Exxon Mobil reported its first-quarter profit as the lowest in years, impacted by weaker crude prices and higher costs. The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31, compared to $8.22 billion, or $2.06 per share, in the same period last year. Despite surpassing Wall Street expectations, Exxon’s revenue of $83.13 billion fell short of analysts’ projections of $84.15 billion. Similarly, Chevron reported its lowest first-quarter profits in years, with adjusted profit at $2.18 per share on revenue of $47.61 billion. Analysts had predicted earnings of $2.15 per share on revenue of $48.66 billion. This decline in profits reflects a broader trend in the energy sector, with U.S. benchmark crude prices down 18% this year. Exxon’s Chairman and CEO Darren Woods expressed confidence in the company’s ability to navigate the current market challenges.
— new from AP News
