Exxon Corp. said its first-quarter earnings were the highest of any quarter in its history, climbing 24 percent on increased crude oil and natural gas prices.
The largest U.S.-based oil company said net income rose to $2.18 billion, or 87 cents a share, from $1.76 billion, or 71 cents, before a gain in the year-ago period. Exxon was expected to earn 82 cents, based on the average estimate of 18 analysts surveyed by IBES International Inc.
After a gain of $125 million for tax-related items, Exxon’s net income in the 1996 quarter was $1.89 billion, or 76 cents a share. Irving, Texas-based Exxon said revenue for the quarter rose 7.6 percent to $33.6 billion.
Exxon said it received an average $20.31 a barrel for crude oil in the quarter, compared with $17.37 a year ago. Its average price for natural gas was $2.88 a thousand cubic feet compared with $2.58 a year earlier.
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