Exxon, Shell Profits Soar On Higher Oil Prices
Author: Isabel Ordonez</br></br>HOUSTON--Exxon Mobil Corp. said Thursday its first-quarter earnings surged 69% as it benefited from high oil prices, stronger refining margins and a jump in natural-gas production. Other oil companies also reported soaring profits.</br></br>The results for Exxon, the world's largest publicly traded oil company, reflected a continued recovery from the recession for the broader energy sector, which appears poised for a return toward the boom that preceded the 2008 financial collapse. But the robust earnings also coincide with sharp increases in gasoline prices, which have triggered concern among consumers and elected officials.</br></br>Exxon's earnings jumped to $10.65 billion, or $2.14 a share, from $6.3 billion, or $1.33 a share, beating analysts expectations of $2.06 a share. The results were $4 billion shy of the record $14.8 billion it generated in the third quarter of 2008. Revenue rose 26% to $114 billion.</br></br>Meanwhile, Los Angeles-based Occidental Petroleum Corp. said profit jumped 46% to $1.55 billion, and Anglo-Dutch giant Royal Dutch Shell PLC posted profit of $6.29 billion, up 30%.