1 May 2012

Operator of PNG's LNG project reports drop in quarterly profit

10:26 am on 1 May 2012

The operator of the Papua New Guinea Liquified Natural Gas Project, ExxonMobil's first-quarter net income has recorded a drop of 11 per cent in production and weaker profits from its chemicals and US refining businesses.

It was the first time the company reported a drop in quarterly profit since late 2009, when its refineries struggled with rising oil costs.

According to the Post Courier newspaper Exxon Mobil says it earned 9.45 billion US dollars, or two dollars per share in the first quarter, down from 10.7 billion, or $2.14 a year earlier.

The company says its revenue rose 8.8 per cent to 124.1 billion.

According to the financial advisory company FactSet, Exxon's results missed Wall Street expectations of $2.10 on revenue of 124.8 billion.