World Business

Exxon Mobil posts 38% profit rise in Q1

(Xinhua)
Updated: 2010-04-30 16:31
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HOUSTON: US oil giant Exxon Mobil said Thursday its first quarter profits jumped 38 percent over the year-ago period, thanks to rising oil prices in the first three months of the year.

During the first three months of this year, Irving, Texas-based Exxon posted a profit of $6.3 billion, compared with 4.55 billion in the same period last year.

"Exxon Mobil achieved solid results from its worldwide operations," said Exxon chairman Rex Tillerson.

However, the results are still short of meeting analysts' expectations. Amid high oil prices of around $85 a barrel, analysts have expected the company to post slightly stronger profits.

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Revenue of Exxon jumped 41 percent to 90.25 billion. Analysts had expected a revenue of 96.41 billion.

Exxon said oil production rose around 4.5 percent in the first quarter over the same period last year.

Meanhwile, the company said its increased natural gas production boosted profits by 190 million.

Exxon added that it plans to complete its acquisition of Houston-based natural gas producer XTO by the end of the second quarter.
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