Exxon Mobil Corporation (XOM) has reported an 121.55 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $4.01 million, or $0.95 a share in the quarter, compared with $1.81 million, or $0.43 a share for the same period last year. Revenue during the quarter grew 29.93 percent to $63.29 million from $48.71 million in the previous year period. Total expenses were 90.65 percent of quarterly revenues, down from 96.45 percent for the same period last year. This has led to an improvement of 580 basis points in operating margin to 9.35 percent.
Operating income for the quarter was $5.92 million, compared with $1.73 million in the previous year period.
“Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” said Darren W. Woods, chairman and chief executive officer. “We continue to make strategic acquisitions, advance key initiatives and fund long-term growth projects across the value chain.”
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