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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: ExxonMobil profit plunges 58 percent AFP - Friday, May 1 WASHINGTON (AFP) - - US oil giant ExxonMobil said Thursday its first-quarter earnings plunged a steeper-than-expected 58 percent from the same period last year to 4.55 billion dollars amid global economic contraction. ADVERTISEMENT Its earnings per share during the January-March period dropped 54 percent to 92 cents per share, lower than 95 cents expected by most analysts. The company's revenue and other income fell 45 percent to 64.03 billion dollars from 116.85 billion dollars previously -- well above market estimates of 54.03 billion dollars. 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. "ExxonMobil posted solid first-quarter results despite the slowdown in the global marketplace and sharply lower commodity prices," he said. "In spite of the dramatic changes to the global economic environment, ExxonMobil is maintaining its long-term focus and disciplined approach to capital investment," he said. The company said its capital and exploration project spending increased five percent from last year to 5.8 billion dollars in the first quarter. "We are committed to investing in our world-class inventory of projects to develop new energy supplies which are vital to economic growth," Tillerson said. He also noted that the company had returned significant cash to shareholders in the first quarter, distributing a total of nine billion dollars through dividends and share purchases. The stock of ExxonMobil, the largest component of the blue-chip Dow Jones Industrial Average, fell 2.00 percent to 67.07 dollars in early trading Thursday. The company "got to see exactly what the impact of lower oil prices does to the top line," said Jon Ogg of 24/7Wall Street. He said the company's earnings of 92 cents per share was down from 2.02 dollars a year ago while its net income of 4.55 billion dollars fell from 10.89 billion dollars. Even on the revenue front, it was just as bad. The 64.03 billion dollars revenue "sounds high, but that compares to 116.85 billion dollars a year ago," Ogg said. Email Story IM Story Printable View Blog This Recommend this article 0 users recommend Sign in to recommend this article » Most Recommended Stories » Enlarge Photo An Exxon gas station sign. US oil giant ExxonMobil said Thursday its first-quarter earnings plunged a steeper-than-expected 58 percent from the same period last year to 4.55 billion dollars amid global economic contraction. Most Popular – Top Stories Viewed Kenyan women to sex-starve men -- for politics Fertility doctor on brink of cloning human: report Israel deems 'swine flu' kosher after all Britney's ex-manager forced to stay away from star Swine flu spreads economic shivers View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! Southeast Asia Pte Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Privacy Policy - Terms of Service - Community - Intellectual Property Rights Policy - Help

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