Higher oil prices drove Exxon's first-quarter profit up by 16 percent to $4.65 billion, the oil giant's best first quarter in three years, despite falling production. The results that Exxon Mobil Corp. reported Friday fell slightly short of Wall Street expectations, however, and the shares slid after the opening bell. Oil prices have been rising on strong demand and an OPEC-led campaign to limit production. CEO Darren Woods credited higher oil and natural gas prices, operating efficiencies and changes in the company's portfolio. Investors have pushed Exxon and other oil companies to watch capital spending closely after they overspent the last time oil prices rose, only to be caught off guard by a price collapse that began in mid-2014.

Source: ABC News April 27, 2018 12:25 UTC