Exxon Mobil made $US9.4 billion in the three months to December, an increase of 2% on the same period a year ago.
The company says higher oil prices and $US1 billion in asset sales boosted earnings, rather than producing more oil and gas.
Exxon said the oil it sold during the period was worth 27% more than the same time last year.
Production has been falling as older fields start to run short of oil. The BBC reports some of Exxon's overseas contracts also limit the amount of oil it can produce.
Exxon said it had spent $US36.8 billion last year seeking new sources of oil and gas, but these can take years to come on stream.