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Exxon Mobil’s profit declined in its first quarter as natural gas prices fell and industry refining margins dropped.
The energy company earned $8.22 billion, or $2.06 per share, for the three months ended March 31. A year earlier it earned $11.43 billion, or $2.79 per share.
The results didn’t meet Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as assets sales. Analysts polled by Zacks Investment Research were expecting earnings of $2.19 per share.
Shares declined slightly before the market open on Friday.
The Spring, Texas-based company’s revenue totaled $83.08 billion, down from $86.56 billion a year earlier. Wall Street forecast revenue of $86.6 billion.
Production in Guyana reached more than 600,000 oil-equivalent barrels per day, a higher-than-expected level, the company said.
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