NEW YORK — Exxon Mobil’s quarterly profit rose 41 percent because the company sold oil and natural gas at higher prices, making up for lower production.
The world’s largest publicly traded oil company, which owns and operates oil and gas fields from Texas to Qatar, said prices rose sharply in the third quarter. Its refineries also charged more for gasoline and other fuels that they make from oil.
Exxon sold oil in the U.S. for an average of $95.58 a barrel, up 35.2 percent from a year earlier. Internationally, it charged $107.32 a barrel, up 45.4 percent. It also charged more for natural gas.
The higher prices boosted earnings at Exxon’s exploration and production business, which finds and pumps oil and natural gas. Earnings rose nearly 19 percent in the U.S. and 61 percent internationally.
Exxon’s U.S. refineries also benefited. Their profits quadrupled as demand for gasoline and other fuels soared around the world, enabling them to charge more.
Yet the production decline was a disappointment for the Irving, Texas-based company. Exxon has outspent other oil giants over the past few years in the search for new fields. So far this year, it shelled out $24 billion on projects. Exxon’s oil production fell 7 percent while natural gas production slipped 3 percent