- Exxon Mobil (NYSE:XOM) +1.7% premarket after reporting better than expected Q1 earnings, which more than doubled thanks to rising crude oil prices and cost cuts, and revenues rose 30% Y/Y.
- XOM says its upstream business saw earnings swing to a profit of $2.3B from a $76M loss in the year-ago quarter, citing higher liquids and gas realizations; U.S. upstream lost $18M, compared to an $832M loss in Q1 2016, while non-U.S. upstream earnings were $2.3B, up $1.5B from the prior year.
- Q1 downstream earnings totaled $1.1B, up by $210M from a year ago, benefiting from increased refinery throughput; U.S. downstream earnings were $292M, up $105M from a year ago, while non-U.S. downstream earnings of $824M rose by $105M from last year.
- Q1 chemical earnings of $1.2B were $184M lower than in Q1 2016, as weaker margins decreased earnings by $70M.
- XOM says its global production fell 4% Y/Y to 4.2M boe/day; liquids production of 2.3M bbl/day fell by 205K bbl/day, while natural gas production of 10.9B cf/day rose by 184M cf/day.
- Now read: What To Expect From Exxon Mobil
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