Earnings of Exxon Mobil drop in Q1

(MENAFN) Exxon Mobil Corp, the U.S.-based oil and gas company, said that its projected earnings in the January-March period dropped by USD400 million, down 4 percent, Xinhua reported. The largest U.S. oil and gas company said it registered USD9.1 billion profits in the first quarter of 2014, compared to USD9.5 billion in the same period a year earlier. The decline was mainly attributed to the dramatic decrease of its refining earnings as both domestic and international demand for petroleum products decreased. The company said that its oil output fell after its six-decade agreement of oil-production with Abu Dhabi expired in January.