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AP National Business

Exxon ups production to counter falling prices in record Q1

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Published 7:54 AM

By MICHELLE CHAPMAN
AP Business Writer

Exxon Mobil’s profit more than doubled in the first quarter as the oil and natural gas company overcame declining prices by producing more oil. Exxon Mobil Corp. earned $11.43 billion, or $2.79 per share, for the three months ended March 31. A year earlier it earned $5.48 billion, or $1.28 per share. Stripping out certain items, earnings were $2.83 per share. The results beat Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were looking for earnings of $2.65 per share.

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