Exxon, Shell Post Huge 1Q Profits on High Oil Prices

The world’s two largest oil companies Thursday reported multi-billion-dollar first-quarter profits, up from a year ago, on higher crude oil prices.

Exxon Mobil Corp.’s net income was $10.56 billion, or $2.14 per share, up from $6.3 billion, or $1.33.

It was the world’s largest oil company’s biggest profit since its record $14.83 billion in the third quarter of 2008. Revenue rose 26% to $114 billion.

Royal Dutch Shell earned $8.78 billion, up from $5.48 billion a year ago. Revenue rose 28% to $110 billion.

Shell credited the gains to higher oil prices, gains on asset sales and improvements in its refining operations, Bloomberg reported.