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DALLAS (AP) — Exxon Mobil has produced its weakest quarter in more than 16 years as lower oil prices pushed its profit down by 63 percent.
Revenue tumbled 28 percent, and the oil giant lost money in its exploration and production business despite a 2 percent increase in production. But it made more money in chemicals.
Exxon said Friday that it earned $1.81 billion in the first quarter, down from $4.94 billion a year ago. It was Exxon's smallest quarterly profit since it earned $1.5 billion in the third quarter of 1999, according to FactSet figures.
On a per-share basis, the Irving, Texas-based company said it earned 43 cents per share, which beat Wall Street expectations.
Revenue fell to $48.71 billion but topped forecasts.
This week Standard & Poor's downgraded Exxon's credit one notch, to AA+, citing lower energy prices and continuing high dividend payouts. Exxon had been one of just three U.S. corporations with the top AAA rating.
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