Expectedly positive first quarter earnings and a supportive crude price had New York listed oil majors Exxon Mobil Corporation (NYSE:XOM) and Chevron Corporation (NYSE:CVX) rising in Friday morning’s deals.
Exxon reported a more than doubling of first earnings in 2017, up to US$4bn from US$1.8bn in same period of last year with the company benefitting from better oil prices, lower costs and improvements in its refining business.
Darren Woods, Exxon chief executive, meanwhile highlighted that the company continues to look at ‘strategic acquisitions’ whilst also advancing ‘key initiatives’ and long term growth projects.
Elsewhere, with a similar level of positivity, Chevron revealed it was back in black marking US$2.6bn of first quarter earnings compared to a US$725mln loss in the first three months of 2016.
“First quarter earnings and cash flow improved significantly from a year ago,” said John Watson, Chevron chief executive.
“We benefitted from increasing crude oil prices and ongoing efficiencies being implemented across the company. We continue to make good progress on reducing our spend.”
On Wall Street, Exxon’s stock was 1% higher changing hands at US$82.07, similarly, Chevron also gained 1% to US$106.56.
WTI crude climbed 0.5% on Friday, trading at around US$49.25 per barrel.