(Reuters) – Exxon Mobil Corp on Friday reported a 49 percent fall in first-quarter profit that missed forecasts due to weakness across its major businesses that showed the turnaround at the company remains a work in progress.
FILE PHOTO: Gas flares from an ExxonMobil oil refinery in Singapore, February 26, 2019. REUTERS/Edgar Su
The largest U.S. oil producer posted its first loss in its refining business since 2009 on higher maintenance costs and reported lower profits in chemicals and oil and gas.
“It was a tough market environment for us this quarter,” Exxon Senior Vice President Jack Williams said on a call with analysts.
First-quarter profit fell to $2.35 billion, or 55 cents a share, from $4.65 billion, or $1.09 a share, a year ago.