Exxon Mobil Corp.; ConocoPhillips Pulling oil from the ground is proving to be easier and more profitable than getting drivers to fill up their cars and trucks with gasoline and diesel fuel.
Exxon Mobil. and ConocoPhillips, the No. 1 and No. 3 oil companies in the U.S., said Thursday that first-quarter profit jumped because oil prices were substantially higher than a year ago. That was more than enough to offset losses both had from their struggling refining businesses, which have been unable to pass along all of their costs for higher crude prices to consumers.
Exxon's U.S. downstream operations, which include refineries, lost $60 million in the first quarter, compared with a profit of $352 million a year ago. ConocoPhillips' refining and marketing business lost $4 million in the quarter. In the same quarter of 2009 it had a profit of $205 million.
Exxon Mobil, based in Irving, Texas, said its first-quarter profit climbed 38 percent to $6.3 billion from $4.55 billion a year ago. Two years ago, Exxon earned $10.89 billion in the first quarter when oil prices were on their way to a record $147 a barrel. Exxon's revenue rose 41 percent to $90.25 billion.
ConocoPhillips, based in Houston, said its profit more than doubled to $2.1 billion. A year ago the company made $840 million. Revenue totaled $44.8 billion in the quarter.
Shares of Exxon Mobil lost 53 cents to close at $68.66. ConocoPhillips rose 55 cents to close at $59.10.
Procter & Gamble Co. The consumer products giant reported that its profit fell 1 percent in its third quarter, hurt by charges including from the U.S. health care overhaul. But sales jumped 7 percent as households around the globe responded to new products, price cuts and stepped-up advertising.
The maker of Tide detergent and Pampers diapers reported net income of $2.59 billion, or 83 cents per share, for the quarter. That compares with $2.61 billion, or 84 cents a year ago, while sales rose to $19.2 billion.
