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Exxon 1Q earnings sink
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April 21, 1999: 9:21 a.m. ET
Profit, weakened by oil price slump, beats consensus by 1 cent a share
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NEW YORK (CNNfn) - Exxon Corp., buffeted by depressed oil prices through much of the early part of 1999, reported lower first-quarter earnings Wednesday, although the results were slightly above the consensus estimate.
The Irving, Texas-based company said earnings before charges fell to $1.14 billion, or 47 cents a diluted share, from $1.89 billion, or 76 cents, a year earlier. The latest quarter results were 1 cent above the 46 cent consensus of analysts surveyed by First Call.
After taking charges into account, the oil giant's income for the quarter fell to $1.02 billion, or 42 cents a diluted share, from $1.82 billion, or 73 cents.
Revenue in the quarter slipped 10 percent to $26.88 billion.
The company blamed the earnings decline on weakness in crude oil prices, which were $2.75 a barrel below a year earlier. Lower prices for natural gas, copper and coal, and reduced profit margins from refining and marketing of oil and from chemicals were other contributing factors to the downturn.
Earnings from chemical operations fell to $305 million from $374 million a year earlier. Non-U.S. refining and marketing profit declined to $274 million from $496 million.
Shares of Exxon (XON), whose merger with Mobil Corp. remains pending, closed Tuesday at 80-3/4, down 1-1/2. 
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Exxon
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