Exxon Mobil 1Q profit jumps 38 percent
NEW YORK (AP) - Exxon Mobil Corp. says its quarterly profit increased 38 percent as oil prices rose in the first three months of the year.
The Irving, Texas, oil giant on Thursday reported a profit of $6.3 billion, or $1.33 per share, in the first three months of the year. That compares with $4.55 billion, or 92 cents per share, in the same period last year.
Revenue jumped 41 percent to $90.25 billion. Analysts had expected earnings of $1.41 a share on revenue of $96.41 billion.
Exxon's profit relied heavily on its exploration and production operation. Oil prices surged over the past 12 months, jumping from a low of $33 a barrel in the first quarter of 2009 to more than $80 a barrel this year.