ExxonMobil reports net income of $8.22 billion for the first quarter of 2024, or $2.06 per share, down 27% on a basis adjusted for exceptional items a year earlier.

The energy group explains this drop in earnings by a decline in industry refining margins and natural gas prices from last year's highs, to within their historic ten-year range.

However, ExxonMobil claims to be making good progress with its plans 'to increase the earnings power of existing businesses by investing in higher-value assets and products, and to further reduce structural costs'.

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