CNN: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 had forecast earnings of $2.06 per share, according to Thomson Reuters.
"Exxon chief executive Rex Tillerson said the performance reflects higher crude oil and natural gas 'realizations,' using industry jargon for prices," the report goes on. Higher prices, bigger profits. Duh...[CLICK TO READ FULL POST]
