter.

Exxon further noted that oil and natural gas output from its wells was up 19% to 4.97 million barrels of oil equivalent per day. That is a record for the company. Refining was actually at a profit as well, reversing the trends in place of a year ago.

Capital spending on plants, platforms, repairs and construction was also higher by 19% to $32.2 billion in 2010. Gas accounted for nearly half (49%) of Exxon’s global production, up from 43% a year before.

Exxon also plans to spend some $5 billion in share buybacks this quarter, matching the efforts in its fourth quarter.

Chevron Corp. (NYSE: CVX) reported earnings late last week and its profit was up 72% to about $5.3 billion. Also last week came earnings from ConocoPhillips (NYSE: COP) with a 59% profit gain to $2.04 billion. With Exxon, these three here comprise roughly 32% of the weighting in ProShares Ultra Oil & Gas (NYSE: DIG) and its shares are indicated up 1% at $50.60 right before the open.

Exxon Mobil is trading up 1.2% at $79.92, which will carry the market cap above the $400 billion mark. Its 52-week trading range is $55.94 to $79.98.

JON C. OGG

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