ExxonMobil’s profit slashed

US energy giant ExxonMobil’s profit tumbled 49 percent in the first quarter reaching $2.4 billion due to “challenging downstream and chemical margin environments.”

Oil-equivalent production was 4 million barrels per day, up 2 percent from the first quarter of 2018. Excluding entitlement effects and divestments, oil-equivalent production was up 3 percent from the first quarter of 2018.

Darren Woods, chairman and chief executive officer said, “the change in Canadian crude differentials, as well as heavy scheduled maintenance, similar to the fourth quarter of 2018, affected our quarterly results.”

Production volumes benefited from continued unconventional growth. However, first quarter production was negatively impacted by lower Kearl output in Canada and downtime.

Total revenues reached $63.6 billion, dropping off from the $68.2 billion reported in the corresponding period last year.