Exxon Mobil profit jumps 38 percent for 1Q

NEW YORK (AP) — Exxon Mobil Corp. said today its quarterly profit jumped 38 percent as oil prices rose in the first three months of the year.

That marks the first year-over-year increase in profits for Exxon since it posted an all-time record of $14.83 billion in the third quarter of 2008.

Still, earnings remain significantly below that level. During the first three months of this year, the Irving, Texas, oil giant had a profit of $6.3 billion, or $1.33 per share. That compares with $4.55 billion, or 92 cents per share, in the same period last year. Two years ago, Exxon earned $10.89 billion in the first quarter.

Revenue jumped 41 percent to $90.25 billion. Analysts had expected earnings of $1.41 a share on revenue of $96.41 billion.