Exxon Mobil Corporation, the world's largest publicly traded oil company, announced today that its third-quarter earnings soared due to higher crude-oil and natural-gas prices even though hurricanes slowed production in the Gulf of Mexico. The company's net income surged to $9.92 billion in the July-September quarter from $5.68 billion in the third quarter of 2004. Excluding certain items, earnings were $8.3 billion, compared to $6.23 billion in a year ago. Revenue grew to $100.72 billion from $76.38 billion in the year-ago period. The hurricanes lowered U.S. production volumes by 50,000 barrels of oil equivalent per day, down nearly 5 percent compared to last year, costing Exxon Mobil $45 million. Total daily production fell to 2.45 million barrels of oil equivalent from 2.51 million barrels, the company said. "Following the hurricanes, Exxon Mobil maximized gasoline production from all of our refineries which were operating in the U.S., and increased imports from overseas affiliates to meet U.S. demand," Chairman Lee Raymond said in a statement from the company's Irving, Texas headquarters. Earnings from U.S. upstream operations rose $498 million to $1.67 billion during the quarter, while U.S. downstream earnings jumped $548 million to $1.11 billion. Worldwide, the company's income from its chemicals unit declined by $537 million to $472 million, as raw materials costs lowered margins. Shares of Exxon Mobil rose 1 percent in early trading on the New York Mercantile Exchange, pushing the stock close to its 52-week high.
