HOUSTON -- Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil producer, posted a better-than-expected quarterly profit on Friday, helped by rising crude prices and cost cuts.
The results reflected the slowly improving dynamics for the company as well as the global energy industry, with oil prices up more than 50 per cent since early 2015.
Still, pockets of weakness remained. Exxon's U.S. oil and gas division posted a loss. Plant repair costs pushed earnings down in the company's chemical division, which had kept Exxon profitable during the two-year oil price downturn.
Net income jumped to US$4.01 billion, or 95 cents US per share, from US$1.81 billion, or 43 cents US per share, in the year-ago quarter.
Analysts expected earnings of 85 cents US per share, according to Thomson Reuters I/B/E/S.
Production fell four per cent to 4.2 million barrels of oil equivalent per day.
The company gobbled up acreage and reserves across the globe during the quarter, with deals in Texas and Mozambique, part of a plan to expand Exxon's growth potential.
Exxon raised its quarterly dividend this week by three per cent.
Shares of Texas-based Exxon rose 1.6 per cent to US$82.60 in premarket trading.
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