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Reuters: Exxon Mobil profit rises on soaring prices

3-MONTH PROFIT: $8,400,000,000.00

($8.4 BILLION)  

 

Thu Apr 27, 2006 8:42am ET

 

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.

 

© Reuters 2006. All Rights Reserved.

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