Despite recent declines in gas prices, Exxon Mobile posted record earnings for its third quarter. For the quarter, Exxon reported earnings of $2.86 per share, a 58 percent increase compared to the same quarter a year prior.

Exxon Mobile attends to sell 2,220 of its gas stations stating that the gas stations are not profitable enough despite soaring gas prices. The largest oil company in the U.S., who posted profits of nearly $41 billion last year, plans to sell the gas stations over the last few years. As the fuel market becomes more competitive in the coming years Exxon Mobile believes the move is way for its company... More

Despite a 17 percent year over year increase in earnings, and surging oil prices, Exxon reported earnings below analysts estimates sending the stock down over three percent. Exxon reported earnings of $2.03 a share compared to $1.62 a share for the same quarter a year prior; however, investors were anticipating $2.14 a share.

Exxon officially signed a deal with Libya, Tuesday to explore for oil and natural gas. Under the agreement Exxon has agreed to look for oil and gas in the deepwater about 110 miles from the coastline and has agreed to drill at least one well and pay a bonus for an undisclosed amount to the Libyan government.

Exxon Mobil was upgraded to a buy by an analyst from A. G. Edwards. Says the recent pull-back was an over-reaction to slightly lower earnings.