Exxon Mobil’s Profit Surges on Higher Oil Prices, Better Refining Results (XOM)

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Integrated oil behemoth Exxon Mobil Corporation ( XOM ) on Thursday said its second quarter profit surged 84% from last year, aided by higher oil selling prices and an improvement in its refining business.

The Irving, TX-based company reported second quarter net income of $7.56 billion, or $1.60 per share, compared with $4.09 billion, or 85 cents per share, in the year-ago period.

On average, Wall Street analysts expected a smaller profit of $1.46 per share for the quarter.

Exxon said its output rose 8% in the period, while profit in its refining business more than doubled from last year.

Exxon shares rose 36 cents, or +0.6%, in premarket trading Thursday.

The Bottom Line
We had removed shares of XOM from our "recommended" July 31,2008, when shares traded at $84.38. The company has a dividend yield of 2.89%, based on last night's closing stock price of $60.91. The stock has technical support in the $55 price area. If the stock can firm up, we see overhead resistance around the $64 price level. We would remain on the sidelines for now.

Exxon Mobil Corporation ( XOM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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