Exxon Mobil Corp. (XOM), the world’s largest company by market value, posted its largest profit in almost three years as soaring gasoline prices fueled discontent among consumers and policymakers.
With U.S. motorists paying the most for gasoline since prices reached a record $4.11 a gallon in the summer of 2008, Exxon said today that its first-quarter net income jumped 69 percent to $10.7 billion. The Irving, Texas-based company is sitting on a cash pile of $13.2 billion, even after distributing more than $7 billion to shareholders in buybacks and dividends.
President Barack Obama has called for an end to decades-old tax breaks for domestic oil and natural-gas drilling, and urged Saudi Arabia, the world’s largest crude exporter, to help rein in surging world crude prices by boosting output. Exxon said inflicting higher taxes would drain funds the company needs to find new oil and gas fields.
Full story: Exxon profit surges amid consumer discontent on gasoline prices