Connect with us

News

Exxon (XOM) earnings 1st quarter 2022

A view of the ExxonMobil Baton Rouge refinery in Baton Rouge, Louisiana, May 15, 2021.

Kathleen Flynn | Reuters

Shares of Exxon Mobil fell on Friday after the company received a tax of $ 3.4 billion after tax related to its Sakhalin-1 operations in Russia.

Exxon earned $ 5.5 billion during the first quarter, up from $ 2.7 billion in the same period in 2021. However, results were down from the $ 8.87 billion earned in the fourth quarter of 2021.

Revenue reached $ 90.5 billion in the most recent period. Analysts surveyed by Refinitiv expected the company to generate $ 92.73 billion in revenue. In the same quarter of 2021, Exxon’s revenue was $ 59.1 billion.

“Earnings increased modestly as strong margin improvement and underlying growth were offset by weather and timing effects,” CEO Darren Woods said in a statement. “The absence of these temporary impacts in March provides strong, positive momentum for the second quarter.”

Exxon’s results come amid a rise in oil and gas prices. Crude oil jumped to its highest level since 2008 following Russia’s invasion of Ukraine, prompting supply fears. U.S. oil traded as high as $ 130.50 per barrel. Prices have been withdrawn but remain above $ 100 per. barrel, which increases the operation of energy companies.

Exxon’s capital and exploration expenses in the first quarter amounted to $ 4.9 billion in the period when oil equivalent production fell 4% quarter over quarter to 3.7 million barrels per day.

“First-quarter cash increased by $ 4.3 billion compared to the fourth quarter of 2021, when a strong cash flow from operations was more than funded capital investment, further debt reduction and shareholder distributions in the quarter. Free cash flow in the quarter was approximately $ 11 billion,” the company writes in a message.

Exxon bought back shares worth $ 2.1 billion during the period, saying it will increase its share buyback program. The oil giant now expects to buy $ 30 billion back by 2023.

Shares of Exxon fell 2% during pre-market trading.

Click to comment

Leave a Reply

Your email address will not be published.