Exxon Mobil Corporation Profit Up 49% On One-Time Gains, Shares Slip

  @moranzhang on July 26 2012 8:45 AM

Exxon Mobil Corporation (NYSE: XOM), the world's largest publicly traded oil company, said Thursday its second-quarter profit rose 49 percent, helped by a gain related to divestments and tax items.

Shares of Exxon Mobil Corporation (NYSE: XOM) fell 0.79 percent, to $84.57, in Thursday's premarket trading.

The Irving, Texas-based company earned $15.9 billion, or $3.41 a share in the second quarter, compared with $10.68 billion, or $2.18 a share in the year-ago period. Excluding a gain of $7.5 billion for divestments and tax-related items, Exxon Mobil earned $8.4 billion in the second quarter.

On average, analysts polled by Reuters expected earnings per share of $1.95 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenue rose to $127.36 billion from $125.49 billion.

"Despite global economic uncertainty, we continue to invest throughout the business cycle taking a long-term view of resource development," Rex Tillerson, Chairman and CEO of Exxon Mobil, said in a statement.

Capital and exploration expenditures were $9.3 billion, down 9 percent from the second quarter of 2011. Exxon Mobil plan to invest about $37 billion per year over the next five years to help meet the global demand for energy.

Oil and gas output in the quarter declined 5.6 percent.

Exxon Mobil said it distributed $7.7 billion to shareholders in the second quarter through dividends and share purchases to reduce shares outstanding.

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