Exxon Mobil says its first-quarter profit fell 58 percent as the world’s biggest publicly traded oil company, like smaller rivals, encountered far lower year-over-year oil and gas prices, the Associated Press reported.
Exxon Mobil Corp., based in Irving, Texas, said Thursday that earnings for the first three months of the year came to $4.6 billion, or 92 cents a share, down from $10.9 billion, or $2.02 a share, a year ago.
Analysts polled by Thomson Reuters were looking for net income of 95 cents a share.
Revenue fell 45 percent to $64 billion from $116.9 billion a year ago. Analysts, on average, had forecast revenue of about $54 billion, Thomson Reuters said. Still, the company increased capital spending in the first quarter from a year ago.