Exxon profits soar on higher prices

High oil prices lifted profit at Esso petrol station owner Exxon Mobil

Profits at Exxon Mobil, the world's biggest oil company, have more than doubled - boosted by higher gas and oil prices.

The group said that in the last three months profits had jumped to $4.17bn (£2.61bn) from $2.64bn in the same period last year.

Chairman Lee R Raymond said earnings improved in all parts of the business over last year although actual production was flat.

The company added that increased demand for natural gas in Europe had been offset by declining production in some oil and gas fields.

Disruptions in North Sea and West African operations and a national strike in Venezuela also had a negative impact, but most of the problems were resolved by the end of June, it added.