EXXON 1Q DOWN $4.2 BLN, 45.7%
ExxonMobil Corp. reported first-quarter earnings of $4.9 billion, down from $9.1 billion during first-quarter 2014 due in part by upstream losses in the US. The total, however, exceeded analyst expectations.
Global upstream earnings were $2.9 billion in the first quarter, down $4.9 billion from first-quarter 2014. Lower liquids and gas realizations decreased earnings by $5.5 billion, while higher volumes and mix effects increased earnings by $340 million, reflecting growth from new developments. All other items, including favorable tax effects, increased earnings by $250 million.
The company's US upstream operations,…
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