Wall Street analysts expect Exxon Mobil Corp.’s first-quarter profit to drop about 54% as the oil major absorbed the impact of a slower economy and a drop in energy prices and demand around the world. Analysts expect Exxon Mobil (XOM: XOM66.91, -1.53, -2.2%) to earn $5.06 billion, or 98 cents a share, down from $10.9 billion, or $$2.03 a share in the year-ago period, according a survey by FactSet Research.
During the first quarter, oil prices fell roughly $50 a barrel from a year ago, but rose from the fourth quarter. Retail gasoline prices remained near $2 a gallon, about half their year-ago level. Exxon Mobil shares are down about 15% so far this year, underperforming the 10% drop from the Dow Jones Industrial Average ($DJ: $DJ8,296.20, +110.47, +1.4%)
Source: Marketwatch
