Exxon posts sharp drop in profits
Posted by admin . Published on 30 April 2009, Received
Exxon Mobil, the world’s largest private oil company, has reported a sharp 58% drop in the first quarter profits, due to the sharp drop in the crude oil prices. The crude oil prices were at a record high of 120 plus dollars last year this time, and now they are below the 50 dollars mark.
The company might continue to post negative growth in profits for at least two more quarters, because crude oil prices may not shoot up in the near future.
