Exxon Q1 Earnings Slip 58%

Exxon Mobil, the world's largest publicly traded oil company, has said that first quarter earnings for 2002 have fallen by fifty eight percent as oil and natural gas prices plunged and the refining industry had its worst profit slump since the 1980s. Net income fell to $2.09 billion from $5 billion a year earlier, the company said in a statement. Revenue declined 24 percent to $43.5 billion from $57.3 billion. The fuel business had a loss of $28 million, compared with a $1 billion profit, because a mild winter hurt demand for heating oil and airlines bought less jet fuel after the September 11th terrorist attacks, which reduced travel numbers. In recent weeks, energy prices and the refining business have shown signs of improving, Chief Executive Officer Lee Raymond said in a statement. “The demand hasn't been there for the end product,” said UBS Warburg analyst Matthew Warburton.

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