- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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