by Sabrina Valle
HOUSTON (Reuters) – Oil giant Exxon Mobil reported its biggest quarterly profit in seven years on Tuesday, fueled by soaring energy prices.
The American group, which cut spending after a drop in demand two years ago, posted a profit of 8.87 billion dollars (7.87 billion euros) in the fourth quarter.
On Monday, Exxon also announced that it would overhaul the company to accelerate the $6 billion reduction in operating expenses that was decided last year.
The top U.S. oil producer reported earnings per share of $2.08, beating analysts’ forecasts of $1.94, as operating profit for oil and gas production soared in the period.
In the same quarter last year, Exxon had published an adjusted profit of three cents per share.
The company has also reduced its range of investments, now expected between 21 and 24 billion dollars.
The title Exxon gains 1.2% in pre-market.
(French version Juliette Portala, edited by Sophie Louet)
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