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BP Plc
Exxon's profit falls amid decline in oil price

Exxon earned $4.94 billion in the first quarter, a huge sum but only about half of what the company made last year. Lower oil prices depleted both Exxon's top and bottom lines. It was the lowest first-quarter profit for Exxon Mobil Corp. in six years, although the results still beat Wall Street expectations. When world oil prices collapsed from about $100 a barrel to less than $50 over the second half of last year, it made some drilling projects unprofitable. Exxon is beginning to cut costs — the company said last month that it would trim capital spending this year by 12 percent, to $34 billion, and the CEO expects relatively low oil prices to stick around. First-quarter...

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