Exxon Mobil Corp. (XOM: Quote) posted a slight increase in first-quarter GAAP net income attributable to the company to $9.5 billion, or $2.12 a share, from the prior year's $9.45 billion, or $2.00 a share. On average, 21 analysts polled by Thomson Reuters expected earnings per share of $2.05 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly upstream earnings stood at $7.04 billion, down $765 million from last year. Lower liquids realizations, partially offset by improved natural gas realizations, reduced earnings by $230 million, and production volume and mix effects decreased earnings by $280 million, with all other items, including higher operating expenses, decreasing earnings by $250 million, according to the company.
Downstream earnings totaled $1.545 billion, down $41 million from the first quarter of 2012. While, stronger margins, mainly in refining, increased earnings by $780 million, volume and mix effects reduced earnings by $290 million, Exxon Mobil added.
The firm clocked total revenues and other income of $108.81 billion, down compared with the prior-year figure of $124.05 billion. Analysts estimated revenues of $119.83 billion for the quarter.
by RTT Staff Writer
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