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

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