Exxon Mobil Profit Jumps 38%

April 29, 2010
Revenue increased 41% to $90.25 billion.

As oil prices rose in the first three months of the year, Exxon Mobil Corp. reported that its quarterly profit jumped 38%.

That marks the first year-over-year increase in profits for Exxon since it posted an all-time record of $14.83 billion in the third quarter of 2008.

Still, earnings remain significantly below that level. During the first three months of this year, the Irving, Texas, oil giant had a profit of $6.3 billion, or $1.33 per share. That compares with $4.55 billion, or 92 cents per share, in the same period last year. Two years ago, Exxon earned $10.89 billion in the first quarter.

Revenue increased 41% to $90.25 billion.

Exxon's profit relied heavily on its exploration and production of oil and gas. 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. The company responded to the rise in price by pumping more from the ground, boosting production 4.5% from the first quarter of 2009.

Natural gas prices flattened during the quarter, however. Exxon said increased natural gas production boosted profits by $190 million nevertheless.

Exxon said it plans to complete its acquisition of natural gas producer XTO by the end of the second quarter.

Copyright 2010 The Associated Press.

Popular Sponsored Recommendations

Legacy Phone Lines Are Draining Your Profits

Oct. 30, 2023
Copper wire phone line expenses that support emergency devices could be costing your company millions of dollars in wasteful overhead expenses. Rates have been skyrocketing while...

Powering Up Productivity: The Transformative Power of AP Automation in Manufacturing

Oct. 25, 2023
Discover how AP Automation is revolutionizing the manufacturing industry, driving efficiency, cost savings, and security. In today's world, automation is the key to staying competitive...

Machine Learning and Predictive Analytics Guidebook for Engineers

Sept. 27, 2023
Leverage Domain Expertise to Drive Optimization – Without Needing a Data Scientist.

The Ultimate Ecommerce Excellence Checklist

Oct. 2, 2023
Scaling ecommerce operations is no easy task when your business is moving fast. Assess your current ecommerce maturity level and set optimization priorities with this practical...

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!