Exxon Corp. reported sharply weaker first-quarter results...

Exxon Corp. reported sharply weaker first-quarter results because of the soft global economy, warm winter weather and falling prices, particularly for natural gas.

The Irving, Tex., company said results for the first three months of the year fell 40% to $1.35 billion, or $1.07 a share, down from $2.24 billion, or $1.78, a year earlier. Revenue of $27.9 billion was down 9.1% from $30.7 billion in the 1991 period.

“The return of foreign product margins to more typical levels was primarily responsible for corporate earnings in the first quarter of this year being lower than the first quarter of 1991,” Chairman Lawrence G. Rawl said.