Exxon Mobil Q1 Earnings Slip 4 Percent On Smaller Refining Margins, But Still Beat Estimate

  on May 01 2014 8:20 AM

(Reuters) - Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil company, said on Thursday its quarterly profit dropped 4 percent due in part to weaker refining margins.

The company posted first-quarter net income of $9.10 billion, or $2.10 per share, compared with $9.50 billion, or $2.12 per share, in the year-ago quarter.

Exxon Mobil's results surpassed analysts' expectation for profit of $1.88 per share, according to Thomson Reuters I/B/E/S.

Production fell about 6 percent to 4.2 million barrels of oil equivalent per day (boed), though the company said higher prices for natural gas offset the dip.

On Wednesday the company raised its quarterly dividend by 10 percent.

Shares of Exxon rose 0.6 percent to $102.98 in premarket trading on Thursday.

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