Exxon Mobil Weathers Economic Uncertainty Amid Slumping Oil Prices

Exxon Mobil reported a decline in first quarter profits due to lower crude prices and higher costs. Despite netting $7.71 billion, the results exceeded expectations. U.S. benchmark crude prices fell below $60, pressuring producers. Economic uncertainties persist amid trade tensions and production decisions by major oil producers.

Exxon Mobil's first quarter profits have significantly declined, marking some of the lowest figures in years owing to weaker crude oil prices and mounting costs.

The energy giant posted earnings of $7.71 billion or $1.76 per share, a drop from the previous year's $8.22 billion or $2.06 per share. Despite outperforming Wall Street expectations, revenue fell short of forecasts at $83.13 billion against the expected $84.15 billion.

Economic turbulence continues as U.S. crude prices slipped under $60 a barrel. This comes amid a trade war-related economic slowdown, with U.S. GDP contracting for the first time in three years. Meanwhile, notable oil producers, including OPEC+ members, delay production increases amid dwindling crude prices.

(With inputs from agencies.)