Exxon profits beat the forecasts

Exxon Mobil reported a fourth-quarter profit yesterday that topped Wall Street expectations as natural gas projects boosted results at the largest US oil company's exploration arm.

By The Newsroom

Published 2nd Feb 2010, 11:58 BST

Updated 2nd Feb 2010, 11:58 BST

Still, Exxon's net income fell 23 per cent as weak demand for fuel in the global economic slowdown caused a loss in its refining business.

Exxon's shares rose 2.2 per cent, outperforming a 2 per cent gain in the Chicago Board Options Exchange index of oil companies.

Oil and gas production increased nearly 2 per cent in the quarter to 4.18 million barrels of oil equivalent (BOE) per day –better than some analysts had expected – helped by production from Exxon's massive liquefied natural gas (LNG) projects in Qatar.

"Natural gas production in Asia Pacific and the Middle East was up 31 per cent," Pavel Molchanov, analyst at Raymond James, said.

"That's where a lot of the growth came from. They had those big liquefaction terminals start up in Qatar in the second half of the year."

Exxon is also investing in natural gas closer to home.

Qatar