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MARKETS LIVE BLOG:

STOCKS SHED GAINS, TESLA SURGES DAY AFTER EARNINGS

Tesla shares jump after EV maker vows to speed up launch of more affordable models

Exxon Mobil first-quarter profit drops 63 percent

Reuters
A sign is seen in front of the Exxonmobil Baton Rouge Refinery in Baton Rouge, Louisiana, November 6, 2015. REUTERS/Lee Celano/Files

HOUSTON (Reuters) - Exxon Mobil Corp (XOM.N), the world's largest publicly traded oil producer, reported a 63 percent drop in first-quarter profit on Friday, citing plunging crude prices and weak refining margins.

The company reported net income of $1.81 billion, or 43 cents per share, compared with $4.94 billion, or $1.17 per share, a year earlier.

Production rose 2 percent to 4.3 million barrels of oil equivalent per day.

(Reporting by Ernest Scheyder; Editing by Lisa Von Ahn)