Exxon Mobil: Q1 Profits Fall, Q2 Dividend Rises

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Exxon Mobil (NYSE:XOM) announced that its first-quarter profits fell 11% to $9.45 billion, down from $10.65 billion during the same period last year. Revenue increased 8.8% to $124.05 billion, up from $114 billion last year.

EPS came in at $2, compared to $2.14 in Q1 2011, missing analysts’ forecasts of $2.08 a share, according to Bloomberg. Oil-equivalent production fell 5% during the quarter, compared to 2011.

The company also declared a second-quarter dividend of 57 cents a share, payable in June on shares held on May 14. That’s a 21% increase over Exxon’s 47-cent dividend paid in the first quarter of this year.

Exxon shares were down more than 1% in early Thursday morning trading.

Bloomberg noted that the company has been looking to reverse production declines that started last year. Earlier this month, Exxon and Russian oil firm OAO Rosneft announced a $3.2 billion strategic exploration and development partnership. The U.S. giant now draws 1 in every 15 barrels of oil from Russian fields.

Exxon plans to spend $150 billion in the next four years to explore and develop new sources of oil to offset the decline of traditional oil fields. That effort, spearheaded by CEO Rex Tillerson, includes an increased emphasis on natural gas production.

Yesterday, oil industry rival Chevron (NYSE: CVX) also hiked its dividend. It declared a 90-cent per share second-quarter payout. , an 11% increase over its current 81-cent dividend.


Article printed from InvestorPlace Media, https://investorplace.com/2012/04/exxonmobil-q1-profits-fall-q2-dividend-rises/.

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