Exxon Profits Plunge on Falling Oil Prices

The oil company misses estimates and sees profits fall by more than 50%.

Author:: Michael Dunn
Publish date:: Apr 23, 2002 8:52 AM EDT

ExxonMobil

missed estimates as its first-quarter profits plunged.

The oil company posted net income, excluding one-time charges, of 31 cents a share, down 55% from 72 cents a share in the year-ago quarter. Analysts polled by Thomson Financial/First Call had been expecting 39 cents a share.

Reported net income fell to $2.09 billion, or 30 cents a share, from a record $5 billion, or 71 cents a share, a year ago. First-quarter revenue also fell to $43.53 billion from $57.30 billion last year.

Exxon's profits were hurt by falling oil and natural gas prices that had been dampened by the economic recession. In the first quarter, gas prices have fallen more than 50%, while oil prices fell about 25% from last year.

Shares of ExxonMobil closed at $41.85 Monday ahead of the news.