EARNINGS : Exxon Net Off 13%; Refining Margin Cited
From Reuters
Exxon Corp. reported that its first-quarter earnings fell nearly 13% to $1.27 billion on sales of $22.2 billion due to lower refining and marketing margins.
Gasoline prices rose sharply at the tail end of the first quarter and have continued to rise in the current period, pumping up refining profits.
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