Exxon’s Q2 Profits Rise 49 Percent

NEW YORK (AP) – Exxon says that net income rose 49 percent in the second quarter as it made $7.5 billion from selling company assets.

America’s largest oil and natural gas company on Thursday reported earnings of $15.9 billion, or $3.41 per share, for the April-June period. That compares with $10.7 billion, or $2.18 per share, for the same part of 2011. Revenue increased 1.5 percent to $127.4 billion.

Excluding the asset sales, Exxon Mobil Corp.’s earnings fell by 21.5 percent in the quarter.

The company said that production fell 5.6 percent while it sold oil and natural gas at lower prices. Its downstream business, which includes oil refineries, increased profits in the U.S. and overseas. Exxon’s chemical manufacturing business boosted profits overseas, but earnings fell in the U.S.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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