(MENAFN) US oil and gas company ExxonMobil earnings declined sharply in the first quarter as the big fall in oil prices crimped the firm's exploration and production results, Arab News reported.
Earnings dropped 45.7 percent to USD4.9 billion, while revenues dropped 36.4 percent to USD67.62 billion. The drop reflected the effects of a big retreat in oil prices since June 2014.
Exxon's upstream division, which drills and produces petroleum prospects, saw profits sink 63.3 percent to USD2.9 billion, while earnings from refining segment more than doubled to USD1.7 billion.
"Regardless of current market conditions, we remain focused on business fundamentals and competitive advantages that create long-term shareholder value," CEO said.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.