Exxon Mobil reports dip in profits
Exxon Mobil reported first quarter earnings Thursday of $9.1 billion, down $400 million from a year ago.
That worked out to profits of $2.10 per share, beating analysts’ projections by more than 20 cents.
The Irving-based oil giant attributed the slide in returns to shrinking margins in its global refining business. Profits in its downstream division plummet close to 50 percent, down to $813 million.
But those losses were offset by a strong quarter for its oil and natural gas drilling operations. With higher prices on natural gas, profits there hit $7.7 billion, up almost 10 percent from a year ago.
The strongest growth came in its U.S. operations, where hydraulic fracturing and horizontal drilling techniques have opened up vast deposits of shale oil and gas. U.S. profits were up more than 30 percent to $1.2 billion.
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