Exxon Mobil Corp on Tuesday signaled in a securities filing that first-quarter operating profits dropped about 25% from last year's record levels as oil and gas prices eased.
A 3D printed natural gas pipeline is placed in front of displayed ExxonMobil logo in this illustration taken February 8, 2022. REUTERS/Dado Ruvic/Illustrationon Tuesday signaled in a securities filing that first-quarter operating profits dropped about 25% from last year's record levels as oil and gas prices eased.
The drop was driven by the exploration business, with Exxon signaling operating results from pumping oil and gas would be about $5.2 billion, down from the $8.2 billion in last year's final quarter.Global oil prices fell about 7% to an average of $82 per barrel while U.S. gas prices fell by more than half in the most recent period, both compared to the final quarter of 2022. Global oil settled on Tuesday near $85 a barrel.
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