Exxon Mobil's profit more than doubled in the first quarter as the oil major overcame falling energy 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. 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.
Revenue for the Irving, Texas-based company totaled $86.56 billion, down from $90.5 billion a year earlier. The performance fell short of the $96.04 billion that Wall Street expected.
Net production was 3.8 million oil-equivalent barrels per day, up nearly 160,000 oil-equivalent barrels per day compared with the year-ago period. Excluding divestments, entitlements and the Sakhalin-1 expropriation, net production climbed almost 300,000 oil-equivalent barrels per day driven by advantaged projects in Guyana and the Permian.
Shares of Exxon Mobil Corp. moved into positive territory after its quarterly results were released early Friday.