Exxon Mobil Corp on Friday reported a record first-quarter profit that was more than double a year ago and topped Wall Street estimates as rising oil and gas output overcame a pullback in energy prices from high levels.
“We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit,” Chief Financial Officer Kathryn Mikells said in an interview.
The biggest contributor to the better-than-expected earnings came from strong production growth, she said. Exxon’s quarter was driven by new volumes of crude oil and fuels from the startup of new offshore developments and refining facilities.
Net profit rose to $11.43 billion, or $2.79 per share, compared to $5.48 billion a year ago that included a $3.4 billion after-tax writedown to exit Russia. Results beat consensus by 9%, according to REFINITIV data.
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