Exxon Mobil and Shell Profits Soar Despite Price Drop

Exxon Mobil Corp. and Royal Dutch Shell Plc, the world's two biggest oil companies, posted higher-than-expected fourth-quarter earnings after gains in production softened the blow of declining energy prices.

Profit at Irving, Texas-based Exxon Mobil was $9.84 billion excluding a tax gain, the company said yesterday in a statement. That was $1.15 billion higher than the average of 10 analyst estimates compiled by Bloomberg. Shell said its profit excluding one-time items and inventory changes was $5.5 billion.