ExxonMobil Q1 Results Top Estimates
Oil major Exxon Mobil Corp. (XOM) reported Friday a profit for the first quarter that soared from last year, reflecting sharply higher upstream and chemical product earnings amid structural earnings improvements through growth of advantaged assets, mix improvements, and cost and execution efficiencies. Adjusted earnings per share and quarterly revenues topped analysts’ expectations.
“We are growing value by increasing production from our advantaged assets to meet global demand. At the same time, our Low Carbon Solutions team is rapidly growing this new business with an additional carbon capture, transportation and storage agreement that underscores the company’s growing momentum in providing industrial customers with large-scale emission reduction solutions,” said Darren Woods, chairman and CEO.
For the first quarter, the company reported net income attributable to ExxonMobil of $11.43 billion or $2.79 per share, sharply higher than $5.48 billion or $1.28 per share in the prior-year quarter.
The results included unfavorable identified items of approximately $200 million associated with additional European taxes on the energy sector.
Excluding special items, adjusted earnings were $2.83 per share, compared to $2.07 per share in the year-ago quarter.
On average, 19 analysts polled by Thomson Reuters expected the company to report earnings of $2.59 per share for the quarter. Analysts’ estimates typically exclude special items.
Total revenues and other income for the quarter declined to $86.56 billion from $90.50 billion in the same quarter last year. Wall Street expected revenues of $85.41 billion for the quarter.
The company’s oil-equivalent production in the quarter increased to 3.83 million barrels per day from 3.68 million Boe in the prior-year period.
ExxonMobil’s upstream segment earnings soared to $6.46 billion from $4.49 billion last year and the energy products segment earnings were $4.18 billion, higher than $4.07 billion last year.
Chemical products segment’s earnings grew to $371 million from last year’s $250 million and speciality products segment’s earnings were $774 million, up from $760 million last year.
The Corporation also declared a second-quarter dividend of $0.91 per share, payable on June 9, 2023, to shareholders of record of Common Stock at the close of business on May 16, 2023.
Capital and exploration expenditures were $6.4 billion, on track to meet the company’s full year guidance of $23 billion to $25 billion.
The company also remains on track to deliver $9 billion of structural cost savings by the end of 2023 relative to 2019, having achieved cumulative structural cost savings of $7.2 billion to date.
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