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
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.
