Record net income for the third quarter of $14.83 billion was up 58% from the third quarter of 2007. Net income included [image-nocss] an after-tax special charge of $170 million reflecting a provision for interest related to the Valdez punitive damages award. Earnings for the first nine months of 2008 excluding special items were $36.24 billion, an increase of 25% over the first nine months of 2007. Net income for the first nine months of 2008 was $37.4 billion, up 29% versus 2007.
"Third quarter results include impacts of Hurricanes Gustav and Ike which affected U.S. Gulf Coast operations during the period. We responded quickly and effectively to maximize supplies of gasoline and other products to the marketplace. The majority of our operations are back on-line or are completing the final stages of startup," Tillerson said.
"Despite the continuing uncertainty in world financial markets, ExxonMobil has maintained a strong financial position," he added.
Upstream earnings were $9.351 billion, up $3.052 billion from the third quarter of 2007. Earnings from U.S. upstream operations were $1.879 billion, $683 million higher than the third quarter of 2007.
Downstream earnings of $3.013 billion were up $1.012 billion from the third quarter of 2007. Higher margins increased earnings by $1.1 billion while favorable mix effects increased earnings by $200 million. U.S. downstream earnings were $978 million, up $64 million from the third quarter of 2007.
For the first nine months of 2008, net income of $37.400 billion ($7.11 per share) was a record and increased $8.450 billion from 2007.
Upstream earnings were a record $28.148 billion, up $9.855 billion from 2007. Earnings from U.S. opstream operations for 2008 were $5.544 billion, an increase of $1.949 billion.
Downstream earnings of $5.737 billion were $1.569 billion lower than 2007. Lower worldwide refining margins decreased earnings approximately $1.9 billion while higher operating costs reduced earnings about $400 million. U.S. downstream earnings were $1.669 billion, down $1.829 billion.
Click herefor the full earnings release.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.