Share this story
Close X
Switch to Desktop Site

Gains in foreign currency raise Exxon profits 77%

Exxon Corporation, the world's largest company, reported its second- quarter profits rose 77.2 percent in 1981, to $1.83 billion, from $1.03 billion in 1980. Revenues rose to $27.47 billion, from $26.22 billion. One major factor in the jump in profits was a gain of $588 million as Exxon's net foreign- currency debt was reduced in dollar terms because of the stronger dollar on foreign-exchange markets. The company's operating profits fell 13.3 percent, to $1.35 billion, from $1.55 billion.

Exxon reported higher profits on domestic crude oil and natural gas production, reflecting total decontrol of crude oil prices in January, but exploration and production profits abroad were lower.

About these ads