Exxon rises despite low oil rates

Exxon rises despite low oil rates

A global drop in the oil prices has affected oil companies’ profit margins. The oil corporations are now reducing investments in new projects and explorations. But one company has been immune to the crisis in the oil market. A Texas based Exxon Mobil has given biggest surprise to the experts. The profit from the oil wells has crossed the estimates by the analysts and amid of lower crude oil rates, the company is booming.

 There have some typical negative effect on the company due to the price drop but the overall picture is looking good. Net income decreased in the first quarter by $1.17 per share, which means it was $4.94 billion. The per share income was $2.10 per share ($9.1 billion) last year, as per the financial data release by the company.  But when we look at the profit margins per share, it has been highest since 2004. The profit margin was 41 percent more than the predictions of 21 economists through a Bloomberg survey.

 Oil industry analyst Brian Youngberg from Edward Jones, based in St Louis said that it has been really the best quarter for the corporation. There refining has been good and production grew to some extents, which has been common trend this quarter. But the results have been best as compared to other oil companies.  The Exxon’s plants in non US countries have registered a six fold growth in their productions. The profit from them has reached to $1.67 billion, more than double from what it was last year.

 

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