Exxon ups production to counter falling prices in record Q1
Exxon Mobil more than doubled its profit during the first quarter, producing more oil to overcome energy prices that have declined during a period of economic unease.
The nation’s second-largest oil company, Chevron, also beat expectations, but did so more through its refining operations.
Exxon’s et oil and gas net production jumped by nearly 300,000 oil-equivalent barrels per day compared with the same period last year, which was marked by Russia’s invasion of Ukraine and soaring energy prices. Last year at this time, a barrel of U.S. crude was trading above $100, about 30% higher than today.
A month after the invasion of Ukraine began Exxon said that it would pull out of Russia, where it valued its operations in excess of $4 billion, and cut off new investment in the country. In October, the company said its operations had been expropriated by Moscow after it had tried to wind them down in an orderly fashion, The company boosted production in Guyana by 40% since then, which “more than offset our divestments in the expropriation of one which we no longer account for but which importantly remains part of global supply,” said Chairman and CEO Darren Woods on Friday.
Exxon earned a record $11.43 billion, or $2.79 per share, for the three months ended March 31. Per-share adjusted earning were $2.83, topping Wall Street projections of $2.65, and it more than twice the $5.48 billion, or $1.28 per share, it earned during the first quarter last year.
Exxon does not adjust its reported results based on one-time events such as asset sales.
Revenue for the Irving, Texasbased company was $86.56 billion, down from $90.5 billion a year earlier, and just shy of analyst expectations.
Net production was 3.8 million oil-equivalent barrels per day, up nearly 160,000 oil-equivalent barrels per day compared with the year-ago period. Excluding divestments, entitlements and the Sakhalin-1 expropriation, net production climbed almost 300,000 oil-equivalent barrels per day driven by projects in Guyana and the Permian. The price for a barrel of benchmark U.S. crude has fallen more than 6% this year, however, and it’s fallen 29% over the past 12 months. (continued from Page 3)
They said FBI special agents also found ammunition and tactical pouches on his dresser, what appeared to be a silencer-style accessory in his desk drawer and a militarystyle helmet in the dumpster with a mounting bracket such as that used for a camera.
He is accused of distributing highly classified documents about top national security issues in a chat room on Discord, a social media platform that started as a hangout for gamers.
The leak stunned military officials, sparked an international uproar and raised fresh questions about America’s ability to safeguard its secrets.
The leaked documents appear to detail U.S. and NATO aid to Ukraine and U.S. intelligence assessments regarding U.S. allies that could strain ties with those nations. Some show realtime details from February and March of Ukraine’s and Russia’s battlefield positions and precise numbers of battlefield gear lost and newly flowing into Ukraine from its allies. Prosecutors wrote that Teixeira, who owned multiple guns, repeatedly had “detailed and troubling discussions about violence and murder” on the platform where authorities say he shared the documents. In February, he told another person that he was tempted to make a minivan into an “assassination van,”