(MENAFN) US top oil and gas firm Exxon Mobil Corp. reported a 6 percent increase in quarterly profits on stronger refining profit margins, AP reported.
The company, which took over Apple Inc's crown as the world's most valuable company recently, said it made USD9.95 billion net profit during the fourth quarter 2012, up from USD9.4 billion a year earlier.
Quarterly revenue, however, dropped by 5 percent to USD115.17 billion from USD121.61 billion a year ago, the company added.
Exxon's profits from refining and selling petroleum products business grew to USD1.8 billion in the quarter, up more than USD1.3 billion than a year earlier, mainly due to higher refining margins.
Exxon's traditional oil and gas exploration and production, however, did not do so well in the quarter.
Earnings from exploration activities dropped 12 percent from a year earlier, totalling USD7.76 billion, while production profits dipped 5 percent as oil prices fell, and the company took in less money from asset sales.