- Exxon Mobil Corp (NYSE:XOM) took a $3.4 billion after-tax charge related to its Sakhalin-1 operation in Russia.
- Exxon earned $5.5 billion during Q1, up from $2.7 billion in the same period in 2021. However, results were down from the $8.87 billion earned in Q4 of 2021.
- The company posted a more than double increase in adjusted EPS to $2.07, up from $0.65 a year ago. But the results fell short of Wall Street estimates of $2.11.
- Cash increased by $4.3 billion compared to Q4 of 2021. Free cash flow in the quarter was approximately $11 billion.
- The oil producer tripled its buyback program, saying it will repurchase up to $30 billion in shares by the end of 2023.
- The company's refining division posted much weaker results from the previous quarter, with earnings of $332 million, compared with $1.5 billion in the fourth quarter.
- Exxon's Q1 capital and exploration expenses totaled $4.9 billion, with oil-equivalent production falling 4% quarter over quarter to 3.7 million barrels per day.
- Revenue came in at $90.5 billion, well below the consensus of $92.70 billion.
- "Earnings increased modestly, as strong margin improvement and underlying growth were offset by weather and timing impacts," CEO Darren Woods said. "The absence of these temporary impacts in March provides strong, positive momentum for the second quarter."
- Price Action: XOM shares are up 0.15% at $87.50 during the premarket session on the last check Friday.
- Photo via Wikimedia Commons
