Summary Box: Exxon 1Q profit drops 11 pct.

Summary Box: Lower production, natural gas prices bring down Exxon Mobil 1Q profit

Associated Press

PRODUCTION DROP: Exxon Mobil Corp. produced less oil and natural gas in the first quarter, foreshadowing a tough year for the oil giant. The decline in overall production is nearly twice as much as Exxon predicted for all of 2012.

WEAKER PRICES: Prices have dropped for natural gas. Exxon, America's largest natural gas producer, sold gas for $2.74 per 1,000 cubic feet, down 31 percent from a year ago.

PROFITS DECLINE: Exxon earned $9.45 billion, or $2 per share compared with $10.7 billion, or $2.14 a share, a year earlier. Revenue rose 8.8 percent to $124.1 billion.

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