Exxon Mobil Corp said first-quarter net earnings plunged to $2.150 billion excluding merger effects and other exceptionals from $5.050 billion a year ago, dragged down by a slump in industry refining and marketing margins.
Earnings per share before exceptionals fell to 31 cents from 72 cents, compared to predicted estimates of 39 cents.
Chairman Mr Lee Raymond said industry conditions have improved in both upstream and downstream in the second quarter so far.
"Oil prices have remained above first-quarter levels and natural gas prices in North America have also improved," he said. "Early in the quarter, we have seen some recovery in most refining and marketing margins, although they remain at low levels, particularly in the Asia-Pacific region."