Exxon Profit Rises as Chemical Gains Offset Crude Price Drop

Exxon Mobil Corp., the world’s largest company by market value, posted an unexpected profit increase that exceeded analysts’ estimates as widening chemical margins made up for lower crude production and prices.

First-quarter profit was $9.5 billion, or $2.12 a share, compared with $9.45 billion, or $2 a year earlier, the Irving, Texas-based company said in statement today. The per-share result was 7 cents higher than the average of 19 analysts’ estimates compiled by Bloomberg.