Exxon Mobil reported a 41% increase in net income for the third quarter, compared to last year.
NEW YORK (CNNMoney) -- Exxon Mobil reported third quarter earnings of $10.3 billion on Thursday, a surge of 41% from the year-earlier quarter that beat expectations.
Exxon's (
XOM,
Fortune 500) stock rose 1% in premarket trading, as the company attributed the increase to higher prices for oil and natural gas.
The net profit for the world's leading oil company soared compared to the year-earlier net income of $7.4 billion. Per-share income climbed to $2.13 per share from $1.44 in the prior year.
The company said that revenue rose to $125.3 billion from $95.3 billion in the year-ago quarter.
Analysts were expecting revenue to jump 19% to $113.6 billion for the third quarter, and a surge in net income to $10.2 billion, with earnings of $2.12 per share. That's according to a consensus of forecasts from Thomson Reuters.
But Exxon's income was well below its
record profit of $14.83 billion for the third quarter in 2008.
Oil industry competitors also saw stock gains. In premarket trading, Chevron Corp (
CVX,
Fortune 500). and BP PLC (
BP) rose about 1%, while Royal Dutch Shell (
RDSA) climbed nearly 2% and Total SA (
TOT) jumped 4%.
Bottom Line: The People are suffering while they make billions.