Russian energy giant Gazprom [RTS: GAZP] said Thursday its net profit calculated to Russian Accounting Standards more than doubled, year-on-year, in January-June 2008 to 285.7 billion rubles ($12.2 billion). Gazprom, which accounts for nearly 20% of global and 85% of Russia's natural gas production, said its net profit in January-June 2007 totaled 138.67 billion rubles ($5.9 billion).
Gazprom, which accounts for nearly 20% of global and 85% of Russia's natural gas production, said its net profit in January-June 2007 totaled 138.67 billion rubles ($5.9 billion).
Buoyed by soaring oil prices, Exxon Mobil Corp. reported $11.7 billion in second-quarter profits, breaking its own record for the highest quarterly earnings in U.S. corporate history. The 14 percent increase in profits from the second quarter of 2007 was almost entirely due to sharply higher net income from oil and gas production. High crude oil prices more than offset a steep drop in earnings at the company's refining and marketing businesses, as well as an 8 percent drop in the company's oil and gas production volume. Revenues surged to $138 billion, up 40 percent from a year earlier. Exxon's earnings were widely expected and reflect industry trends. Earlier, Royal Dutch Shell reported a 33 percent increase in profits. On Tuesday, BP reported a 28 percent increase from the second quarter of 2007, and last week ConocoPhillips said net income rose 13 percent.
The 14 percent increase in profits from the second quarter of 2007 was almost entirely due to sharply higher net income from oil and gas production. High crude oil prices more than offset a steep drop in earnings at the company's refining and marketing businesses, as well as an 8 percent drop in the company's oil and gas production volume.
Revenues surged to $138 billion, up 40 percent from a year earlier.
Exxon's earnings were widely expected and reflect industry trends. Earlier, Royal Dutch Shell reported a 33 percent increase in profits. On Tuesday, BP reported a 28 percent increase from the second quarter of 2007, and last week ConocoPhillips said net income rose 13 percent.
