Exxon Mobil, Quarterly Earnings | featured news

Exxon Mobil Corp, the world's largest publicly traded oil company, posted lower-than-expected quarterly earnings on Thursday as its oil and gas output sagged and its chemicals business struggled.

Exxon Mobil Corp. earned less money in the first quarter as costs rose and the Irving oil giant produced less oil and natural gas. Net income dropped to $9.45 billion, or $2 a share, from $10.65 billion, or $2.14 a share, a year ago. Still, revenue rose to $124.05 billion from $114 billion last year.

Exxon Mobil and Royal Dutch Shell Plc reported big jumps in first quarter earnings and beat forecasts, thanks to high oil prices and healthy refining margins.

Exxon Mobil Corp reported a better-than-expected 53 percent increase in quarterly profit, helped by a lower tax rate and a surge in natural gas production in the United States and Qatar.

Exxon Mobil 3Q income increases 55 percent to $7.35 billion on higher oil prices