Blue-chip oil magnate Exxon Mobil (XOM: sentiment, chart, options) this morning reported first-quarter profit of $10.89 billion, or $2.03 per share, up from $6.8 billion, or $1.62 per share, a year earlier. Analysts expected earnings of $2.12 per share. Revenue totaled $116.85 billion, up from $87.22 billion in the period a year ago, but below the Street's prediction of $124.3 billion.

The Dow component attributed the revenue rise to higher crude-oil and natural-gas prices, but claimed gains were partially offset by lower refining and chemical margins, lower production volumes, and higher operating costs. The company also revealed it repurchased approximately 110 million shares of its own common stock in the most recent quarter, at a cost tallying roughly $9.5 billion.

Technically speaking, the shares of XOM have rallied about 170% since trading near the 35 level in late 2003, with most of their pullbacks contained by double-barreled support from their 10-week and 20-week moving averages. The stock has recently fallen below its all-time high near the 95 neighborhood, and today's news has the equity trading at a 4% deficit from yesterday's close, hovering just below the 90 level.

Ahead of today's earnings report, options players were increasingly bullish. The stock's Schaeffer's put/call open interest ratio declined from its reading of 0.67 (in the 23rd annual percentile) on Tuesday, to its most recent reading of 0.64 (in the 13th annual percentile). Simply put, near-term options players have been more bullishly skewed only 13% of the time during the past 52-week period.