Exxon boosted profits up 69 percent from a year ago

Exxon earned nearly $11 billion in the first quarter, a performance likely to land it in the center of the national debate over high gasoline prices.

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Exxon's huge oil profits will aggravate drivers with gasoline prices averaging $3.89 per gallon nationally.

The world's largest publicly traded company said today that higher oil prices boosted profits 69 percent from a year ago. The result was Exxon's best since earning a record $14.83 billion in 2008's third quarter.

Wall Street had been expecting sharply higher earnings for oil companies. Oil prices rose 17 percent in the quarter. But huge oil profits will aggravate drivers with gasoline prices averaging $3.89 per gallon nationally.

Exxon's results followed strong profit gains by other oil companies.

Europe's largest oil company, Royal Dutch Shell PLC, reported $8.78 billion in first-quarter profits, up 60 percent from a year ago. BP PLC's quarterly earnings rose 16 percent to $7.2 billion. ConocoPhillips said net income grew 43 percent to $3 billion and Occidental Petroleum Corp. said earnings climbed 46 percent to $1.55 billion.

Chevron Corp., the second-biggest U.S. oil company, is expected Friday to report a 25 percent increase to $5.69 billion.

Argus Research analyst Phil Weiss said oil companies will struggle to win over people as long as they're making billions of dollars every quarter, even though he thinks the industry makes a reasonable argument.

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