US ExxonMobil profit lower than expected in Q1

(MENAFN) US-based ExxonMobil saw a lower-than-expected profits in the first three months of 2014 on weak refining margins which offset the benefit of higher natural gas prices in the US, according to Gulf Daily News. The company's earnings for the quarter were estimated at USD9.1 billion, or 4.2 percent lower than the same period 2013. Exxon, the biggest US oil company, reported a 5.6 percent lower petroleum output in the quarter compared to a year earlier. However, exploration and production earnings boosted by 10.6 percent on a 49 percent rise in US natural gas prices in the wake of cold winter weather in much of the US.