Exxon Earnings Fall 6% in Quarter

Exxon Corp. today reported a 6% drop in earnings for the first quarter to $1.27 billion, or 99 cents a share, from 1988’s $1.45 billion, or $1.06 a share, because of the rising price of crude oil.

Revenues rose, however, to $22.24 billion in the first three months of 1989 from $22.01 billion for the same period last year, the company said.

Chairman Lawrence Rawl said rising crude oil prices aided earnings in the company’s exploration and production operations. “However, contrary to some public perceptions, prices for motor gasoline and other products did not increase as rapidly as crude oil,” Rawl said in the company’s annual report.

The first-quarter drop in earnings included an estimated $30 million write-off for salvage expenses, vessel repair and potential loss of cargo associated with the March 24 Alaska oil spill of the tanker Exxon Valdez.”