Exxon profits up 41 percent

Exxon Mobil saw net income increase 41 percent as higher oil prices offset a 4 percent drop in production.

The oil super major reported net income of $10.3 billion, of $2.13 per share, compared to $7.5 billion, or $1.44 per share for the same quarter last year.

The company repurchased $5 billion in shares during the quarter, while dividend per share was up 7 percent for the quarter to 47 cents.

Exploration and production earnings were $8.4 billion, up $2.9 billion from the third quarter of 2010.  Higher liquids and natural gas sales increased earnings by $3 billion.

Liquids production was down 172,000 barrels per day to 2.2 million barrels, while natural gas production was flat at about 12.1 billion cubic feet per day.

Refining profits were up $419 million to $1.6 billion, with $1 billion of that figure coming from better refining margins. In the U.S. refining profits were up $646 million to $810 million.