Exxon Posts Smallest Profit Since 1999 Amid Global Oil Slump
- Chemical earnings rise 38 percent as drilling posts a loss
- Profit of $1.8 billion is lowest in more than decade
Oil Results: Balancing Dividends and Investments
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Exxon Mobil Corp. beat analyst estimates as a jump in earnings from its chemicals segment cushioned the blow from tumbling prices for oil and natural gas.
First-quarter net income fell to $1.81 billion, or 43 cents a share, from $4.94 billion, or $1.17, a year earlier, Exxon said in a statement on Friday. The quarterly profit was the lowest since March of 1999, before Exxon merged with Mobil Corp. Still, the per-share result was 15 cents above the 28-cent average of 19 analyst estimates tracked by Bloomberg.