Exxon continues to struggle against low oil prices

Oil giant Exxon Mobil struggled against low oil prices in the first quarter of 2016 as profits dropped significantly compared to the same time last year, the company said Friday.

The company estimated its first quarter earnings at $1.8 billion compared with $4.9 billion a year ago. It said low oil prices and weaker refining margins continue to impact the company, relying on its chemical business to partly offset the losses