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Exxon profits soaring amid gas price hikes

By David Ferguson
Thursday, April 28, 2011 8:57 EDT
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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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David Ferguson
David Ferguson
David Ferguson is an editor at Raw Story. He was previously writer and radio producer in Athens, Georgia, hosting two shows for Georgia Public Broadcasting and blogging at Firedoglake.com and elsewhere. He is currently working on a book.
 
 
 
 
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