There's no doubt about it: It is good to be an oil and gas industry producer right now. One look at the earnings results of some of the key players in the industry tells a story about tight supply translating into robust profits.

ExxonMobil (NYSE:XOM) announced first-quarter results of $0.83 per share, versus the $0.71 earned last year. The results were also $0.09 ahead of analysts' expectations. Look for the company to produce even better results in the next few quarters as a result of the continued tight oil supply dictated by OPEC.

ChevronTexaco (NYSE:CVX), the second-largest oil and gas company behind ExxonMobil, also had a great first quarter, beating last year's earnings per share (EPS) by 33% and besting analysts' estimates by nearly 20%.

ExxonMobil is not only doing well earnings-wise, it's also producing more cash than it knows what to do with (we should all have such problems). With over $10 billion in cash stuffed under the mattress, ExxonMobil has been busy buying back its own shares and should continue to repurchase them in the near future. Also, look for the company to bolster its foreign reserves with a possible mid-range acquisition.

While it probably wouldn't take much more than throwing a dart at any of the oil and gas company shares to pick a winner, it is usually a solid play to stick with industry leaders. ExxonMobil should therefore be a solid Dow choice for the foreseeable future.

Put in your two cents on the ExxonMobil discussion board.

Fool contributor Phil Wohl spent over 12 years on Wall Street and now concentrates his writing on more fictional characters. He has no stake in any firm mentioned above.