Exxon Mobil beat estimates for quarterly adjusted earnings on Friday, helped by higher output in Guyana and the Permian Basin, though unadjusted profit dropped to…
Exxon Mobil beat estimates for quarterly adjusted earnings on Friday, helped by higher output in Guyana and the Permian Basin, though unadjusted profit dropped to its lowest level in five years due to disruptions from the Iran war that could hit production further in the current quarter.
Adjusted earnings for the first three months of the year were $1.16 per share, above the consensus estimate of $1.00 as compiled by LSEG, while net income was $4.2 billion, lowest since the first quarter of 2021, and down from $7.7 billion for the year-ago period.
The Middle East conflict has driven both U.S. and international oil prices to well over $100 a barrel, but the effect on oil majors' profits has been uneven. Exxon, one of the most exposed, saw its production dip, while European rivals BP and Total brought in higher profits from trading operations.
About 20% of Exxon's oil and gas production is located in the Middle East, one of the highest exposure rates among the majors. Chevron, the No. 2 U.S. oil producer, said on Friday that less than 5% of its production comes from that region.
Exxon's worldwide production was 4.59 million barrels of oil equivalent per day for
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