Rising petrol prices helped US energy giant ExxonMobil to report 9.4 billion dollars in profits for the fourth quarter of 2011, even as the company noted some drop-offs in production. The 9.4-billion-dollar quarterly profit reflected a 2-per-cent increase over the same period in 2010. For the year, the company reported profits of 41.1 billion dollars, a 35-per-cent increase over 2010. "ExxonMobil recorded strong results while investing at record levels to develop new supplies of energy that are critical to meeting growing world demand, and supporting economic recovery and growth," said chairman Rex W Tillerson. Nonetheless, the surge in profits disguised some slackening of production, with fourth-quarter oil production down to 2.3 million barrels daily, down from 2.5 million in the same period in 2010. For the year, production stood at 2.3 million barrels daily, down from 2.4 million barrels a day in 2010. Quarterly gas production stood at 4.5 million cubic feet daily, down from 5 million the year before. Here, there was an increase on the year, to 4.5 million cubic feet a day, from 4.4 million cubic feet daily in 2010. The quarterly statement attributed the decreased production in several cases to "field decline." Overall revenue rose, to 121.6 billion from 105.2 billion on a quarter-to-quarter comparison, and to 486.4 billion from 383.2 billion on an annual basis. But during the same time periods, total costs rose to 104.6 billion dollars for the fourth quarter, from 89.6 billion dollars in the fourth quarter of 2010, and to 413.2 billion dollars for 2011, from 330.3 billion dollars in 2010.
