Exxon reported first-quarter earnings of $4.65 billion Friday, coming up just short of expectations despite rapidly rising crude prices.
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Crude oil prices are recovering after years of low prices weighing down revenue and profit for Exxon and its peers. Higher prices helped offset higher costs and a drop in production.
The Irving, Texas, company’s profit jumped 16 percent, with earnings of $1.09 per share, a nickel shy of projections on Wall Street, according to a poll by Zacks Investment Research.
Revenue rose 16.3 percent to $68.21 billion, which easily exceeded analyst expectations of $66.07 billion.
Crude prices are up about $8 per barrel since the beginning of the year.
“Increased commodity prices, coupled with a focus on operating efficiently and strengthening our portfolio, resulted in higher earnings and the highest quarterly cash flow from operations and asset sales since 2014,” said CEO Darren Woods.
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On Wednesday, ConocoPhillips also reported a boost in profit and revenue, topping Wall Street expectations, on higher oil prices.
Shares of Exxon Mobil Corp. are down slightly before the opening bell.
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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on XOM at https://www.zacks.com/ap/XOM
