Oil Industry Profits Remain High Amid Soaring Prices

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il company profits rose to record levels in the first-quarter amid soaring energy prices, news services reported.

Exxon Mobil Corp., the world’s largest oil company, said Thursday its net income rose 6.9% to a first-quarter record of $8.4 billion or $1.37 a share, from $7.86 billion or $1.22 a year ago, Bloomberg reported.

Revenue rose 8.4% to $89 billion.

Britain-based BP, the No. 2 oil company by market capitalization, said its first-quarter profit fell 15% from a year earlier, but the firm still saw a profit of $5.6 billion for the quarter, the Associated Press reported.

Revenue rose 23% to $67.1 billion, largely due to higher oil prices.

BP said its profit fell from a drop in oil and gas output, a Texas refinery shutdown and higher taxes that offset gains from soaring world oil prices, AP reported.

Earlier this week Valero Energy Corp., the largest U.S. independent oil refiner, and Murphy Oil Corp., an oil producer and refiner, also reported higher first-quarter profits, Bloomberg reported.

Valero’s first-quarter profit rose 59% to $849 million or $1.32 a share, from $530 million or 96 cents a year earlier. Revenue rose 39% to $20.9 billion.

Murphy, which operates filling stations at about 900 Wal-Mart Stores, said its first-quarter profit was little changed at $113.9 million, from $113.2 million a year earlier.