The stock of Irving-based Exxon Mobil (ticker: XOM) closed at $80.68 a share today, up $1.69, on a trading volume of nearly 34.5 million shares, after the company reported robust earnings for the fourth quarter of 2010 and the full year.
Exxon, taking advantage of higher oil prices, boosted fourth-quarter production by 19 percent over a year earlier. The company's fourth-quarter natural gas production rose by 31 percent over a year earlier, in part because of its acquistiion of Fort Worth-based natural gas producer XTO Energy. However, XTO's fourth-quarter profits fell by 78 percent, to $120 million, said David Rosenthal, Exxon's vice president of investor relations. Weak gas prices contributed to the sharply lower profits.
Exxon reported a fourth-quarter net income of $9.25 billion, or $1.85 a share, on revenues of $105 billion. For all of 2010, Exxon earned $30.5 billion, or $6.22 a share, compared with $19.3 billion, or $3.98 a share, in 2009. Annual revenue rose 32 percent to $383 billion and fourth-quarter revenue climbed 17 percent over a year earlier.
--Jack Z. Smith
See full story in Tuesday's Star-Telegram.