Exxon’s Profits Rise Despite Lower Prices, Production

Bloomberg reported that Exxon’s quarterly profits rose to $9.5 billion, or $2.12 a share,  thanks to wider chemical margins that absorbed some of the losses of lower crude prices and production.

As quoted in the Bloomberg report:

Chairman and Chief Executive Officer Rex Tillerson has been acquiring North American gas and oil fields and expanding exploration in Russia, Africa and the Gulf of Mexico to stem production declines that the company has said will extend through the end of this year. Exxon’s global output will fall 1 percent this year after dropping by 5.9 percent in 2012, the company said in a March 6 slide presentation to analysts.

To view the whole Bloomberg report, click here.