Energy markets were mixed in the first quarter, with higher crude oil and non-U.S. natural gas prices. Industry refining margins also improved from the fourth quarter. While U.S. chemical margins remain strong, Europe and Asia continued at near bottom-of-cycle conditions.Turning now to the first quarter financial results as shown on Slide 4. ExxonMobil's first quarter 2012 earnings, excluding special items, were $9.5 billion, a decrease of $1.2 billion from the first quarter of 2011. Our effective tax rate for the quarter was 49%. Earnings per share for the quarter, excluding special items, were $2, down $0.14 from a year ago.
Exxon Mobil Management Discusses Q1 2012 Results - Earnings Call Transcript
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