(WAFB) - ExxonMobil Corporation posted its first loss since 2009 after the big oil company’s profit tumbled 49 percent in its first quarter.
The company earned $2.4 billion compared with $4.7 billion in 2018. Profits were pushed down because of maintenance and production curtailments in its Canadian oil production as well as oil and natural gas prices, according to the company said.
Oil and gas production for the company rose two percent to 4 million barrels per day (bpd), up from 3.9 million bpd in the same period the year prior.
The company’s growing output in the Permian Basin, the largest U.S. shale basin, rose to 226,000 barrels of oil equivalent per day (boepd) in the first quarter.