Exxon Mobil profit drops 11% April 26, 2012, 6:28 a.m. Exxon Mobil's first-quarter net income dropped 11 percent on lower production and weaker profits from its chemicals and U.S. refining businesses. It was the first time the company reported a drop in quarterly profit since late 2009, when the recession sent oil prices spiraling lower. Exxon Mobil said Thursday it earned $9.45 billion, or $2 per share, in the first quarter, down from $10.7 billion, or $2.14, a year earlier. Revenue rose 8.8 percent to $124.1 billion. The results missed Wall Street expectations of $2.10 on revenue of $124.8 billion, according to FactSet. America's largest energy company produced less oil and natural gas in the first three months of the year. Its fields aged and contracts with foreign governments limited the amount it could sell. Oil production slipped by 7.7 percent. Natural gas production fell by 3.4 percent. Profits fell for its chemicals and U.S. refinery operations. But they rose for its international refinery business. Exxon Mobil's stock price fell by $1.05, or 1.2 percent, to $85.80 in premarket trading. But investors had some good news. Exxon said Wednesday it would increase its quarterly dividend by 21 percent, making it the top corporate dividend payer. It's expected to pay shareholders $10.75 billion in dividends this year.