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ExxonMobil reports $10.9 billion 1Q profit, up 17 percent

ExxonMobil’s first-quarter earnings rose 17 percent on the strength of higher crude oil and natural gas prices to a record $10.9 billion as revenues surged 34 percent to $116.9 billion.

The company's shares still dipped in early trading on Wall Street, however, as the Irving-based company's profit of $2.03 a share fell short of financial analysts' consensus estimate of $2.13.

"Higher crude oil and natural gas realizations, driven by record worldwide crude oil prices, were partly offset by lower refining and chemical margins, lower production volumes and higher operating costs," ExxonMobil Chairman Rex Tillerson said in a prepared release.

The company's production of crude oil and natural gas liquids slipped nearly 10 percent in the quarter, which was not nearly offset by an 11.3 percent gain in natural gas production. Overall, production was down 5.6 percent compared to a year ago.

Tillerson said ExxonMobil boosted its capital spending 30 percent, to $5.5 billion in the quarter. That included $4.1 billion in spending on exploration and production, including $591 million in the United States, and $1.4 billion in refining and petrochemicals, including $450 million in the United States.

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