HOUSTON, May 1 (Xinhua) -- Exxon Mobil Corp., the largest U.S. oil and gas company, said Thursday that its estimated earnings in the first quarter decreased 4 percent, or 400 million dollars, from the same period last year.
In a press release, Exxon Mobile said it collected 9.1 billion dollars, or 2.10 dollars per share, in profit in the January-March period, compared to 9.5 billion dollars, or 2.12 dollars per share in the same period last year.
The decline was largely due to a dramatic plummeting of its refining earnings as both domestic and international demand for petroleum products dropped.
The company's oil output fell after a six-decade oil-production agreement with Abu Dhabi expired in January, the company said Thursday.
The loss of the major oil contract pushed down Exxon's output by 118,000 barrels of oil per day, the primary driver of a 2.5-percent production decline in the first quarter.
The world's third largest company by revenue, Exxon Mobil is also the second largest publicly-traded company by market capitalization. The Texas-based company was ranked No. 5 globally on Forbes Global 2000 list in 2013.