Exxon Mobil profit to widen by $2 billion

NEW YORK (MarketWatch) -— Exxon Mobil Corp. is expected to weigh in with a profit gain of $2 billion in its fourth quarter next week, as the oil major caps off a period of higher petroleum prices, but it remains to be seen if the company sparks any big moves in its shares.

When the world’s largest corporation reports earnings Monday, its results will follow a nearly 8% rally in its stock price in the past month as Wall Street bets on an upswing in global energy demand in 2011.

Whether Exxon Mobil’s (XOM 79.00, +0.01, +0.01%)  earnings update delivers more gains in its stock price remains to be seen.

With the stock’s recent run-up, Exxon Mobil likely would have to deliver a considerable earnings surprise to spark any big move in its share price.

All told, Wall Street expects Exxon Mobil’s earnings to climb to $7.87 billion, or $1.62 a share, from $6.05 billion, or $1.27 a share, in the year-ago period. Exxon’s profit also is expected to rise by about $900 million from the third quarter.

For all of 2010, Exxon Mobil is seen earning $29.2 billion, or $5.94 a share, compared with $19.3 billion, or $4.01 a share, in 2009.

Deutsche Bank analyst Paul Sankey on Jan. 13 reiterated his hold rating on Exxon Mobil and said demand as well as better refining conditions will benefit the major oil producers.

Separately, Exxon Mobil announced this week that it’ll team up with Russian state-owned energy giant Rosneft for the joint development of oil and gas resources in the Black Sea.

Exxon Mobil’s report will follow Chevron’s (CVX 93.39, +0.02, +0.02%)  jump of about 70% in fourth-quarter earnings, which topped $5 billion.

 

 

 

 

 

SOURCE: http://www.marketwatch.com/story/exxon-mobil-profit-to-widen-by-2-billion-2011-01-28

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