With oil trading around $100 a barrel and rising, it comes as little surprise that ExxonMobil Corporation, Royal Dutch Shell and BP are enjoying their highest earnings in two years. ExxonMobil’s net income is up 25% to $11.6 billion, according to Bloomberg News. Royal Dutch Shell is forecasted to gain nearly 5% to reach $6.8 billion, excluding one-time charges. And BP is expected to increase by 32% to reach $5.26 billion.
“It’s obviously all about the oil price,” said Edward Collins, a money manager at London-based New Star Asset Management Group Plc. Oil topped $100 per barrel for the first time in January and rose to $111 in March. Natural gas increased by 22% on average during the same period.
