Exxon Mobil 1Q Profit Grows 17%

HOUSTON - Exxon Mobil Corp., the world's largest publicly traded oil company, says record crude prices helped its net income grow 17 percent in the first quarter.

Exxon Mobil said Thursday its earnings for the first three months of the year rose to $10.9 billion, or $2.03 per share, up from $9.3 billion, or $1.62 per share, a year ago.

Analysts polled by Thomson Financial were looking for a slightly larger profit of $2.13 per share.

Revenue rose to $116.8 billion from $87.2 billion a year earlier.

Given record oil prices, some had speculated Exxon Mobil would top its own record for the biggest quarter profit for a U.S. company. But the latest results fell short of the record $11.7 billion profit Exxon Mobil earned in the final quarter of 2007.

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