"Prices for Oil Lift Profit at ExxonMobil"
ExxonMobil Corp.ís third-quarter earnings nearly doubled, alongside some of the strongest crude oil and natural gas prices in a decade.
The profit, excluding special charges and mergers expenses, rose to $4.29 billion from $2.21 billion a year earlier, on a pro forma basis, the oil company said.
Revenue increased to $58.9 billion from $49 billion.
Shares of ExxonMobil were at $87.06, down $2, in late New York trading.
ExxonMobil, as well as the rest of the oil industry, has been aided by higher crude and natural gas prices.
Among other energy companies reporting earnings Tuesday (October 24,
2000), Cheveron Corp. took charges of $116 million, but quarterly net income
still rose 163 percent, to $1.53 billion.
Revenue rose 33 percent to $13.59 billion.
Cheveron shares were down 38 cents at $82.19.
Texaco Inc.ís third-quarter income before special items rose 80 percent
to a record $815 million.
Sales rose 38 percent to $13.4 billion.
Texaco fell 69 cents to $58.44.