Exxon Reaps Windfall of Up to $1.9B From Energy Rally
Exxon Mobil Corp. said higher crude oil and natural gas prices boosted quarterly results by as much as $1.9 billion.
Gas prices added $700 million to $1.1 billion to earnings in the quarter that ends this week, Exxon said in a filing on Thursday. Oil, meanwhile, added another $400 million to $800 million, compared with third-quarter results.
Gains on unsettled derivative contracts contributed another $300 million to $700 million to results in the company’s so-called upstream business, according to the filing. Exxon shares have risen 47% this year and are on track for the best annual performance since at least 1981.
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