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Monday, 29 May 2023

E Energy Management

Exxon revenue takes off with oil prices, profit falls short

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This April 25, 2017, file photo, shows Exxon service station signs in Nashville, Tenn. Exxon Mobil Corp. reports earnings Friday, April 27, 2018. (AP Photo/Mark Humphrey, File)

IRVING, Texas (AP) — Exxon reported first-quarter earnings of $4.65 billion Friday, coming up just short of expectations despite rapidly rising crude prices.

Crude oil prices are recovering after years of low prices weighing down revenue and profit for Exxon and its peers. Higher prices helped offset higher costs and a drop in production.

The Irving, Texas, company's profit jumped 16 percent, with earnings of $1.09 per share, a nickel shy of projections on Wall Street, according to a poll by Zacks Investment Research.

Revenue rose 16.3 percent to $68.21 billion, which easily exceeded analyst expectations of $66.07 billion.

Crude prices are up about $8 per barrel since the beginning of the year.

"Increased commodity prices, coupled with a focus on operating efficiently and strengthening our portfolio, resulted in higher earnings and the highest quarterly cash flow from operations and asset sales since 2014," said CEO Darren Woods.

On Wednesday, ConocoPhillips also reported a boost in profit and revenue, topping Wall Street expectations, on higher oil prices.

Shares of Exxon Mobil Corp. are down slightly before the opening bell.

Global Energy Insight, established in 2017, as an independent online journal focused on offering Global coverage of up-to-date news and technological advances