High oil and natural gas prices boosted ExxonMobil’s second quarter earnings to a record $4.38 billion, up 6% from second quarter 2000.

Net income after merger effects and special items was $4.46 billion compared to $4.53 billion a year ago. Revenue for the second quarter totaled $56.46 billion compared with $55.96 billion last year.
ExxonMobil’s exploration and production unit earned $2.85 billion, an $85 million
increase from last year and a second quarter record. The company said the higher earnings were driven by higher than average natural gas prices, particularly in the U.S. Oil prices were lower than a year ago, but still strong.
Earnings from refining, marketing and transportation totaled $1.27 billion, up 27% from a year ago and another second quarter record. The company cited stronger refining and marketing margins, particularly in the U.S. It also noted that, while margins were well above last year’s levels, they did see some erosion toward the end of the quarter.
Chemicals earnings before special items were $142 million, down $220 million from last year. The company said this was due to a significant deterioration in margins, particularly in the U.S, where volumes dropped with weak economic conditions in the manufacturing sector.
Excluding special items and merger effects, earnings for the first half of 2001 were $9.43 billion, up 26% from the first half of last year. Net income was $9.46 billion compared to $8 billion last year.