Exxon profit jumps 69% as oil prices rise

Click the chart for more on Exxon Mobil. By Ben Rooney, staff reporterApril 28, 2011: 8:27 AM ET

NEW YORK (CNNMoney) — Exxon Mobil said Thursday that first-quarter profits jumped 69%, helped by a spike in the price of crude oil.

The world’s largest publicly traded oil company said it earned $10.7 billion, or $2.14 per share, in the first three months of 2011. That’s up from $6.3 billion, or $1.33 per share, in the same period last year.

Analysts were expecting Exxon to report earnings of $2.06 per share, according to Thomson Reuters.

Exxon reported sales of $114 billion for the quarter, slightly less than the $114.8 billion analysts’ had anticipated.

The performance reflects “higher crude oil and natural gas realizations,” as well as improved refining margins and strength in Exxon’s chemicals business, said Rex Tillerson, the company’s chief executive.

Oil prices averaged $95 a barrel in the first quarter, compared with $79 a barrel in the first quarter of last year.

But the rally in the oil market accelerated towards the end of the quarter, with prices powering above $100 a barrel in March. In April, oil prices have averaged nearly $110 a barrel, up 20% from the start of the year.

While oil prices remain below the record highs of nearly three years ago, the recent surge has raised hopes among investors that 2011 could be another banner year for Exxon.

In 2008, Exxon reaped the largest annual profit of any company in U.S. history, reporting a whopping $45 billion on the back of high oil prices.

Meanwhile, consumers have been hit with near-record prices for gasoline in many U.S. states as crude prices surge. In addition, high energy and transportation costs have contributed to an increase in food prices.

Shares of Exxon (XOM, Fortune 500) were unchanged at $87.80 ahead of the opening bell. The stock is up 20% so far in 2011, making it one of the best performers in the Dow Jones industrial average.