ExxonMobil reports slightly higher earnings

New York, April 26 (IANS/EFE) US supermajor ExxonMobil Corp. said Thursday it earned $9.5 billion in the first quarter, up 1 percent from the same period in 2012.

"ExxonMobil achieved strong results during the first quarter of 2013, while investing significantly to develop new energy supplies," chairman and CEO Rex Tillerson said in a statement.

The company earned $2.12 per share in the quarter, up 6 percent from the January-March 2012 period.

ExxonMobil beat the average analyst profit estimate of $2.05 per share, but revenues came in below expectations.

Revenues fell 12 percent to $108.8 billion, compared to the first quarter of 2012, due to, among other factors, a drop in crude production of 3.5 percent, the world's largest publicly traded oil company said.

Analysts were looking for ExxonMobil to post revenues of $109.5 billion in the period.

"Liquids production totaled 2,193 kbd (thousands of barrels per day), down 21 kbd from the first quarter of 2012 as field decline was partially offset by project ramp-up in West Africa. The net impact of entitlement volumes, OPEC quota effects, and divestments was negligible," ExxonMobil said.

The company said capital and exploration spending rose 33 percent to $11.8 billion, compared to the first quarter of 2012.

ExxonMobil said it agreed with Russia's Rosneft to expand their existing exploration and production agreement.

--IANS/EFE

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