Exxon boosted by oil price boom

At today's prices, it really can be called black gold

Exxon Mobil has become the latest oil firm to report bumper profits, driven by crude's recent record-breaking surge.

Net income in the July to September period jumped 56% to $5.68bn (£3.1bn), compared with $3.65bn a year ago. Sales were climbed to $76.4bn from $59.84bn.

Earnings topped market estimates and are on course to set all-time highs.

The oil industry is benefiting from a record prices, which have been generated by strong demand combined with uncertainties over supply.

Cash pump

Earlier on Thursday, Anglo-Dutch oil group Shell reported a 70% rise in third-quarter net income to $4.4bn . On Tuesday, BP unveiled profits of $3.9bn for the same period.

A barrel of US light crude was trading at close to $52 on Thursday, while a barrel of Brent crude was near $49. During the third quarter, Brent's price averaged about $41 per barrel.

Even though analysts are predicting that prices will dip in the long run, they cannot discount extraordinary events that may push oil even higher.

Oil companies, meanwhile, are set to continue making money.

Exxon said that earnings at its exploration and production unit jumped by more than 30% to $3.93bn, while profit at its refining and petroleum product division totalled $1.40bn.

Its chemicals arm reported earnings that were almost four times higher than the previous year at a record $1bn.