Exxon Mobil profit climbs 41%, sets $5 bln buyback

By Steve Gelsi

NEW YORK (MarketWatch) — Exxon Mobil Corp. XOM -0.43% said Thursday its third-quarter profit rose 41% to $10.33 billion, or $2.13 a share, from $7.35 billion, or $1.44 a share, in the year-ago period, as the oil major benefitted from higher crude prices. Wall Street analysts expected Exxon to earn $2.12 a share, according to a survey by FactSet Research. Capital spending fell 2% to $8.62 billion, but the Irving, Texas-based company noted it has spent a record $26.7 billion so far in 2011. Exxon bought back $5 billion in stock in the third quarter and plans to buy back another $5 billion in the fourth quarter. Exxon’s oil-equivalent production fell 4% during the quarter.

Source: Market Watch

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