Exxon profits rise but fall short of production targets

Exxon Mobil sign
Photo: Eric Piermont/AFP via Getty Images

Exxon Mobil Corp. this morning reported $4.65 billion in first-quarter profits, an increase of 16% from the same period last year.

Why it matters: The U.S.-based multinational behemoth is the latest major oil-and-gas producer to report higher profits this week on the strength of the oil price recovery.