Exxon Mobil profit beats expectations on big cost cuts

April 29, 2016 1:09 PM

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Exxon Mobil profit beats expectations on big cost cuts

HOUSTON Exxon Mobil Corp, the world's largest publicly traded oil producer, reported a higher-than-expected first-quarter profit on Friday as it slashed costs to offset plunging crude prices and weak refining margins.

The results reflect the new reality for an oil industry hammered by a more than 60 percent drop in crude prices since 2014 that has forced radical reductions in spending and personnel.

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