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Exxon's 1Q Profit Plunges 63 Percent on Lower Oil Prices

Exxon Mobil produced its weakest quarter in more than 16 years as lower oil prices pushed its profit down by 63 percent. Revenue tumbled 28 percent, and the oil giant lost money in its vaunted exploration and production business despite a 2 percent increase in production. It made more money, however, in chemicals. Exxon continued to slash capital spending to cope with lower prices, which this week cost the company the perfect AAA credit rating that it had held for more than six...

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