Exxon Mobil Corp (NYSE:XOM, ETR:XONA) reported first-quarter earnings of $1.76 per share, matching Wall Street estimates, as higher oil and gas output offset weaker margins in refining and chemicals.
Revenue rose to $83.13 billion, topping expectations of $81.35 billion. Operating cash flow came in at $13 billion, with free cash flow at $8.8 billion. The company returned $9.1 billion to shareholders through dividends and buybacks.
Upstream earnings climbed to $6.76 billion, up $1.1 billion from a year earlier, driven by a 20% jump in production to 4.55 million barrels of oil equivalent per day, fueled by growth in the Permian Basin, Guyana and the Pioneer merger.
Output was slightly below the 4.61 million boe/d analysts expected.
Refining earnings fell 40% to $827 million on weaker industry margins, while chemical profits dropped 65% to $273 million due to lower pricing and startup costs.
Specialty products earnings declined 14% to $655 million.
Exxon reaffirmed its full-year capital spending forecast of $27 billion to $29 billion and maintained its share repurchase program of up to $20 billion annually through 2026.
The company highlighted the early and under-budget startup of a chemical complex in China and the launch of a second advanced recycling unit in Texas.
CEO Darren Woods said Exxon’s transformation positions it to deliver strong performance through 2030 “and beyond.”
Shares of Exxon added around 1.1% in Friday premarket trading.