ExxonMobil Q1 profit dives 63 percent

ExxonMobil Q1 profit dives 63 percent

Texas-based energy giant ExxonMobil posted a 63 percent drop in its first-quarter profit on low oil and gas prices and weaker refining margins.

ExxonMobil, that is also one of the world’s largest LNG players, reported first-quarter earnings of $1.8 billion, or $0.43 per diluted share, compared with $4.9 billion a year earlier.

Capital and exploration expenditures were $5.1 billion, down 33 percent from the first quarter of 2015, ExxonMobil said on Friday.

On an oil-equivalent basis, production increased 1.8 percent to 4.3 million barrels per day as compared to the same quarter a year ago.

Liquids production totaled 2.5 million barrels per day, up 261,000 barrels per day, while natural gas production was 10.7 billion cubic feet per day, down 1.1 billion cubic feet per day from 2015, ExxonMobil said.

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