Fueled by soaring crude oil prices, profits at energy behemoth ExxonMobil (XOM) leaped by a stronger-than-expected 69% in the first quarter.
The Irving, Tex.-based blue-chip company said it earned $10.65 billion, or $2.14 a share, last quarter, compared with a profit of $6.3 billion, or $1.33 a share, a year earlier. Analysts had been calling for EPS of $2.07.
Revenue jumped 26% to $114 billion, slower than the prior-year’s 41% growth and just under the Street’s view of $114.85 billion.
“ExxonMobil’s earnings reflect continued leadership in operational performance during a period of strong commodity prices,” CEO Rex Tillerson said in a statement.