Exxon First-quarter Profit Misses Estimates On Refining, Chemical Woes


Exxon First-quarter Profit Misses Estimates On Refining, Chemical Woes

Exxon Mobil Corp, the world’s largest publicly traded oil producer, posted a lower-than-expected quarterly profit on Friday as weakness in its chemical and refining operations offset a boost from higher crude prices.

It was the second consecutive quarter of weakness in Exxon units that make gasoline, plastics and related products. Exxon blamed weak margins for the income drop in those segments.

Shares of Irving, Texas-based Exxon fell 2.5 percent to $78.86 in premarket trading.

The company posted net income of $4.7 billion, or $1.09 per share, compared to $4.01 billion, or 95 cents per share, in the year-ago quarter.

By that measure, analysts expected earnings of $1.12 per share, according to Thomson Reuters I/B/E/S. Read More

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