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Exxon's 1Q profit more than doubles on higher oil prices

Exxon more than doubled its profit in the first quarter as rising crude prices magnified the cost cuts made by the company as energy prices tumbled.

The Irving, Texas, company earned $4.01 billion, or 95 cents per share, for the three month period, up from $1.81 billion, or 43 cents per share, a year earlier. It's the first year-over-year profit gain for Exxon since the third quarter of 2014, when the price of oil was just beginning a plunge that took it below $30 a barrel.

Analysts surveyed by Zacks Investment Research expected 85 cents per share. Exxon does not adjust its reported results based on one-time events such as asset sales. Exxon's revenue surged to $63.29...

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