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ExxonMobil reaps windfall of up to $1.9billion from oil and gas rally

ExxonMobil said higher crude oil and natural gas prices boosted quarterly results by as much as $1.9 billion

Gas prices added $700 million to $1.1 billion to earnings in the quarter that ends this week, Exxon said in a filing Oil, meanwhile, added another $400 million to $800 million, compared with third-quarter results.

Gains on unsettled derivatives contracts contributed another $300 million to $700 million to result in the company’s so-called upstream business, according to the filing. Exxon shares have risen 47% this year and are on track for the best annual performance since at least 1981.

Who is ExxonMobil Corporation? A Useful Guide

ExxonMobil, one of the world’s largest publicly traded energy providers and chemical manufacturers, develops and applies next-generation technologies to help safely and responsibly meet the world’s growing needs for energy and high-quality chemical products.

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