Exxon Reports Quarterly Profit of $4.65bn On Rising Crude Oil Price

The company posted net income of $4.7 billion, or $1.09 per share, compared to $4.01 billion, or 95 cents per share, in the year-ago quarter. The world’s largest publicly traded oil producer, posted a lower-than-expected quarterly profit as weakness in its chemical and refining operations offset a boost from higher crude prices CLc1 LCOc1. Exxon rival Royal Dutch Shell posted a 42 percent jump in first-quarter profit, its highest earnings in more than three years.

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It's about time for a refinery to go down...

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However, Exxon's earnings fell short of Wall Street's expectations due to weakness in refining and chemical operations. Exxon's production fell 6 percent in the first quarter to 3.9 million boe/d -- not a good sign for CEO Darren Woods, who is trying to turn around operations after a string of mistakes by predecessor Rex Tillerson...

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