Exxon Says Quarterly Profit was $10.9 Billion

Exxon Mobil Corp., the world's largest publicly traded oil company, said record crude prices helped its first quarter profit climb 17 percent to $10.9 billion, the second biggest U.S. quarterly corporate profit ever. But the results fell short of Wall Street's forecasts, and Exxon Mobil shares fell 4 percent in afternoon trading. The company said earnings for the first three months of the year came to $2.03 per share, up from $9.3 billion, or $1.62 per share, a year ago. Analysts were expecting earnings of $2.13 per share. But at $10.9 billion, the profit still ranks as the second biggest for a U.S. company. The largest quarter was the $11.7 billion that Exxon Mobil posted in the final quarter of 2007.