{"id":404559,"date":"2011-04-28T12:27:57","date_gmt":"2011-04-28T12:27:57","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/04\/28\/exxon-profit-jumps-69-as-oil-prices-rise\/"},"modified":"2011-04-28T12:27:57","modified_gmt":"2011-04-28T12:27:57","slug":"exxon-profit-jumps-69-as-oil-prices-rise","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/04\/28\/exxon-profit-jumps-69-as-oil-prices-rise\/","title":{"rendered":"Exxon profit jumps 69% as oil prices rise"},"content":{"rendered":"
\n

\"exoon,<\/a>Click the chart for more on Exxon Mobil.<\/strong><\/span> By Ben Rooney, staff reporter<\/span>April 28, 2011: 8:27 AM ET<\/span><\/p>\n

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

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.<\/p>\n

Analysts were expecting Exxon to report earnings of $2.06 per share, according to Thomson Reuters.<\/p>\n

Exxon reported sales of $114 billion for the quarter, slightly less than the $114.8 billion analysts’ had anticipated.<\/p>\n

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.<\/p>\n

Oil prices averaged $95 a barrel in the first quarter, compared with $79 a barrel in the first quarter of last year.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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

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.<\/p>\n

Shares of Exxon (XOM<\/a>, Fortune 500<\/a>) 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. \u00a0\"To<\/a><\/p>\n<\/div>\n

<\/p>\n

More here:
\nExxon profit jumps 69% as oil prices rise<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Click the chart for more on Exxon Mobil. By Ben Rooney, staff reporter April 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. <\/p>\n","protected":false},"author":0,"featured_media":404560,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":{"0":"post-404559","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-politics"},"yoast_head":"\nExxon profit jumps 69% as oil prices rise - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/04\/28\/exxon-profit-jumps-69-as-oil-prices-rise\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Exxon profit jumps 69% as oil prices rise - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Click the chart for more on Exxon Mobil. 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