4/26/2019, 2:06 PM (Source: TeleTrader)
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ExxonMobil's Q1 profit drops nearly 50% to $2.4B

American oil and gas company ExxonMobil announced on Friday its profit in the first quarter of 2019 dropped by 49% to $2.4 billion, while earnings-per-share (EPS) came in at $0.55. Revenue in the first quarter of 2019 stood at $63.63 billion, 7% less than in the same three-month period of last year.

The company also noted that its oil-equivalent production reached 4 million barrels per day, a 2% rise annually. Upstream liquids production rose 5% compared with the first quarter of 2018, driven by Permian unconventional growth of nearly 140%.

“Solid operating performance in the first quarter helped mitigate the impact of challenging Downstream and Chemical margin environments," Darren W. Woods, ExxonMobil's chairman and chief executive officer, said. “We are making strong progress on our growth plans and expect to deliver sustained value for our shareholders. The change in Canadian crude differentials, as well as heavy scheduled maintenance, similar to the fourth quarter of 2018, affected our quarterly results.”

ExxonMobil's shares reacted negatively to the report, losing 2.26% in the premarket trading.

Breaking the News / FH