XTO Xto Energy, Inc.

Exxon Mobil Corp.'s (XOM) first-quarter earnings rose 38% but fell short of analysts' expectations, in part due to a $200 million charge tied to U.S. health care legislation.

The Irving, Texas-based company's profits have disappointed in three of the last four quarters, as the company's refining division has seen profit margins pressured by rising oil prices and weak fuel demand.

Exxon also generated more revenue from natural gas production than anticipated, even as global gas prices fell short of expectations, noted analysts with Credit Suisse. Higher margins in the company's chemicals division "saved" first-quarter earnings, but BP PLC (BP) said recently that "margins have since turned down in this area," the analysts added.

In the first quarter, the company saw corporate expenses rise by $364 million from a year earlier, largely due to higher health-care costs stemming from U.S. reform legislation passed last month. Many companies have reported large one-time charges since President Barack Obama signed health-care reform into law in March, citing higher costs related to retiree prescription-drug benefits.

Exxon, the world's biggest non-governmental oil company, reported a profit of $6.3 billion, or $1.33 a share, up from $4.55 billion, or 92 cents a share, a year earlier. The analysts' consensus was for earnings of $1.41 a share, according to a Thomson Reuters poll.

Exxon shares were recently down 1.1% at $68.45.

While Exxon isn't alone in seeing reduced profits from refining, two of the company's European rivals, BP and Royal Dutch Shell PLC (RDSB.LN), both topped analysts' expectations when they reported earnings earlier this month.

Revenue increased 41% to $90.25 billion, below the $96.41 million consensus estimate from Thomson Reuters.

Global oil and gas production, measured in oil-equivalent, rose 4.5% from the first quarter of 2009, with segment earnings more than doubling as oil prices surged from close to a five-year low early last year.

Refining earnings tumbled to $37 million from $1.1 billion on lower margins. Sales also fell on reduced demand.

Exxon said it spent $2.5 billion in the quarter buying back 37 million shares, helping cut the amount of outstanding shares by 0.6%.

The company expects to close its deal for XTO Energy Inc. (XOM) in the current quarter, leading a rush among international oil titans to tap U.S. shale-gas resources for future growth.

-By Brian Baskin, Dow Jones Newswires; 212-416-2453; brian.baskin@dowjones.com

(Tess Stynes and Kevin Kingsbury contributed to this article.)

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