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Exxon Mobil's first-quarter revenue rises, even after $3.4 billion hit from Russia cost

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

Kathleen Flynn | Reuters

Shares of Exxon Mobil slid on Friday after the corporate took a $3.4 billion after-tax cost associated to its Sakhalin-1 operation in Russia.

Exxon earned $5.5 billion in the course of the first quarter, up from $2.7 billion in the identical interval throughout 2021. However, outcomes have been down from the $8.87 billion earned in the course of the fourth quarter of 2021.

Revenue got here in at $90.5 billion in the course of the newest interval. Analysts surveyed by Refinitiv have been anticipating the corporate to generate $92.73 billion in income. During the identical quarter in 2021, Exxon’s income was $59.1 billion.

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

Exxon’s outcomes come amid a surge in oil and gasoline costs. Crude jumped to its highest stage since 2008 following Russia’s invasion of Ukraine, which prompted provide fears. U.S. oil traded as excessive as $130.50 per barrel. Prices have seen retreated, however stay above $100 per barrel, boosting power corporations’ operations.

Exxon’s first quarter capital and exploration bills totaled $4.9 billion in the course of the interval, with oil-equivalent manufacturing falling 4% quarter over quarter to three.7 million barrels per day.

“First-quarter cash increased by $4.3 billion compared to the fourth quarter of 2021, as strong cash flow from operations more than funded capital investment, additional debt reduction, and shareholder distributions in the quarter. Free cash flow in the quarter was approximately $11 billion,” the corporate mentioned in a press release.

Exxon purchased again $2.1 billion value of inventory in the course of the interval, and mentioned it’s going to improve its share repurchase program. The oil large now expects to purchase again $30 billion by means of 2023.

Shares of Exxon slid 2% throughout premarket buying and selling.

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