Exxon Posts Big Surge in Profits

thestreet.com By TSC Staff 05/01/2003 08:34 AM EDT

ExxonMobil (XOM:NYSE - news - commentary - research - analysis) saw profits surge in the first quarter thanks primarily to the war in Iraq. The company posted $63.8 billion in quarterly revenue.

The country's No. 1 oil company said earnings in the quarter were $7.04 billion, or $1.05 a share, up from $2.09 billion, or 30 cents a share, last year. Before various items the company earned 71 cents a share, a penny better than expected.

Like all oil drillers, Exxon's results were goosed by a 57% rise in the price of oil last quarter, to an average cost of about $34 a barrel. Along with the Iraqi invasion, civil unrest in Nigeria and a big strike in Venezuela also conspired to life prices.

On Wednesday, Exxon raised its quarterly dividend to 25 cents from 23 cents.