Exxon profits soaring amid gas price hikes
HOUSTON (Reuters) – Exxon Mobil Corp’s quarterly profit rose a better-than-expected 69 percent as the world’s largest publicly traded oil company benefited from higher crude prices and better margins for its refineries.
The Irving, Texas, company reported a first-quarter profit of $10.65 billion, or $2.14 per share, up from $6.3 billion, or $1.33 per share, a year earlier.
Analysts on average had expected Exxon to report a first-quarter profit of $2.07 per share, according to Thomson Reuters I/B/E/S.
Revenue rose 26 percent to $114 billion.
Oil and gas output rose 10 percent to 4.82 million barrels oil equivalent per day.
Shares of Exxon fell slightly to $87.56 in premarket trade from a New York Stock Exchange close of $87.78.
(Reporting by Anna Driver in Houston; editing by John Wallace, Dave Zimmerman)
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