Exxon First-Quarter Profit Drops as Output, Gas Decline
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Exxon Mobil Corp., the world’s largest energy company by market value, said net income fell 11 percent as its biggest first-quarter production decline since 2008 wiped out most of the benefit of record oil prices.
First-quarter profit was $9.45 billion, or $2 a share, compared with $10.65 billion, or $2.14 a year earlier, the Irving, Texas-based company said in a statement today. Exxon was expected to report per-share net income of $2.08, based on the average of 16 analysts’ estimates compiled by Bloomberg.