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Higher oil prices helped Exxon make more money in Q1

Don Ryan / AP

Exxon Mobil said Friday that the company earned $4 billion in profit during the first quarter, more than doubling its profit earned in Q1 of last year, thanks to rising oil prices and cost cuts. Revenue for the company came in at $63.29 billion, missing the estimate for $64.73 billion.

Why this matters: The jump in profits is a big win for Exxon, as low oil prices and falling demand have bogged down industry profit for the past few years. But following OPEC's production cuts, which kicked in at the beginning of this year, oil prices have been on the rise again, and are helping to lift the sector back up.