Exxon Mobil first quarter profits sink to lowest level in years as energy prices fade

Exxon Mobil’s first quarter profit slumped to the lowest level in years, stung by weaker crude prices and higher costs.

The oil and gas giant earned $7.71 billion, or $1.76 per share, for the three months ended March 31. It earned $8.22 billion, or $2.06 per share, in the year-ago period.

The results topped Wall Street expectations, but Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts polled by Zacks Investment Research expected earnings of $1.74 per share.

Revenue totaled $83.13 billion, which fell short of the $84.15 billion that analysts were calling for.

This week, a barrel of U.S. benchmark crude fell below $60, a level at which many producers can no longer turn a profit.

“In this uncertain market, our shareholders can be confident in knowing that we’re built for this,” Chairman and CEO Darren Woods said in a statement Friday. “The work we’ve done to transform our company over the past eight years positions us to excel in any environment.”

Crude oil is down nearly 18% for the year to date, according to FactSet.

Oil prices plummeted last month, at one point sinking to a four-year low in anticipation of slowing economic growth due to a burgeoning trade war.

Copyright 2025 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.