ExxonMobil saw its second-quarter profits nearly double from the year-ago period due to higher oil prices and better refining margins, the company reported Friday.
Net income jumped to $3.4 billion, up 97 percent from the same period of 2016 as oil prices ran solidly higher at about $45 to $53 a barrel.
Higher oil prices drove sharply-higher exploration and production earnings in Exxon’s international business. But US upstream operations — exploration and drilling — reported a loss of $183 million in the quarter, albeit smaller than the $514 million loss in the comparable quarter.
Oil prices have been fairly stable in the wake of agreements by the Organization of the Petroleum Exporting Countries to limit production.
However, oil producers have been cautious in boosting investment, in part because of worries that prices could retreat again amid surging US shale production.
Oil services companies that reported earnings earlier this week said US upstream investment remains solid, but international capital spending continues to lag.
Exxon also reported a solid increase in downstream earnings, although chemical profits fell compared with the year-ago period due to increased plant downtime and weak profit margins.
Earnings translated into 78 cents, six cents below analyst expectations.
The company’s share price fell 1.8 percent in pre-market trading to $79.35 a share.
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