Energy giant Exxon Mobil, the world's largest publicly-traded company, vowed to continue investing heavily despite seeing a huge dive in first-quarter income.
The US giant posted a net profit of £3.1bn, down from £7.4bn last year.
The 58% fall was the same as that revealed by Shell this week and marginally less than BP's figure.
All have suffered since oil and gas prices came down sharply from peaks last summer, while consumption has waned and supplies swollen.
Crude oil in the first quarter averaged just over $43 (£29) per barrel, down 56% from the same quarter a year before, while the average price of natural gas in the US slid 44%.
Still Exxon, unlike other peers that have cut budgets or delayed big projects, is still spending more on oil and gas development.
Exxon spent £3.94bn on exploration and development in the first quarter, up 5% from a year earlier.
Company chairman and chief executive Rex Tillerson said: "In spite of the dramatic changes to the global economic environment, Exxon Mobil is maintaining its long-term focus and disciplined approach to capital investment."
Exxon's oil and gas production in the quarter rose slightly from a year ago to 4.2 million barrels of oil equivalent per day, in line with analysts' projections.
Send Article by Email
Send Article by IM
Blog This with Y! 360
Printable View
