Exxon Mobil 1Q profit more than doubles; produces more oil

By AP News

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Exxon Mobil’s profit more than doubled in the first quarter as the oil and natural gas company overcame declining prices by producing more oil

Earns Exxon Mobil

Exxon Mobil's profit more than doubled in the first quarter as the oil major overcame falling energy prices by producing more oil.

Exxon Mobil Corp. earned $11.43 billion, or $2.79 per share, for the three months ended March 31. A year earlier it earned $5.48 billion, or $1.28 per share.

Stripping out certain items, earnings were $2.83 per share.

The results beat Wall Street expectations. Exxon does not adjust its reported results based on one-time events such as asset sales. Analysts surveyed by Zacks Investment Research were looking for earnings of $2.65 per share.

Revenue for the Irving, Texas-based company totaled $86.56 billion, down from $90.5 billion a year earlier. The performance fell short of the $96.04 billion that Wall Street expected.

Net production was 3.8 million oil-equivalent barrels per day, up nearly 160,000 oil-equivalent barrels per day compared with the year-ago period. Excluding divestments, entitlements and the Sakhalin-1 expropriation, net production climbed almost 300,000 oil-equivalent barrels per day driven by advantaged projects in Guyana and the Permian.

Shares of Exxon Mobil Corp. moved into positive territory after its quarterly results were released early Friday.

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This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Originally published by Associated Press Valuethemarkets.com, Digitonic Ltd (and our owners, directors, officers, managers, employees, affiliates, agents and assigns) are not responsible for the content or accuracy of this article. The information included in this article is based solely on information provided by the company or companies mentioned above.

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