Exxon earnings rise on as chemicals profits surge

Associated Press + More

By The Associated Press, Associated Press

Exxon says earnings rose slightly in the first quarter as profits from chemicals production surged enough to offset declining production of oil and gas. Lower taxes also helped.

Exxon reported Thursday that net income totaled $9.5 billion in the quarter, or $2.12 per share, on revenue of $108.8 billion. During last year's quarter, Exxon earned $9.45 billion, or $2 per share, on revenue of $124.1 billion.

Analysts expected Exxon to earn $2.05 per share, on average.

Exxon Mobil Corp., based in Irving, Texas, produced 3.5 percent less oil and gas in the quarter. But chemical profits rose 62 percent and the company's corporate and financing expenses fell sharply, which Exxon attributes to "favorable tax impacts."

Exxon shares fell 32 cents to $89.11 in premarket trading.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.