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.Skip to next paragraph
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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.