Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs.
The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $2.06 per share, in the year-ago period.
The results topped Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts polled by Zacks Investment Research expected earnings of $1.74 per share.
Revenue totaled $83.13 billion, which fell short of the $84.15 billion that analysts were calling for.
This week, a barrel of U.S. benchmark crude fell below $60, a level at which many producers can no longer turn a profit.
“In this uncertain market, our shareholders can be confident in knowing that we’re built for this,” Chairman and CEO Darren Woods said in a statement Friday. “The work we’ve done to transform our company over the past eight years positions us to excel in any environment.”
Crude oil is down nearly 18% for the year to date, according to FactSet.
Oil prices plummeted last month, at one point sinking to a four-year low in anticipation of slowing economic growth due to a burgeoning trade war.