US oil giant ExxonMobil said today that its first quarter earnings plunged 58% from the same time last year to $4.55 billion as the global recession sliced into demand for crude oil.
The $4.55 net profit in the first quarter came to 92 cents per share, compared with $10.89 billion, or $2.02 per share in the same quarter a year earlier. The Q1 results were below analysts' expectations.
Oil and gas production in the quarter rose slightly from a year ago to 4.2 million barrels of oil equivalent per day.
Company chairman Rex Tillerson expressed satisfaction with the earnings considering the rapid economic slowdown across the globe that has pulled down oil and other commodity prices, and vowed to maintained its long term plans to develop new energy supplies.
The company said its capital and exploration project spending increased 5% from last year to $5.8 billion in the first quarter.
