Exxon Mobil Eyes Brazil, Iraq; Record Profit Impact

Dow Jones Newswires

Exxon Mobil Corp. Vice President Henry Hubble said the oil and gas giant has been developing 19 projects to boost future production. Exxon actively is looking for oil and gas reserves in Brazil in the wake of a big find by Petrobras Brasileiro SA.

"We're in the same area," Hubble said in a conference call.

Exxon has been in talks with officials in Iraq, but any development in the country, he said, is "a ways down the road."

Asked about scrutiny from politicians about its record-setting fourth quarter, Hubble said, "Our industry has always been the focus of attention, and I doubt that will change. What we hope is people will focus on the challenge that not only our company but the industry is facing. Demand is expected to increase 30% over the next two decades. The challenge is how do we meet that demand."

Exxon Mobil posted the highest quarterly results in corporate history as record oil prices pushed the energy giant's fourth-quarter earnings and revenue into the stratosphere. The energy giant's net income rose 14% to $11.66 billion, or $2.13 a share, on revenue of $116.64 billion.

Shares of Exxon Mobil traded recently at $85.36, down $1.02, or 1.2%.

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