News Column

Exxon Profits Sputter

April 26, 2013

Exxon Mobil, the world's largest publicly traded oil company, reported first-quarter net income of 9.5 billion dollars Thursday up just 50 million dollars from the same period a year ago.

The company said that revenues sank some 12 per cent to 108 billion dollars from 124 billion dollars a year earlier.

The company was hit by lower US prices for oil and gas, but saw profits at its global chemical operations climb 62 per cent in the quarter to 639 million dollars. The company also cited "favourable tax impacts" as helping it to retain its profitability despite the steep decline in revenue.

"ExxonMobil achieved strong results during the first quarter of 2013, while investing significantly to develop new energy supplies," said Exxon Mobil chairman Rex W Tillerson in a statement.

The financial performance enables the company to continue investing, which in turn will help it meet growing demand for energy, support economic growth and raise living standards.

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Source: Copyright 2013 dpa Deutsche Presse-Agentur GmbH

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