The NYT reports on the paltry profits of Exxon Mobil that left investors disappointed:

Exxon Mobil, the world’s largest publicly traded oil company, said Thursday that its first-quarter net income rose 17 percent, boosted by surging oil prices.

But even as it posted the second-most profitable quarter in its history, Exxon’s earnings managed to disappoint investors because of a drop in oil production. Shares closed down $3.37, to $89.70, on a day the Dow industrial average rose 189.87 points. The company missed earnings estimates by a dime a share.

Record high oil prices and Exxon came through with only its second highest profits. Time to give the CEO his $50 billion send-off and get someone new in command.

BP, Royal Dutch Shell and ConocoPhillips all reporting big gains this week. Most of these gains came as oil prices averaged nearly $100 a barrel in the first quarter, compared with $58 in the period a year ago. They recently rose to close at $120 a barrel.