(Corrects year in second paragraph)
By Ernest Scheyder
HOUSTON, April 28 Exxon Mobil Corp, 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 percent since early 2016.
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 $4.01 billion, or 95 cents per share,
from $1.81 billion, or 43 cents per share, in the year-ago
Analysts expected earnings of 85 cents per share, according
to Thomson Reuters I/B/E/S.
Production fell 4 percent 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 3
Shares of Texas-based Exxon rose 1.6 percent to $82.60 in
(Reporting by Ernest Scheyder; Editing by Chizu Nomiyama and