Big Oil just got bigger as Exxon Mobil Corp., the world's largest oil company, said it increased profit 6.9% to $8.4 billion in the first quarter. The increase is the fifth-highest quarterly profit ever posted by a public company, according to the Washington Post.
Earnings per share increased 19% to $1.37 from $1.22 during the same period last year while revenue rose 8.4% to $89 billion from $82.1 billion a year earlier.
Exxon Mobil spent $4.8 billion on capital and exploration projects in the first quarter, an increase of 41%, contributing to a 5% increase in production. One exploration project included an agreement with the Abu Dhabi National Oil Company for a 28% undivided interest in the Upper Zakum oil field, one of the world's largest oil fields. Exxon Mobil's goal is to increase production at the oil field by 50% to 750,000 gross barrels per day.
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