ExxonMobil reported a record first-quarter profit on Friday 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.
Net profit rose to $11.43bn, compared to $5.48bn a year ago that included a $3.4bn after-tax writedown to exit Russia.
Oil companies are riding a wave of strong demand and cost-cutting tied to efforts to counter Covid lockdowns three years ago.
Exxon rival Chevron also beat market expectations as profit nudged higher in the first quarter, with earnings from refining compensating for slides in energy prices as well as oil and gas production. Net profit climbed 5% to $6.57bn.
“We delivered a first-quarter record despite the fact that energy prices and refining margins are softening a bit,” Exxon’s 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.
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