Exxon Mobil's first-quarter net income dropped 11% on lower production and weaker profits from its chemicals and US refining businesses.
It was the first time the company reported a drop in quarterly profit since late 2009, when the recession sent oil prices spiraling lower.
Exxon Mobil said it earned $9.45 billion, or $2 per share, in the first quarter, down from $10.7 billion, or $2.14, a year earlier.
Revenue rose 8.8% to $124.1 billion. The results missed Wall Street expectations of $2.10 on revenue of $124.8 billion.
America's largest energy company produced less oil and natural gas in the first three months of the year. Its fields aged and contracts with foreign governments limited the amount it could sell. Oil production slipped by 7.7%. Natural gas production fell by 3.4%.
Profits fell for its chemicals and US refinery operations. But they rose for its international refinery business. But investors had some good news.
Exxon said yesterday it would increase its quarterly dividend by 21%, making it the top corporate dividend payer in the US. It is expected to pay shareholders $10.75 billion in dividends this year.
