Exxon Mobil Reports 10% Rise in Profits
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Exxon Mobil Corp. kicked off 2007 with a 10% 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 yesterday it earned $9.3 billion in the January-March period even as revenue slipped and fell well short of forecasts. Still, given the rise in gasoline prices at the pump in recent weeks, oil majors received little sympathy from consumers for not earning as much as they could have if market prices for their products had been higher to start 2007.
