Exxon Mobil and Royal Dutch Shell today reported first-quarter profit increases of 69 percent and 30 percent, respectively, from the same period last year. With rising gas and oil prices, analysts expected the five biggest oil companies -- with Exxon as the largest -- to report that they are swimming in revenue. Exxon earned $10.7 billion in the first quarter, up from $6.3 billion. Shell announced profit of $6.3 billion in the first quarter this year, up from $4.8 billion. ConocoPhillips said its first quarter earnings increased 43 percent to $3 billion from $2.1 billion in the same period last year. BP's first quarter earnings dipped this year -- $5.48 billion compared with $5.60 billion during the first quarter a year ago -- including a charge of $384 million related to the oil spill in the Gulf of Mexico. Valero Energy, based in San Antonio, Texas, and the largest independent U.S. refiner, announced ... a first quarter profit of $98 million primarily due to higher margins for diesel and jet fuel," compared to a first quarter loss last year of $113 million.
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