US oil giants post Q1 losses

NEW YORK (AA) – Low crude oil prices cut earnings and revenues at the three largest oil companies in the U.S. during the first quarter, according to financial reports released Friday.

Earnings at ExxonMobil fell 63 percent to $1.8 billion, compared to taking in $4.9 billion during the same period a year ago.

The company’s revenues declined to $48.7 billion, from $67.6 billion — a 28 percent decrease.

Chairman and CEO Rex W. Tillerson said ExxonMobil in trying to respond to industry challenges despite low oil prices.

There were similar results at the nation’s second biggest oil company.

Chevron lost $725 million in the first quarter compared to $2.6 billion in income in the first three months of 2015.

Revenues decreased to $23.5 billion year-on-year, from $34.6 billion, marking a 32 percent decline.

CEO John Watson said exploration and production activities were effected by the decline in oil prices. “Our efforts are focused on improving free cash flow,” he added.

Earlier this week, ConocoPhillips posted a loss of $1.5 billion for the quarter, from $272 million in earnings the same period in 2015.

Revenues at the company fell nearly 38 percent to $5 billion from $8 billion.