Exxon Mobil Corp. doubled its first-quarter per-share profit, However, they missed the Street expectations, even excluding a $3.4 billion writedown from its withdrawal from Russia.
The company’s said net income rose to $5.48 billion, or $1.28 per share, in the three months ended March 31, compared with $2.73 billion, or 64 cents per share, last year.
Adjusted earnings per share in the quarter were $2.07, vs. Refinitiv consensus for $2.12 a share. Revenue was $90.5 billion, below the $92.7 billion consensus.
Exxon’s refining division’s results weakened from the previous quarter, with earnings of $332 million, compared with $1.5 billion in the fourth quarter. According to the company, sharp rise in prices led to a cost of $1.3 billion of "negative timing impacts," including $760 million in mark-to-market effects on open derivatives positions.
Exxon's output of crude and other liquids including bitumen and synthetic oil fell -5% from the prior quarter to 2.3 million barrels per day. Natural gas production fell by -1.5%.