Exxon Beats Q1 Earnings on Oil Price Surge Despite 6% Production Drop
Crude Oil Prices Today | OilPrice.com • • business
Key Points:
- ExxonMobil reported first-quarter adjusted earnings of $4.9 billion, or $1.16 per share, surpassing analyst estimates of $0.98 EPS, driven by higher oil prices despite lower production in the Middle East and Kazakhstan.
- Total revenues rose to $85.14 billion, exceeding the expected $82.18 billion, supported by strong refining and trading activities.
- The company faced $700 million in losses from settled financial hedges due to Middle East supply disruptions, partially offsetting gains.
- Global oil-equivalent production fell 6% from the previous quarter to 4.6 million barrels per day, with significant impacts from Middle East conflicts, but Guyana achieved a new production record of over 900,000 barrels per day.
- Exxon focused on growth in Guyana and the Permian Basin to offset Middle East challenges, with upstream earnings boosted by surging oil prices linked to geopolitical tensions.
