ExxonMobil profits more than double on higher oil prices
ExxonMobil reported Friday that first-quarter earnings more than doubled as increased oil prices translated into higher profits after a lengthy slump.
Net income for the quarter ending March 31 surged to $4.0 billion, up 122 percent from the same period of 2016. Revenues rose 30 percent to $63.3 billion.
ExxonMobil logged a loss of $18 million in its US upstream division, which is responsible for exploration and production.
But that was a big improvement from the $832 million loss in the first three months of last year. International earnings for the division rose sharply.
Earnings for downstream rose somewhat, while chemical earnings declined.
“Our results reflect an increase in commodity prices and highlight our continued focus on controlling costs and operating efficiently,” chief executive Darren Woods said.
Oil companies have been expected to report hefty increases in the first quarter compared to the same period of last year, as US oil prices were above $50 a barrel for most of the period. They were below $40 a barrel for most of the first quarter of 2016.
Exxon’s earnings translated into 95 cents per share, eight cents above analyst expectations.
Shares rose 1.5 percent to $82.50 in pre-market trading.