HOUSTON (Dow Jones)--Exxon Mobil Corp. (XOM) said Monday its fourth-quarter earnings surged 53% on higher oil prices and the return to profitability of its refining arm, signs that the Texas oil giant is reaping the benefits of a healing world economy.
The energy sector's profits seem to be rapidly recovering from the deep gash left by the recession, and seem poised for a return to the boom days that preceded the financial collapse in 2008. On Monday, Brent crude futures hit the $100-per-barrel mark for the first time in more than two years. Brent is the benchmark crude for much of Europe and Asia.
Exxon's quarterly results follow last week's reports of soaring profits by fellow oil giants Chevron Corp. (CVX) and ConocoPhillips (COP). Oilfield service companies like Schlumberger Ltd. (SLB) and Baker Hughes Inc. (BHI) also posted significant earnings gains, a sign that energy producers have a rosy view of the future and are performing more work. US NEWS PAPER
The energy sector's profits seem to be rapidly recovering from the deep gash left by the recession, and seem poised for a return to the boom days that preceded the financial collapse in 2008. On Monday, Brent crude futures hit the $100-per-barrel mark for the first time in more than two years. Brent is the benchmark crude for much of Europe and Asia.
Exxon's quarterly results follow last week's reports of soaring profits by fellow oil giants Chevron Corp. (CVX) and ConocoPhillips (COP). Oilfield service companies like Schlumberger Ltd. (SLB) and Baker Hughes Inc. (BHI) also posted significant earnings gains, a sign that energy producers have a rosy view of the future and are performing more work. US NEWS PAPER
