Exxon Mobil Corp reported on Friday a 49 percent fall in first-quarter profit th...
- Exxon Mobil Corp reported on Friday a 49 percent fall in first-quarter profit that missed forecasts due to lower oil and gas prices and weakness across its businesses that outweighed modest production gains.
First-quarter profit fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago. She added that the share repurchases carried out by other oil majors seemed unlikely for Exxon. She expects the company to invest heavily and outspend cash flow for the next few years.Irving, Texas-based Exxon also took a $115 million impairment charge in its U.S. oil and gas operations.Maintenance and production curtailments in its Canadian oil production, as well as weak oil and natural gas prices, pushed profits down in its oil and gas unit by 10.3 percent, the company said.
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