Exxon Q1: Earnings Beat, Higher Production Volume, Improved Margins, On Track For $23B - $25B Capex - Exxon Mobil (NYSE:XOM)

Exxon Mobil Corp XOM reported Q1 2023 revenues of $86.56 billion, beating the consensus of $85.41 billion.
The company witnessed higher Y/Y net oil and gas production of around 300,000 oil-equivalent barrels per day.
The company reported Q1 adjusted earnings of $11.6 billion, higher than $8.8 billion a year ago, led by improved advantaged assets and mix and cost and execution efficiencies.
Upstream earnings rose to $6.5 billion from $4.5 billion, with net production of 3.8 million oil-equivalent barrels per day, a 160,000 oil-equivalent barrels per day increase from last year.
Energy Products earnings reached $4.2 billion, improving from a loss of $(196) million a year ago, on solid industry refining margins, higher marketing and trading contributions, and positive volume/mix impacts.
Chemical Products earnings were $371 million, and Specialty Products earnings stood at $774 million in Q1.
Adjusted EPS of $2.83 beat the consensus of $2.59.
Capital and exploration expenditures stood at $6.4 billion in Q1. Cash flow from operations reached $16.3 billion, and free cash flow was $11.4 billion in Q1.
XOM also announced its final investment decision for the Uaru development in Guyana upon receiving the required government and regulatory approvals.
Uaru is XOM's fifth project on Guyana's offshore Stabroek block, targeted to start in 2026. XOM expects it to add 250,000 oil-equivalent barrels per day of gross capacity.
Dividend: XOM declared a dividend per share of $0.91 for Q2, payable on June 9, 2023, to shareholders of record as on May 16, 2023.
Share repurchases: XOM bought back shares worth $4.3 billion and is on track to repurchase up to $17.5 billion in 2023.
The company believes it is on track to achieve guidance for 2023 capital expenditure of $23 billion to $25 billion and structural cost savings of $9 billion by the end of 2023 relative to 2019.
Price Action: XOM shares are trading higher by 0.52% at $117.44 premarket on last check Friday.

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Exxon Q1: Earnings Beat, Higher Production Volume, Improved Margins, On Track For $23B - $25B Capex

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