The largest publicly traded oil company said Monday that net income grew 53 percent in the fourth quarter as it produced more oil to take advantage of higher prices.
On a per-share basis, net income was $1.85 per share. In the year-ago quarter, Exxon earned $6.05 billion, or $1.27 per share. Exxon set a record for quarterly net income by a publicly traded company of $14.83 billion in the July-September period in 2008.
Revenue increased 17 percent to $105 billion.
The results beat Wall Street expectations of $1.62 per share on revenue of $99.1 billion, according to FactSet.
Oil companies' profits surged in the fourth quarter as the world consumed more petroleum and oil prices rose 12 percent to an average of $85.14 per barrel. Higher prices made production operations more profitable. Increased demand boosted margins at refineries.
Exxon cranked up production by 19 percent. Its Exploration and production operations posted income of $1.3 billion in the U.S. and $6.2 billion internationally. Downstream operations, which include refineries, reported earnings of $1.2 billion after losing money a year ago. And Exxon's chemicals business reported profits of $1.1 billion.
Last week, Chevron Corp. said net income soared 72 percent to $5.3 billion for the quarter while ConocoPhillips reported a 54-percent jump. BP reports quarterly earnings on Tuesday and Royal Dutch Shell releases its report Thursday.
For the full year, Exxon Mobil Corp. said it earned $30.5 billion, or $6.22 per share, compared with $19.3 billion, or $3.98 per share, in 2009. Annual revenue increased 32 percent to $383 billion.
Shares added 75 cents, less than 1 percent, to $79.74 in premarket trading.