ExxonMobil profits drop on lower natural gas prices

NEW YORK, April 27: ExxonMobil reported lower first-quarter profits Friday, citing a fall in refining margins and a decline in natural gas prices that offset robust output in Guyana.

ExxonMobil, which had targeted the second quarter to complete a takeover of US shale player Pioneer Natural Resources, reported profits of $8.2 billion, down 28 percent from the year-ago    period.
Revenues dipped four percent to $83.1 billion.
While commodity prices for liquid hydrocarbons rose slightly and the company continued to score impressive volumes from Guyana, those benefits were more than offset by a 32 percent drop in natural gas prices.

The companys energy products business also experienced a big drop in earnings on weaker refining profit margins despite reporting record first-quarter refining throughout.    —AFP]