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Exxon Mobil Has New Record Profit

TSC Staff

Exxon Mobil (XOM Quote) said Thursday that its third-quarter profit soared 58% from a year ago and reached nearly $15 billion, beating its previous record for the highest quarterly earnings from a U.S. company.

The oil and gas giant earned $14.83 billion, or $2.86 a share, in the latest quarter, up from $9.41 billion and $1.70 a share a year earlier. Excluding items, Exxon Mobil earned $2.59 in the most recent period. Analysts were looking for $2.38.

Revenue jumped to $137.7 billion from $102.3 billion last year. Production decreased 8% from the third quarter of 2007.

Exxon Mobil's results arrived on the same day Royal Dutch Shell (RDS.A Quote) said its own third-quarter earnings climbed 22% to $8.5 billion.

Chevron (CVX Quote), like Exxon Mobil a component of the Dow Jones Industrial Average, will post its numbers Friday.

Shares of Exxon Mobil were recently down 2.9% to $72.51.