Exxon profits down 58%

And once again crude prices are the key culprit:

The largest impact on profits came from falling crude oil prices, which dropped from about $90 in the first quarter of last year to about $40 in the equivalent period of 2009. That cost Exxon $4.4bn of profit, with a further $500m reduction coming from lower natural gas prices.

Exxon seems to have been less successful at ‘driving deflation’ into its supply chain, which BP has done, with its unit costs were 11 per cent lower in the first quarter, while Shell says some of its costs are down 15 to 20 per cent. Exxon’s costs rose by £300m.

However unlike BP, which has frozen its dividend, Exxon raised its dividend by 14 per cent on the previous year.

More on Exxon’s first quarter results on FT.com

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