Energy, Exxon Mobil | featured news

Exxon Mobil Corp reported a better-than-expected 53 percent increase in quarterly profit, helped by a lower tax rate and a surge in natural gas production in the United States and Qatar.

Rising oil prices and better-than-expected earnings from Exxon Mobil boosted energy companies.

Exxon’s purchase of XTO, which has expertise in the growing area of shale gas, is one of the biggest energy deals in years.

Investors were relieved to see Abu Dhabi's $10 billion rescue of Dubai, while acquisition plans announced by Exxon Mobil helped lift the energy sector.

Though it has resisted the slump better than most oil companies, Exxon’s profit fell 68 percent in the quarter.