Exxon Mobil profit rises on soaring prices
NEW YORK (Reuters) - Exxon Mobil Corp., the world's largest publicly traded oil company, on Thursday reported quarterly profit surged, driven by rising oil prices.
Net income in the first quarter was $8.4 billion, or $1.37 a share, up from $7.86 billion, or $1.22 a share, a year earlier.
Revenue jumped to $88.98 billion from $82.05 billion.
Crude oil prices have risen steadily from about $20 a barrel in 2002 to over $75 last week, handing oil and gas companies a long-running profit bonanza.
But the fat profits have also angered U.S. drivers grappling with rising gasoline prices and provoked sharp criticism of Big Oil from lawmakers and consumer advocates.
Net income in the first quarter was $8.4 billion, or $1.37 a share, up from $7.86 billion, or $1.22 a share, a year earlier.
Revenue jumped to $88.98 billion from $82.05 billion.
Crude oil prices have risen steadily from about $20 a barrel in 2002 to over $75 last week, handing oil and gas companies a long-running profit bonanza.
But the fat profits have also angered U.S. drivers grappling with rising gasoline prices and provoked sharp criticism of Big Oil from lawmakers and consumer advocates.
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