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Exxon Mobil's earnings fall

United States America,Business/Economy, Fri, 27 Apr 2012 IANS

Washington, April 27 (IANS) US oil giant Exxon Mobil said Thursday its earnings fell 11 percent in the first quarter of the year, due to lower oil-and-gas production and higher exploration costs.


Earnings for the first quarter were $9.5 billion, down from $10.7 billion in the year-ago period, the world's biggest energy company by market value said in a statement.


The company's oil-equivalent production fell more than five percent, offsetting gains from higher oil and gas prices, the company said.


Oil and gas prices rose to the highest levels ever recorded during a first quarter, reported Xinhua.


The company's operational expenses rose to $1 billion, also contributing to its weaker-than-expected first-quarter performance.


Total revenue for the first quarter increased nine percent to $124 billion, from $114 billion a year ago, said the company, based in Texas.


Exxon Mobil is not the only US oil giants that were hurt by lower production. The country's third largest oil company ConocoPhillips said Monday its first-quarter profit dropped 3 percent because it produced less oil and gas.


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