Exxon Mobil’s first-quarter earnings beat analyst expectations despite a 6% decline in profits due to weaker oil prices. The company reported revenue of $83.13 billion, slightly higher than last year’s $83.08 billion.
Production growth and cost-cutting measures largely offset the negative impact of falling oil prices. Exxon’s global production business posted a 19% increase in earnings to $6.76 billion, driven by growth in the Permian Basin and Guyana. The company’s U.S. production segment saw a more than 70% rise in profits.
However, Exxon’s refining business reported a 40% decline in profit due to lower refining margins. The company also increased capital expenditures to $5.9 billion, consistent with its guidance of $27 billion to $29 billion for 2025.
Despite the challenges, Exxon Mobil said it returned $9.1 billion to shareholders in the quarter, or $4.3 billion in dividends and $4.8 billion in share purchases. CEO Darren Woods attributed the company’s resilience to its ability to navigate turbulent markets.
Source: https://www.cnbc.com/2025/05/02/exxon-xom-q1-2025-earnings.html