No recommendation
No news or research item is a personal recommendation to deal. Hargreaves Lansdown may not share ShareCast's (powered by Digital Look) views.
(Sharecast News) - ExxonMobil said on Friday that first-quarter unadjusted profit fell to a five-year low, but adjusted earnings beat analysts' expectations.
In the three months to the end of March, earnings were $4.2bn, down from $7.7bn in the same period a year earlier and marking the lowest level in five years. This was mainly due to temporary accounting charges tied to derivative contracts.
Revenue rose to $85.14bn from $83.13bn and adjusted earnings per share came in at $1.16, down from $1.76 per share but ahead of consensus expectations of $1.00.
Production was 4.59m barrels of oil equivalent per day, versus 4.55m a year earlier and broadly as expected. Exxon said Guyana set a new quarterly production record of more than 900,000 gross barrels of oil per day.
Chairman and chief executive Darren Woods said: "This quarter demonstrated that ExxonMobil is a fundamentally stronger company than it was just a few years ago, built to perform through disruption and across market cycles. Events in the Middle East tested that strength with the safety of our people remaining our top priority.
"Those events also underscored the importance of reliable, affordable energy products and the value of the capabilities we have built to deliver them.
"The underlying business delivered strong results, reflecting the benefits of the strategy we have consistently executed since 2018. We have grown advantaged volumes, optimised our operations, reduced structural costs, and strengthened our earnings power. The result is a more resilient, lower-cost business, grounded in advantaged assets, disciplined capital allocation, and execution excellence. That foundation gives us a durable platform to grow earnings, cash flow, and shareholder value through 2030 and beyond."
The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.