Exxon Mobil Earnings

Exxon Mobil released its earnings today. The company reported earnings of $9.4 billion for the fourth quarter of 2011, up 2% from the fourth quarter of 2010. Full year 2011 earnings were up 35% compared to 2010 to $41.1 billion. The company attributed the increase to higher realized prices on oil and natural gas, as well as improved margins in its refining and chemical businesses.

Exxon spent a record $36.8 billion in capital and exploration expenses in 2011. In the fourth quarter the company spent $10.0 billion in capital and exploration expenses. Through share buybacks and dividends Exxon also distributed $29 billion to shareholders.

Exxon announced that it was the highest bidder on 50 of the blocks in an auction of US Gulf of Mexico leasehold. It also announced that construction began on a new low-sulfur fuels plant in Yanbu, Saudi Arabia.

See the business segment breakdown after the break.

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