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ExxonMobil posts US$4b sales figure

ExxonMobil, the largest public company in the world has recorded a 58% profit increase, on a US$4...

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Last year ExxonMobil posted a US$2.64b figure for the same period. The rise in this quarter's result is attributed largely to higher oil and gas prices, with the chemicals business being a surprise contributor to earnings.

This unit posted a 63% increase in earnings to US$439 million.

The company said it planned to accelerate its share buy back by 20% which pleased the market, and there was also suggestion that dividend payments would rise.

The season's traditionally weakest quarter was looming and analysts were cautioning that the oil price would not be able sustain its high level, with recent global supply concerns easing.

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