- Exxon Mobil Corp. (XOM) released its first quarter financial figures Friday, which saw rising oil and gas demand equate to soaring profits
- First-quarter earnings amounted to US$11.4 billion
- The company’s Beaumont Refinery in Texas is now up to full capacity in an effort to match increased demand, producing up to 250,000 barrels per day
- Capital and exploration expenditures were $6.4 billion, on track to meet the company’s full-year guidance of $23 billion to $25 billion
- Exxon Mobil Corp. (NYSE:XOM) is up 1.99 percent, trading at US$119.18 at 12:54 p.m. ET
Exxon Mobil Corp. (XOM) released its first quarter financial figures Friday, which saw rising oil and gas demand equate to soaring profits.
First-quarter earnings amounted to US$11.4 billion, the company said in a statement.
The figure equates to $2.79 per share assuming dilution.
The Texas-based multinational oil and gas company identified what it referred to as “unfavorable items” that resulted in $200 million in added costs. Those costs were associated entirely with additional European taxes on the energy sector.
Capital and exploration expenditures were $6.4 billion in the first quarter and remain on track to meet the company’s full year guidance of $23 billion to $25 billion.
The company’s Beaumont Refinery in Texas is now up to full capacity in an effort to match increased demand. The facility can now produce up to 250,000 barrels of oil per day.
Overall, the company increased its oil and gas net production by nearly 300,000 oil-equivalent barrels per day versus the first quarter of last year.
“Our people’s hard work to execute on our strategic priorities delivered a record first quarter following a record year,” Exxon Mobil Chairman and Chief Executive Officer Darren Woods said in a statement.
“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.”
Exxon Mobil Corp. (NYSE:XOM) is up 1.99 percent, trading at US$119.18 at 12:54 p.m. ET.
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