NEW YORK: ExxonMobil reported a jump in first-quarter earnings Friday as an uptick in oil prices following OPEC's production agreement boosts the petroleum sector.
Net income was $4.7 billion, up 16 percent from the year-ago period, while .
Revenues rose 16.3 percent to $68.2 billion.
Higher oil prices lifted ExxonMobil's exploration and production division, with the commodity strengthened most recently by last week's meeting in Saudi Arabia where OPEC nations and Russia signaled they would keep limiting production to fortify prices.
US oil futures lingered above $60 a barrel for most of the first quarter, about $10 to $15 more than in the year-ago period.
ExxonMobil also cited higher natural gas prices as a factor in the increased profit, with the market strengthened by cold weather in the US and Europe.
ExxonMobil's refining profits dipped, as higher oil prices cut into profit margins.
"Increased commodity prices, coupled with a focus on operating efficiently and strengthening our portfolio, resulted in higher earnings and the highest quarterly cash flow from operations and asset sales since 2014," said chief executive Darren Woods.
Earnings translated to $1.09 per share, four cents below analyst expectations.
Shares fell 2.1 percent in pre-market trading to $79.18.
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