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Online Stock Market Trading Exxon Mobil Corp.(XOM.N) on Thursday said quarterly profit rose by more than 50 percent as sharply higher oil and gas prices helped fuel better-than-expected results.

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Stock Investing Course Exxon Mobil, the world's No. 1 publicly traded oil company, saw benchmark oil prices rise by more than 40 percent from a year earlier amid fears of a potential war in Iraq and a strike in Venezuela, one of the largest crude exporters in the world.

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Stock Market Game That drove fourth-quarter net income to $4.09 billion, or 60 cents a share, up 53 percent from the $2.68 billion, or 39 cents a share, it reported a year earlier.

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Stock Investing Game Excluding special items, the Irving, Texas company reported earnings per share of 56 cents, beating the Thomson First Call consensus estimate by 6 cents.

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Journal Prime Rate Street Wall Shares of Exxon Mobil, a component of the Dow Jones industrial average, were down slightly after its earnings report. Year-to-date they have fallen 3 percent despite a rise in oil prices -- to as high as $35 a barrel last week -- that is boosting the bottom line.

/ Next View All EXOTIC AMBER BATH SHOWER GEL EXOTIC AMBER BATH SHOWER GEL Price 0.00 EXOTIC AMBER BATH OIL EXOTIC AMBER BATH OIL Price 2.00

Stock Market News ``Investors are already pricing in oil going back down after the Venezuela and Iraq situations are resolved,'' said David Wheeler, an analyst at J.P. Morgan, who rates the company a ``neutral'' and does not own any of its shares.

Stock Investing Basics ``The current prices are helping earnings, but investors are not willing to price that in as sustainable.''

Stock Investing Software Stronger prices also lifted fourth-quarter profit at independent oil and gas producer Apache Corp.(APA.N), while a large charge wiped out the benefit of higher commodity prices at Amerada Hess Corp.(AHC.N), which posted a quarterly loss.

Stock Market Trading DOWNSTREAM IMPROVEMENT AHEAD?

Stock Investing For Dummy While the rally in oil prices lifted Exxon Mobil's exploration and production division's profit by 73 percent to $3 billion in the fourth-quarter, it took a toll on the refining and marketing and chemicals businesses. Both those units use crude oil as a key raw material.

Stock Market Crash ``It was pretty clearly a strong quarter, though I don't think it's indicative of a company firing on all cylinders,'' said Tyler Dann, an analyst at Banc of America Securities who rates the company a ``neutral'' and does not own any shares.

Stock Investing Tip ``I think chemicals could clearly do better and even the downstream, you could argue, might do better down the road.''

Stock Market Chart Downstream, or refining and marketing, earnings fell 19 percent from a year ago to $821 million on weaker industrywide conditions. Even so, downstream results were a marked improvement over third-quarter earnings of only $125 million.

Online Stock Investing The refining business struggled through 2002 as high inventories of products such as jet fuel and gasoline hurt profit margins. Companies like Exxon Mobil -- which not only produce oil but refine and sell it to consumers -- are banking on a turnaround this year.

Stock Market Crash Of And Exxon Mobil would be one of the main beneficiaries of any recovery, said Banc of America's Dann.

Stock Investing For Beginner ``We think that this company's leverage to that is significant, especially outside the United States,'' he said. ``It just so happens that they have a more balanced asset portfolio between exploration and production, downstream and chemicals.''

Finance Journal Personal Revenue rose 18 percent to $56.21 billion, although oil and gas production failed to rise from a year ago. Contributions from new projects were erased by natural field declines and OPEC quota restrictions.

Stock Market Report Looking ahead, Exxon Mobil said on a conference call it expects a first-quarter gain of $500 million to $700 million due to the adoption of new accounting rules.

Finance Investing Stock Market Amerada Hess, meanwhile, reported a loss of $371 million, or $4.20 a share, reversing a prior-year profit, because of the write-down of a key oilfield in Equatorial Guinea.

Wall Street Journal Com Houston-based Apache's quarterly profit more than doubled from a year-ago to $179.4 million, or $1.24 a share.

Stock Market Investing Advice Shares of Exxon Mobil were down 12 cents to $33.73 in Thursday afternoon trade on the New York Stock Exchange. Shares of Apache were down 23 cents at $60.51 and shares of Amerada Hess dropped $7.23. or nearly 13 percent, to $49.05.

Street Trader Wall Reuters - 1/30/2003

Topic: Petroleum Industry

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