Exxon Mobil 1Q profit up 10 percent
By JOHN PORRETTO AP Business Writer
04/27/2007
NEW YORK- Oil giant Exxon Mobil Corp. kicked off 2007 with a
10 percent rise in profits, its best-ever first quarter, as
higher margins on refining and chemical operations offset lower prices for crude oil and natural gas.
Exxon Mobil, the world's largest publicly traded oil company, said Thursday it earned $9.3 billion in the January-March period, beating Wall Street expectations, even as revenue slipped and fell well short of analysts' forecasts.
Also Thursday, Valero Energy Corp., the nation's largest independent oil refiner, said its first-quarter profit
jumped 35 percent on the back of stronger gasoline and distillate margins.
The market price for crude oil was off more than $5 a barrel in the first quarter versus a year ago. The comparable price for natural gas also was down.
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