ExxonMobil reported lower profits on Friday due to a drop in crude oil prices and refining margins partly offset by increased output from the acquisition of US producer Pioneer.
The petroleum giant reported profits of $7.7 billion in the first quarter, down 6.2 per cent from the year-ago level. Revenues were essentially flat at $83.1 billion.
The purchase of Pioneer Natural Resources for around $60 billion boosted ExxonMobil鈥檚 volumes from the Permian Basin, a fast-growing petroleum region in the southwestern United States.
ExxonMobil also saw petroleum production growth in Guyana, which helped to compensate for headwinds in the first quarter, including 鈥榮ignificantly weaker鈥� refining margins, the company said in a press release.
ExxonMobil said it is on track to start up 10 鈥榓dvantaged projects鈥� across its businesses in 2025.聽
